Spring Financial Review 2024: Pros, Cons & Ratings

Looking for immediate funds for emergencies or big purchases, or in need of a quick payday loan, and want to avoid complicated paperwork or credit checks? Then, this Spring Financial review is for you.

Spring Financial is a financial institution in Canada that offers fast approval loans and funding to borrowers with low credit scores. They provide a seamless online application process with lightning-fast approval and funding, catering even to those with less-than-ideal credit scores.

In this comprehensive Spring Financial review, we will delve into a detailed analysis of Spring Financial, its features, drawbacks, safety measures, and loan options, and compare it with other lending platforms in Canada.

Our Take on Spring Financial Review

What is Spring Financial?

Spring Financial, launched in 2016, is a leading online lending company headquartered in Vancouver. With a mission to empower Canadians for financial freedom, they’ve assisted over 1 million individuals through their loan and credit-building services.

Unlike traditional lenders, who often turn away customers with low credit scores, Spring Financial cater to those with low credit scores, offering specialized loan products. Their unsecured personal loans provide flexibility for various financial needs.

They prioritize accessibility with online services, removing the barriers of face-to-face interactions and long application processes making it easier for anyone to apply and receive the financial assistance they need.

Spring Financial’s reputation as a reliable and trustworthy company is backed by its regulation under the Financial Services Commission of Ontario (FSCO) and its licensing by the Alberta Government. 

What Types of Loans Does Spring Financial Offer?

Spring Financial offers several loan products to Canadians:

1. The Foundation

• Payment: $55 Bi-weekly (not upfront)
• Term: 12 months with the option to extend by six months if needed
• Savings: Save $750 in 12 months.

The Foundation is a credit-building and savings product designed for underbanked Canadians. It allows you to start building credit and saving money immediately. It doesn’t provide upfront cash but operates as a subscription, where each payment is reported to TransUnion and Equifax, helping you build your credit. 

After 12 months, you’ll have improved your profile and saved $750. All subscribers are guaranteed approval for the Evergreen Loan, a $1,500 upfront cash loan after 12 months of timely payments, regardless of their credit score.

Thousands of Canadians have already benefited from The Foundation, strengthening their credit rating. The saved money can be used for monthly bills or as a payment for The Foundation.

Payment schedules are flexible, allowing you to increase or decrease payment amounts based on your budget. You can also extend the term by six months or cancel free of charge at any time.

2. Evergreen Loan 

• Annual interest rate: 18.99%
• Loan amount: $1,500
• Term: 18 months
• Payment schedule: Bi-weekly payments as low as $44

Spring Financial offers the Evergreen Loan, an upfront cash loan available to customers who successfully complete 12 months on The Foundation. This loan has a lower interest rate than standard credit cards and is more affordable than payday loans. The unique advantage of the Evergreen Loan is that it allows you to continue improving your credit score with each payment, unlike payday loans.

If you have an urgent expense like a car repair and can’t wait for bank loan approval, the Evergreen Loan provides a quick solution. It offers a $1,500 loan with an 18.99% interest rate. However, to qualify for the Evergreen Loan, you must complete the repayments on The Foundation loan.

After 12 months on The Foundation, you become eligible for the Evergreen Loan. Successful applicants for the Evergreen Loan are automatically granted $1,500 in cash, with a repayment period of 18 months and a low interest rate of 18.99%. Once you complete this loan, you can apply for another Evergreen Loan under the same favourable conditions.

One notable feature of the Evergreen Loan is that payments are automated and made bi-weekly, at approximately $44 per payment. This saves you effort and ensures progress in building an improved credit score.

3. Unsecured Personal Loan

• Annual interest rate: 9.99% to 46.69%
• Loan amount: $500 to $35,000
• Term: 6 months to 60 months
• Payment schedule: Bi-weekly payments

Spring Financial offers unsecured personal loans with flexible payment options. You can borrow up to $35,000 and choose to repay the loan in instalments over a period of six months to 60 months, depending on your needs. 

This type of loan can be a suitable solution if you have a poor credit score and struggle to obtain traditional loans. However, the interest rate for the personal loan varies between 9.99% and 46.99%.

Spring Financial considers more than just your credit score when evaluating your application, working hard to get you approved regardless of your credit situation. 

If approval for a personal loan is not possible, they offer an alternative called The Foundation, which helps you build your credit and improve your financial outlook.

4. Mortgage 

Spring Financial offers a range of mortgage assistance options, including home equity loans, lines of credit, and support for first-time homebuyers. One unique feature is the mortgage combination, where you can access competitive market rates while benefiting from a HELOC (Home Equity Line of Credit) and a Mortgage.

Choosing the right mortgage rates can be challenging, so Spring Financial helps you find the best rates available. By starting the process today, they will match you with the mortgage option and rates that align with your specific requirements.

Understanding the concept of a mortgage and its significance is crucial before deciding. Spring Financial provides resources to help you learn more about mortgages, empowering you to make an informed choice before signing up.

Check out other mortgage rates in Canada.

What Makes Spring Financial Different From Other Lenders in Canada?

Spring Financial offers distinctive features that make it a unique and reliable choice for Canadians seeking financial solutions. 

Accepts all Credit Scores

Unlike many other lenders in Canada with strict minimum credit score requirements for loan applications, Spring Financial stands out by providing personalized financial solutions to customers across the credit spectrum.

They believe in inclusivity and are committed to working with individuals of all credit ratings, including those with less-than-perfect scores.

At Spring Financial, they understand that everyone’s financial situation is unique and are dedicated to considering higher-risk applicants to help them meet their financial needs.

Credit Building Opportunities

Spring Financial is the perfect choice for Canadians seeking credit score improvement and responsible borrowing. Securing loan products in Canada with poor or no credit can be challenging, but Spring Financial’s loan solutions simplify credit building through The Foundation loan product.

Guaranteed Approval

Spring Financial stands out from big banks by taking a different approach to borrowers with low credit scores. Instead of outright rejecting them, Spring Financial collaborates with borrowers to help them improve their credit situation.

This means that regardless of their credit rating, anyone can be approved for The Foundation. Borrowers can significantly boost their credit scores by making timely payments for just 12 months.

Fast Funding

Spring Financial utilizes advanced banking technology to provide same-day funding at no additional charge. Our e-Transfer Technology enables swift approval and funding of your loan application within a 24-hour timeframe.

Completely Online

Spring Financial offers convenient and hassle-free access to financial products in Canada. Unlike traditional lenders and banks that require borrowers to visit a branch, Spring Financial enables 100% online access from the comfort of your home.

You can easily apply for their products online, and their agents will contact you through phone or text. Additionally, you can conveniently submit your documents online and, if approved, receive the funds via e-Transfer on the same day.

Flexible Loan Amounts and Repayment Schedule

Spring Financial allows you to borrow $500 to $35,000 to cover emergency expenses, bills, student debts, repairs or renovations. 

Spring Financial offers flexible options for managing unsecured loans. With Spring Financial, you can extend your payment schedule for up to 60 months. You also have the freedom to pay off the entire loan amount whenever you choose.

Additionally, Spring Financial provides two loan programs called The Foundation and Evergreen Loan. These programs allow you to adjust your monthly payments by simply contacting their customer support. Whether you need to increase or lower your payments, Spring Financial’s customer support team is there to assist you.

Drawbacks of Spring Financial

While Spring Financial offers unique features that set it apart from other lenders in Canada, there are some drawbacks you must watch out for before you apply for a loan. 

Consider the following drawbacks before you take a loan:

• Spring Financial charges high interest rates, reaching up to 50%. 
• Additionally, they require personal references and employment verification as part of the loan application process.
• They are not available in all provinces.

Is Spring Financial Legit and Safe?

Absolutely! Spring Financial is a reputable and trustworthy company operating legally in Canada. It was established in 2015 and has headquarters in Vancouver, British Columbia. 

One of the key factors contributing to Spring Financial’s credibility is its regulation under the Financial Services Commission of Ontario (FSCO), ensuring compliance with relevant financial regulations. 

Additionally, Spring Financial is licensed by the Alberta Government, further validating its status as a legitimate business. These regulatory measures demonstrate Spring Financial’s commitment to operating within the established legal framework and provide assurance to customers regarding the company’s reliability.

Also, Spring Financial uses a bank-level security system with 128-bit encryption. This means they cannot access your login credentials even though they have your bank account number. Spring Financial receives valuable personal information, like ID numbers, addresses, etc., as read-only files.

How To Apply For Loans With Spring Financial

Applying for a loan at Spring Financial is always quick and hassle-free. However, Spring Financial requires more conditions and higher paychecks to qualify than other lenders like Loan Away. 

Eligibility Requirements

Though the income rates are personalised,  you must meet the eligibility requirements:

• You must have a valid Canadian ID
• Have at least $1,800 minimum monthly income
• Proof of monthly income and employment arrangements
• Must be above the age of majority in your province (usually 18 or 19)
• Must be actively employed for more than three months before applying
• Must have an active bank account in a Canadian bank to receive direct deposits
• Must have a credit score proved by a credit record
• Must have references or contact of current workplace

Application Process

Here is a step-by-step guide on how to apply for a Spring Financial loan:

• Step 1: Visit the official website and click “Get a Loan”.
• Step 2: Create an account
• Step 3: Determine the amount you would like to borrow
• Step 4: Select your current credit score rating
• Step 5: Next, you will be required to enter your employment status
• Step 6: You will be required to enter your average monthly income
• Step 7: You will be required to provide your personal credentials 
• Step 8: You will be asked to log in to your bank account and choose your current and preferred bank.
• Step 9: Lastly, you will state the purpose of your loan. Do you need to settle your bills, renovate, auto repairs, or repay your student debt? State your loan purpose.

When you provide all the necessary information, Spring Financial employees will take over your application and contact you after the review process, which is always about 24 hours.

If you are accepted, you will need to confirm your bank credentials, and you will receive your money in a matter of minutes or hours.

How Spring Financial Compares to Other Lenders in Canada

Other lenders in Canada offer the same features as Spring Financial. Let’s see some of the Spring Financial in Canada:

Spring Financial vs Borrowell

When it comes to alternative lenders in Canada, Borowell stands out with its remarkable A+ rating from the BBB and a competitive personal loan APR of just 5.6%. However, there are some key differences between Borowell and Spring Financial to consider.

While Borowell may offer attractive rates, they do come with additional costs. After loan approval, borrowers must pay an interest rate of 1% to 5% to access the funds. On top of that, late payment penalties can range from $24 to $54, which is an inconvenience you won’t have to worry about when choosing Spring Financial.

You can check out my Borrowell Review for more information.

Spring Financial vs Mogo

Mogo’s core mission is to empower individuals by providing them with the necessary tools and resources to achieve their financial aspirations. For those with a good credit score, Mogo opens doors to loans of up to $35,000, granting the financial flexibility desired for various purposes.

When it comes to personal loans, Mogo stands out with competitive rates starting at just 9.90%. Enjoy the convenience of choosing a repayment period that suits you, ranging from 6 months to 5 years. However, please note that Mogo requires a minimum yearly income of $13,000 and a credit score of at least 500 for loan approval.

You can check out my Mogo Review for more information.

RELATED: Borrowell vs Credit Karma vs Mogo Review: Similarities & Differences

Spring Financial vs Loan Away

Loan Away, an online-only lender, operates with higher interest rates, starting at approximately 20%. This is significantly higher compared to Spring Financial’s APRs for personal loans.

However, it’s important to note that Loan Away’s services are limited to only six provinces: British Columbia, Alberta, New Brunswick, Ontario, Nova Scotia, and New Brunswick. In contrast, Spring Financial extends its outreach to all Canadians, ensuring accessibility across the country.

Spring Financial vs Simplii Financial

When it comes to banking options in Canada, Simplii Financial stands out as a leading digital bank. However, it’s important to note that this bank operates solely online, without any physical branches. While this digital approach offers convenience for many, it may present challenges for individuals uncomfortable with Internet banking.

Simplii Financial excels in the mortgage sector, providing competitive rates as low as 1.34% and 2.24%. However, it’s worth mentioning that their offerings do not include credit-building loans and are unsuitable for individuals with a recent history of financial difficulties, such as bankruptcy, within the past seven years.

RELATED: Simplii Global Money Transfer Review: Get $350 Bonus Now

Spring Financial Ratings

Spring Financial ratings vary among different platforms. While it has a low rating on the Better Business Bureau (BBB), it enjoys a high rating on Trustpilot.

The positive Spring Financial reviews highlight helpful customer service, but negative reviews have mentioned its pushiness and unclear terms, especially regarding the credit builder loan. Some customers have also expressed dissatisfaction with the overall customer service.

Spring Financial is rated 1.09 out of 5 stars, based on 156 Spring Financial reviews on BBB and 4.8 out of 5 stars, based on 13,709 Spring Financial reviews on Trustpilot.

Spring Financial Reviews

Numerous users have shared their experiences with Spring Financial. Positive feedback focuses on the ease of loan approval. Conversely, those with negative experiences mentioned unclear loan terms, leading to confusion about the loan they were signing up for until after the contract signing.

Here are a few Spring Financial reviews we found on various platforms online:

Huge thank you for helping me get back on track with my credit history. Yes, the interest is high, BUT the Spring Financial Fdn is also helping me learn and build my credit. Truly thank you. Eventually the interest will be lowered. ~ Anonymous

don’t waste your time here I applied 2 weeks ago and no one get back to me everytime I call them oh we will call you back and all lies no one call no respect apply today and get the money same day hahahah fkn lies ~ Anonymous

Final Thoughts on Spring Financial Review

This Spring Financial review has uncovered valuable insights and opportunities for optimising your financial health this season. 

Whether you’re looking to save for a dream vacation, invest in your long-term goals, or improve your overall financial well-being, Spring Financial is here to help.

Transform your financial outlook this spring and embrace a brighter, more secure future. Apply for a loan today and build your credit score.

FAQs on Spring Financial Review

Does Spring Financial charge any extra fees?

Spring Financial ensures transparency and eliminates hidden costs. You can confidently disregard application, setup, maintenance, and cancellation fees. The only fee applicable is a $30 missed payment fee. Contact our customer support to explore alternative arrangements if you anticipate difficulty meeting payment deadlines.

Does Spring Financial offer guaranteed approval loans? 

Spring Financial strives to secure approval for your much-needed funds, irrespective of your credit history. Yet, if you apply for an unsecured personal loan and require credit rebuilding, we may refer you to The Foundation. By successfully completing The Foundation program, you ensure eligibility for a cash loan within 12 months.

Can I receive funds by Interac e-Transfer?

When you get a Personal or Evergreen loan, you can get approved and receive funds within 24 hours through Interac e-Transfer. Alternatively, funds can be transferred via electronic fund transfer (EFT) within one to two days.

Can I cancel my Spring Financial loan if I change my mind?

You can cancel anytime for free. Customer support can help lower your payments or provide savings assistance. Contact the team to explore available options.

Can I Pay off a Spring Financial Loan Early?

There are no prepayment fees applied to paying off your Spring Financial loan. However, carefully evaluate all factors before deciding to repay your loan beforehand.

Does Spring Financial Require Collateral?

For unsecured Spring Financial loans, no collateral is needed. However, secured loans require collateral, such as a vehicle.