Trust check
Is Spring Financial legit?
Spring Financial has been lending for over a decade, is licensed, CLA certified and Trusted By Loans Canada. However, its BBB rating is not the best.
Spring Financial: Overview
Established in 2014, 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 several products, each designed for different financial purposes.
Is Spring Financial Right For You?
Spring Financial could be a good fit for you if:
- You need a loan, but your credit isn't perfect. Spring Financial looks at your income and ability to repay, not just your credit score, and can e-transfer $500 to $35,000 as soon as the same day. Your payments are reported to Equifax and TransUnion, so paying on time can also help your credit.
- You want to build or repair your credit while you save. The Foundation program reports your payments to the credit bureaus and sets them aside, so after 12 months you have a record of on-time payments and $750 saved.
What Does Spring Financial Offer?
Spring Financial offers unsecured personal loans, vehicle financing, mortgages and home equity loans, business financing, The Foundation Program and the Evergreen Loan, plus two newer products: the Spark loan and the Bloom budgeting app.
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 34.95% |
| Term | 6 to 84 months |
| Funding Time | As soon as the same day |
Features
- E-transferred Same Day: Accept your offer and your funds can be e-transferred to your bank account as soon as the same day you apply.
- All Credit Welcome: Spring Financial looks at your current income and ability to repay, not just your credit history.
- Builds Your Credit: An online personal loan from Spring Financial is reported to the credit bureaus (Equifax and TransUnion), so on-time payments can help improve your credit score.
- No Prepayment Penalties: All loans are open, so you can pay the full amount back at any time with no extra fees or penalties.
- Flexible Payments: Choose monthly, semi-monthly or bi-weekly payments, with payments as low as about $31 bi-weekly.
- Fully Online: Apply in about 3 minutes. Applying won't affect your credit score, and your ID and income are verified digitally.
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.
| Loan Amount | No upfront funds |
| Term | 12 months |
Features
- Builds Credit History: Every payment is reported to the credit bureaus, so lenders can see your positive payment history grow month by month.
- Savings: Your payments are set aside, so you finish the program with $750 saved for unexpected expenses.
- Payments: Bi-weekly payments of about $66.
- 100% Approval: Spring Financial approves all credit scores for The Foundation.
- Evergreen Loan Offer: Complete the 12 months to unlock a $1,500 Evergreen Loan offer.
- Two Plans: Foundation Gold includes the Bloom app. Both plans include monthly credit score updates, and you can cancel any time.
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. You can also use it to improve your credit score when you make on-time payments.
| Loan Amount | $1,500 |
| Interest Rate | 18.99% |
| Term | 18 months |
| Funding Time | Within 24 hours of approval by e-transfer |
Features
- Upfront Funds: Get $1,500 to use as you need.
- Keeps Building Credit: On-time payments continue to build your credit.
- Lower Cost: Cheaper than most credit cards and payday loans.
- Payments: Bi-weekly payments as low as $44.
Business Lending
Spring Financial offers financing for Canadian businesses, including business loans, business lines of credit and merchant capital advances. It works with financing partners to fund approved applications, and you see your full terms, including your total repayment amount, before you sign.
| Loan Amount | $5,000 to $500,000 |
| Interest Rate | Set individually, shown before you sign |
| Term | 6 to 24 months |
| Funding Time | Depends on your application |
Features
- Three Ways To Borrow: Choose a business loan, a business line of credit or a merchant capital advance.
- Full Terms Upfront: See your exact amount, cost and repayment schedule before you sign anything.
- Fixed End Date: Terms run 6 to 24 months, so you know exactly when you're done paying.
- Common Uses: Payroll, inventory, equipment, renovations, expansion and unexpected costs.
Spark Loan
Spark is Spring Financial's newest way to borrow, built for people with little or no credit history. Instead of a credit check, Spark looks at your banking history, and every on-time payment moves you up to a bigger loan offer. Learn more at getspark.ca.
| Loan Amount | $100 to $2,500 |
| Interest Rate | 28.9% on a $100 loan (about 29.9% APR) |
| Term | 12 months |
| Funding Time | A $100 loan as soon as you sign up |
Features
- No Credit Check: Spark uses your deposit history, not your credit score.
- Level Up: Start at $100, then unlock $250, $500, $1,000 and $2,500 as you make on-time payments.
- Lower Rates As You Grow: Interest rates may decrease as you unlock higher loan amounts.
- $1 Access Fee: A one-time $1 fee gives you access to Spark loans. If you pay a loan off early, the unused part is refunded.
- Optional Spark Plus: For $9.99 bi-weekly, you get the Bloom app, a monthly Equifax or TransUnion credit score and your Spring Score. It's not required to borrow.
Bloom App
Bloom is Spring Financial's AI-powered money app. It pulls your bank accounts and credit cards into one feed, sorts your spending automatically and helps you set budgets. You can also ask its AI assistant, Oscar, questions such as how much you spent on rideshares last month.
How Much Will Your Loan Cost?
Spring Financial's personal loans have interest rates from 9.99% to 34.95%, and APRs from 9.99% to 35.00%. Your rate depends on factors like your credit score and the loan amount.
| You borrow | Term | APR | Weekly payment | Total interest | You repay |
|---|---|---|---|---|---|
| $5,000 | 48 months | 9.99% | $29.17 | $1,066.48 | $6,066.48 |
There are no application, setup or prepayment fees. A $30 fee applies to a missed payment.
Who Qualifies?
The criteria needed to apply with Spring Financial depend on the exact loan product you're applying for:
| Product | What you need |
|---|---|
| Personal loan | Age of majority in your province, valid government-issued ID, some form of income, proof of address and active online banking |
| The Foundation | Valid government-issued ID and online banking verification. Not available in Saskatchewan or New Brunswick |
| Evergreen Loan | Complete 12 months on The Foundation and have $750 in savings. Spring Financial will update your banking and ID information |
| Business Lending | At least $10,000 in monthly revenue, a credit score of 600 or higher, government-issued ID, basic business details and 6 months of business bank statements |
| Spark Loan | Government-issued ID and an active Canadian bank account. No credit check. Not available in Quebec, Newfoundland and Labrador or New Brunswick |
How To Apply With Spring Financial
Applying at Spring Financial is very quick and done fully online. Applying won't affect your credit score. Just follow these steps:
- Sign up for an account. Register with Spring Financial by inputting your full name and email address.
- Provide required documentation. Have a valid Canadian government-issued photo ID and an active bank account ready. Spring Financial will complete an online banking verification process to validate your account information.
- Receive your funds. If you applied for the Evergreen Loan or a personal loan, your funds can be e-transferred as soon as the same day.
- 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.
Is Spring Financial Licensed?
What Do Consumers Think Of Spring Financial?
It's always a good idea to research lenders before you apply for a loan. The ratings below were last checked on October 15, 2026.
Claimed since August 2018.
Not BBB accredited. 364 complaints in the last three years.
Spring Financial appears in the Canadian Lenders Association directory.
What We Like About 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 6 to 84 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.
What We Think You Should Watch Out For
- Potentially High Interest: Unsecured personal loan rates can be as high as 34.95%, 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.
Spring Financial vs Money Mart vs Fairstone
Comparing Spring Financial, Money Mart and Fairstone Financial on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  Spring Financial Personal Loan Apply now Learn more |  Money Mart Installment Loan Apply now Learn more |  Fairstone Financial Unsecured Personal Loan Apply now Learn more |
|---|---|---|---|
| Loan amount | $500 – $35,000 | $500 – $25,000 | $500 – $25,000 |
| Interest rate | 9.99% – 34.95% | 29.9% or 34.28% | 29.99% – 34.99%* |
| Term | 6 – 84 months | 6 – 84 months | 6 – 60 months |
| Available in | All provinces | All provinces except QC | All provinces |
| Funding time | Same day for e-Transfers 2 – 3 days for EFT | Up to 48 hours | In as soon as 24 hours |
| Funding method |
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| Direct deposit |
| Repayment | Bi-weekly or monthly repayment plans |
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Figures are as listed by each lender and can change. Check the lender's site before you apply.
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.
Spring Financial FAQs
Can I receive funds by Interac e-transfer?
Does Spring Financial charge any extra fees?
Does Spring Financial offer guaranteed approval loans?
Can I cancel my Spring Financial loan if I change my mind?
How easy is it to get a loan with Spring Financial?
®Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada.
*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.
Fairstone Financial Inc. holds high-cost credit licenses in AB, MB (License #85047, expiring 20-02-2026) and QC; it has applied for a high-cost credit grantor license in NL. For license information by province, visit Fairstone.ca/HCCG
