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Find A LenderSpring Financial: Overview
Established in 2016, Spring Financial is a financial technology company that offers financial solutions to help Canadians access funds, build good credit, and save money. It’s especially helpful for those with no credit history or who are looking to repair damaged credit.
The company offers three unique products, each designed for different financial purposes.
Our Verdict
| Who Is Spring Financial Best For? | Best for consumers who: – Need to build or repair their credit – Need some incentive to save money – Need a loan |
| What We Like About Spring Financial | – Offers a credit-building program that gives you guaranteed access to the evergreen loan upon successful completion. – Offers flexible unsecured personal loans – All credit scores accepted (depending on product) – Fast funding |
| What We Don’t Like About Spring Financial | – Potentially high interest – The Foundation program does not provide funds upfront |
What Does Spring Financial Offer?
Spring Financial offers three products: The Foundation Program, Evergreen Loan, and unsecured personal loans.
The Foundation Program
The Foundation is a 12-month program designed specifically to help consumers build good credit. It does not provide upfront funds. Instead, it involves payments that are set aside, saved, and reported to the credit bureaus to help you build positive credit. At the end of 12 months, you’ll have $750 saved, which you can use for a variety of purposes.
Once you complete The Foundation program, you’ll be automatically approved for the Evergreen Loan of $1,500. This approval is guaranteed after 12 months of timely payments with The Foundation.
| Product Type | Credit-building program |
| Program length | 12 months |
| Payments Required | ~$66 bi-weekly |
| Savings | $750 |
| Benefits | Build credit, save money, guaranteed access to fair financial products |
Read our full The Foundation review to learn more.
Evergreen Loan
The Evergreen Loan is available to those who have successfully completed the Foundation program. It offers a lower interest rate than many credit cards and is much more affordable than a payday loan.
In addition to using the Evergreen Loan to borrow money, you can also use it to improve your credit score when you make on-time payments, which you can’t do with a payday loan.
| Loan Amount | $1,500 |
| Interest Rate | 18.99% |
| Term | 18 months |
| Payments | Bi-weekly payments as low as $44 |
| Benefits | – Access upfront funds – Cheaper than most credit cards and payday loans – Continue building credit |
Unsecured Personal Loan
Spring Financial offers unsecured personal loans of up to $35,000 with flexible payment schedules. Spring Financial works hard to get you approved regardless of your credit situation and looks at more than just your credit score when you apply. If approval is not possible, you’ll be invited to sign up for The Foundation program to start building credit..
| Loan Amount | $500 to $35,000 |
| Interest Rate | 9.99% to 35% |
| Term | 6 to 60 months |
| Payments | As low as ~$31 bi-weekly |
| Benefits | Usually approved and funded within 1 to 2 days, flexible payment plans |
Qualifying With Spring Financial
The criteria needed to apply with Spring Financial depend on the exact loan product you’re applying for:
Qualifications For The Foundation Program
- Valid government-issued ID
- Complete online banking verification
Qualifications For The Evergreen Loan
- Complete 12 months on The Foundation
- Have $750 in savings
- Spring Financial will update your banking and ID information
Qualifications For A Personal Loan
- Age of majority in your province
- Valid government-issued ID
- Some form of income
How To Apply With Spring Financial
Applying at Spring Financial is very quick, easy, and hassle-free. Just follow these steps:
Step 1: Sign Up For An Account
Register with Spring Financial by inputting your full name and email address.
Step 2: Provide Required Documentation
All you need to get a loan from Spring Financial is a valid Canadian government-issued photo ID and an active bank account. Spring Financial will complete an online banking verification process to validate your account information.
Step 3: Receive Your Funds
If you applied for the Evergreen Loan or a personal loan, you’ll receive your funds within 1 to 2 business days.
Step 4: Make Payments
Whether you applied for The Foundation program, the Evergreen Loan, or a personal loan, your payments will be reported to the credit bureaus. This can help you build a positive credit profile or repair damaged credit.
What We Like About Spring Financial
There are plenty of perks that you can take advantage of when you apply for a product with Spring Financial:
- All Credit Scores Are Welcome. While other lenders have minimum credit score requirements before they even look at an application, Spring Financial works with customers facing a variety of financial situations to responsibly approve loans for every credit rating.
- Credit Building. Spring Financial’s simplified solutions practically automate credit building for anyone who signs up for The Foundation.
- Guaranteed Approval. Instead of turning people down because of bad credit, Spring Financial works with consumers to improve their credit situation.
- Fast Funding. You can get approved and funded quickly via electronic funds transfer (EFT) or e-Transfer.
- Flexible Repayment Schedule. With Spring Financial’s unsecured personal loans, you can extend your payment schedule up to 60 months. You can also repay the loan at any time without prepayment penalties, and increase or lower your monthly payments on The Foundation program and Evergreen Loan.
Learn more: Spring Financial Editorial Review
What We Think You Should Watch Out For
There are a couple of considerations to make before you apply for a loan product with Spring Financial:
- Potentially High Interest. Unsecured personal loan rates can be as high as 35%, depending on your creditworthiness.
- The Foundation Program Does Not Provide Funds Upfront. If you apply for The Foundation program, you won’t be given a traditional lump sum loan amount after loan approval.
- The Foundation Program Is Not Available Everywhere. If you live in Saskatchewan or New Brunswick, you won’t be eligible for The Foundation.
What Do Consumers Think Of Spring Financial?
It’s always a good idea to research lenders before you apply for a loan. In particular, you should consider looking into what other consumers and businesses are saying about Spring Financial.
| Better Business Bureau (BBB) | 1.04/5 stars D rating Not BBB accredited |
| Google Rating | 4.6/5 stars |
| Trustpilot Rating | 4.7/5 stars |
| Social Media Presence | Instagram: 2,171 followers Facebook: 2k followers/likes X: 633 followers LinkedIn: 3,526 followers |
| Physical Location | Suite 600, Two Bentall Centre 555 Burrard St. Vancouver, BC V7X 1M8 |
How Does Spring Financial Compare To easyfinancial And Fairstone?
It may be helpful to compare Spring Financial to other lenders that offer similar loan products. The following chart provides a side-by-side comparison of unsecured personal loans provided by Spring Financial, easyfinancial, and Fairstone:
| Spring Financial | easyfinancial | Fairstone | |
| Loan Amounts | $500 – $35,000 | $500 – $20,000 | $500 – $25,000 |
| Interest Rates | 9.99% – 35% | Starting at 29.99% | 29.99% – 34.99%* |
| Loan Terms | 6 – 60 months | 9 – 84 months | 6 – 60 months |
| Prepayment Penalties | None | None | None |
*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC and MB.
Bottom Line
Spring Financial may be a great option if you’re looking to rebuild your credit score or are having trouble qualifying for loans with traditional lenders. You can also use Spring Financial to help save up some extra cash for an emergency fund, especially if you need a little nudging to set money aside every month.
