Spring Financial Review 2023: Personal Loans, Credit Building, and Home Equity Products

Spring Financial Review 2023: Personal Loans, Credit Building, and Home Equity Products

Written by Mark Gregorski
Fact-checked by Caitlin Wood
Last Updated November 28, 2022

Established in 2014, Spring Financial is a financial technology company in Canada with over a million applicants. They offer Canadians various credit products as an alternative to those provided by traditional banks and credit unions. Its mission is to provide Canadians with the best credit opportunities, enabling them to save money, build a solid credit history, and gain the opportunity to access premium loan products.

Spring Financial aims to help Canadians who are stuck in debilitating debt cycles, having to contend with high-interest loans that leave them worse off financially. The lender’s suite of unique credit products coupled with an easy and swift online application process enables Canadian struggling with debt to access better credit solutions and take control of their finances.

What Products Does Spring Financial Offer?

Spring Financial offers four types of credit products:

  • The Foundation
  • Evergreen Loan
  • Unsecured Personal Loans
  • Home Equity Loan + Refinance And Renewal

The Foundation 

The Foundation is a credit-builder program designed for borrowers who lack a credit profile, want to rebuild their credit score, or improve their credit score to obtain premium credit products. Credit-builder programs offer a convenient way for borrowers to build or improve their credit standing.

Spring Financials’ Foundation product is accessible to everyone, regardless of credit score or lack thereof – 100% of applicants are accepted. By enrolling in the program, you can take the first steps to build a solid credit history. Under the program, you make $55 bi-weekly payments, each of which Spring Financial reports to the credit bureaus.

Jump Start Your Savings With The Foundation

The Foundation is not only a credit-building program but a savings one, as well. Over half of each payment you contribute is set aside as savings in your account, resulting in $750 saved during the first 12 months, which is the standard term length of the program. 

You’re free to access the saved funds at any time to cover bills or other personal needs. You must make a minimum of 12 months’ worth of payments before being granted access to Spring Financials’ higher-tier credit products. The payment schedule is flexible – you can choose to increase or decrease your payment amount. Payments can be reduced to as much as $25 bi-weekly.

Combining the benefits of a savings plan and credit-building tool with guaranteed approval, the Foundation is an exceptional program for borrowers to establish or enhance their credit score.

The Foundation Overview

Program Details– No upfront cash deposited
-$55 Bi-weekly payments
– $750 saved in the first 12 months
Interest Rate18.99%
NSF Fee$30
Term (Min/Max)12 months, with optional six-month extensions
Approval TimeSame Day
Repayment Options– Automatic debit
– e-Transfer

Evergreen Loan

After successfully accumulating 12 months of positive payments on The Foundation, borrowers automatically qualify for Spring Financials’ Evergreen Loan, a cash loan of $1,500 at an 18.99% annual interest rate. As with payments made under The Foundation, details of your repayments are reported to the credit bureaus, enabling you to build your credit score further. Evergreen loan terms are 18 months.

Evergreen Loans offer lower rates than those charged by most credit cards, and they’re a much cheaper alternative to payday loans and other high-interest loan products. Deposits typically only take 1 to 2 business days to process, and you can use the funds for anything you wish. You can arrange to have loan payments be as low as $44 bi-weekly.

An Evergreen Loan is the perfect credit product for those who need to finance minor purchases and enhance their credit profile to gain access to larger loans in the future.

Evergreen Loan Overview

Loan Amount$1,500
Interest Rate18.99%
NSF Fee$30
Term (Min/Max)18 months
Funding Time1 – 2 business days
Repayment Options– Automatic debit
– e-Transfer

Unsecured Personal Loans

Spring Financial offers unsecured personal loans for qualified borrowers. An unsecured loan is a loan not backed by any collateral, such as a personal vehicle or home. Instead, it’s secured by the borrower’s creditworthiness, reflected in their credit score.

Spring Financial assesses multiple factors to determine your eligibility for an unsecured loan, so you don’t have to worry about being rejected simply for possessing a low credit score. Unsecured loans are available from $500 to $15,000. Interest rates range from 29.99% to 46.69%, and terms range from 9 months to 48 months. 

Unsecured loans are ideal for those who require more substantial financing and have a proven history of making timely loan payments. The benefit of an unsecured loan is that it doesn’t require you to pledge your assets as collateral. Even if you fail to qualify, you can always enroll in the Foundation program and gradually work your way up to an unsecured loan product.

Unsecured Personal Loan Overview

Loan Amount$500 – $15,00
Interest Rate29.99% – 46.69%
NSF Fee$30
Term (Min/Max)9 – 48 months
Funding Time1 – 2 business days
Repayment Options– Automatic debit
– e-Transfer

Home Equity Loan + Refinance And Renewal

In addition to regular unsecured loans, Spring Financial offers home equity loans and refinancing and renewal options for those who hold mortgages. 

You can use home equity loans to finance home renovations, new vehicle purchases, educational and training programs, and other significant projects and endeavours. They’re also an effective way to consolidate your existing debts, enabling you to lower your interest costs and simplify your debt repayment schedule.  

Refinancing and renewal options can provide you with access to better interest rates and payment plans suitable for your budget. With the right financing product, you can pay off your mortgage sooner rather than later – and without sacrificing your preferred lifestyle.

Compare Spring Financial’s Products

Below is an overview of Spring Financial’s product offerings and their cost. Additional fees do not accompany loans: there are no application fees, maintenance fees, or other hidden charges. Except for a $30 NSF charge in case of a missed payment, the only cost for your loan is the interest. You’re free to cancel your loan at any time without incurring a cancellation fee, provided you’re up to date with your payments.

The FoundationEvergreen LoanUnsecured Personal Loan
Loan AmountCredit Building Program:
– No upfront cash deposited
– Standard payment is $55 bi-weekly for 12 months
$1,500$500 – $15,000
Interest Rates18.99%18.99%29.99% – 46.69%
Term (min-max)12 months, with six-month extensions18 months9 – 48 months
NSF Fee$30$30$30
Funding TimeSame Day Approval1 – 2 business days1- 2 business days
Repayment Options– Automated debit
– e-Transfer
– Automated debit
– e-Transfer
– Automated debit
– e-Transfer

Eligibility Requirements For a Spring Financial Loan

To be eligible for Spring Financial products, you must:

  • Be a Canadian resident
  • Be at least 18 years old
  • Have an active bank account

How Do You Apply For A Spring Financial Loan? 

Applying for a loan at Spring Financial is easy and efficient. You have the option to apply online, over the phone, and through SMS. Applications typically take only a few minutes to complete, and you can get approved the same day, usually in under 30 minutes. The only documentation you need to provide is government-issued identification and bank statements.

Why Choose Spring Financial?

Spring financial offers an easy and affordable way to access high-quality credit products for those looking to build their credit history, improve their credit score, or obtain financing at industry-leading rates. 

The firm provides various customized loan products that appeal to almost every kind of credit situation, from those who lack a credit history to those who’ve recently been through bankruptcy. As a client, you can also reach out to Spring Financial’s Client Care team to discuss your payment options and create a repayment plan suitable for your needs. Flexibility is a core component of the firm’s loan products.

A high approval rate makes Spring Financial unique among lenders. The lender’s commitment to borrowers with a wide range of credit histories, debt loads, and income levels ensures that you’ll be guaranteed approval for their Foundation program at the minimum. The application process is also fast and convenient – you can get approved in minutes and have funds deposited in your bank account in as little as 24 hours.

Spring Financial FAQs

How fast will I receive my loan? 

For Evergreen Loans and Unsecured Personal loans – funds are typically deposited in your bank account in 1 – 2 business days. The fastest way to get approved and receive your loan is by completing your application online.

Does Spring Financial report payments to the credit bureaus?

Yes. Spring Financial reports every payment you make to both Equifax and TransUnion. 

How much can I qualify for?

Loans range from $500 – $15,000. The amount you can get depends on several factors, including your credit history, income, and current debt load.

Is Spring Financial Right For You?

Gaining access to affordable credit isn’t always easy. For some, the process can be daunting and downright frustrating. Young people who’ve yet to establish a credible credit history often face difficulty getting approved for simple loans, as do those recovering from bankruptcy or those who possess a low credit score. Facing constant rejection from traditional lenders, these groups usually have no means of securing financing except at exorbitant interest rates.

Spring Financial’s customized loan products can help borrowers improve their credit situation and obtain financing at favourable interest rates, regardless of their circumstances. Applicants can progressively boost their credit scores and access superior loan products, improving their finances over time. These attributes make Spring Financial an excellent source of financing if you need a loan but have few options available or are looking for a viable alternative to traditional banks. Since they welcome pretty much every applicant, you can always start somewhere.

Mark is a writer who specializes in writing content for companies in the financial services industry. He has written articles about personal finance, mortgages, and real estate and is passionate about educating people on how to make smart financial decisions. Mark graduated from the Northern Alberta Institute of Technology with a degree in finance and has more than ten years' experience as an accountant. Outside of writing, he enjoys playing poker, going to the gym, composing music, and learning about digital marketing.

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