Spring Financial Rates and Reviews

Spring Financial has emerged as a prominent alternative lender in Canada’s financial landscape. The company specializes in serving Canadians with fair to poor credit who may not qualify for traditional bank financing. This review examines Spring Financial’s products, rates, customer experiences, and overall value proposition in 2025.

What is Spring Financial?

Spring Financial is a financial technology company serving Canadians nationwide, both online and via mobile. Its mission is to provide consumers with fair and transparent financial products through an easy digital process.

They offer financial inclusion to consumers with poor or no credit history, help Canadians build credit and access affordable financing. Their digital processes and focus on financial inclusion through credit building have quickly established Spring Financial as a major fintech player in Canada.

Is Spring Financial legit?

Yes, Spring Financial has operated legally as a registered Canadian business entity based in Vancouver since 2015. They have helped over 250,000 customers access over $250 million in loans. They now have over 1 million applicants across Canada.

Spring Financial Offerings

Spring Financial offers a range of borrowing solutions, including personal loans, credit-building services, mortgages, and home equity financing.

Spring Financial Mortgages

Their experienced brokers can help clients get pre-approved and find competitive mortgage rates through their network of over 40 lenders.

• Mortgages for home purchases, refinancing, or renewals
• Fixed, variable, and adjustable rate options.
• Flexible terms from 6 months to 10 years
• Competitive rates from major banks and credit unions

Spring Financial Home Equity Loans

These close-ended loans allow homeowners to leverage home equity for large expenses. They broker all types of home equity loans.

• Home equity line of credit (HELOC) – Revolving credit up to 65% of home value
• Closed-end home equity loan – Fixed amount loan up to 80% of home value
• Home equity loan for debt consolidation – Consolidate other debts into one manageable payment

Spring Financial Line Of Credit & Mortgage Combo

A HELOC can be combined with a mortgage for flexibility. This allows homeowners to leverage the mortgage and available home equity as needed. It provides ready access to funds, but variable interest rates carry some risk.

• Acts as a credit line
• Withdraw funds as needed
• Only pay interest on what you use
• Typically, variable interest rates

HELOCs provide flexibility to borrow against your home’s value. However, discipline is vital, as overspending risks unaffordable payments if interest rates rise.

Spring Financial Personal Loans

Spring Financial offers unsecured personal loans from $500 to $35,000 to customers across Canada.

• Loan Amount: $500 to $35,000
• Interest Rates: 8.99% to 34.95% (good to fair credit)
• Term Length: 6 to 84 months
• Payments: As low as $31 bi-weekly
• Funding Time: 1 to 2 days via direct deposit

These personal loans can be used for almost any purpose, such as debt consolidation, renovations, or unexpected expenses. They aim to be inclusive, looking beyond credit scores to approve more applicants.

The Foundation Program

The Foundation Program is a 12-month credit-building program designed to help Canadians with limited credit histories establish and improve their credit score. It has a 100% approval rate, making it highly accessible.

• Payments: Participants make a standard bi-weekly payments of approximately $66. A portion goes into savings, while the remainder is reported to credit bureaus.
• Benefits: Helps build credit history from the ground up. Participants save $750 after 12 months.
• Interest Rate: 0%, but it also does not provide upfront funds.
• Availability: All provinces except Saskatchewan and New Brunswick.

By completing The Foundation and making timely payments, borrowers can qualify for better loan rates and access a wider range of financial products in the future.

Spring Financial Evergreen Loan

After finishing The Foundation, borrowers get guaranteed access to the Evergreen Loan:

• Amount: $1,500
• Interest Rate: 18.99%
• Term: 18 months
• Payments: As low as $44 bi-weekly
• Benefits: Continue building a credit history. Access funds at a lower rate than traditional lenders.

The Evergreen Loan provides an affordable borrowing option compared to high-interest credit cards or payday loans. Timely repayments are also reported to credit bureaus to help improve the borrower’s credit profile.

Spring Financial Loans Rates and Fees

Understanding the true cost of Spring Financial loans requires examining both interest rates and fee structures.

Product	Interest Rate Range	Notes
Mortgage	Varies	Access to some of the best rates
Personal Loans	9.99% – 34.95% 9.99% – 35.00% APR	Rate based on creditworthiness. Higher risk profiles, can have APRs up to 46.96%.
Foundation Program	0% APR	~$42 in service fees
Evergreen Loan	18.99% APR (fixed)	Guaranteed rate for graduates

Spring Financial maintains a relatively transparent fee structure with a $30 fee for late or missed payment as the primary additional charge. There are no application fees, setup charges, maintenance costs, or prepayment penalties, allowing borrowers to pay off loans early without financial penalty.

How to Qualify for Spring Financial Loans?

Spring Financial maintains straightforward eligibility criteria for its various products:

• Age of majority in your province
• Canadian resident
• Valid government-issued ID
• Income source – employment, benefits, pensions, etc.
• Homeownership status for Mortgage and Home Equity Loan products

Documentation needed to apply:

• Proof of identity
• Income verification – pay stubs, tax documents, bank statements
• Bank account details
• Contact information

Specific required documents, income levels, and credit score requirements vary between different loan products. Documents can be easily uploaded online as part of the application process. By keeping requirements simple, they facilitate quick approvals.

The company serves clients nationwide, with products accessible in all provinces and territories.

How to apply for a Spring Financial Loan

Spring Financial offers a convenient and seamless application process with two options:

• Online: The online application form takes just minutes to complete. Required details include your personal information, income, employment, expenses and assets/liabilities.
• Phone: Call 1-877-393-1516 to speak with an associate who will take you through the application process.

They offer a fast and user-friendly application process. Here are the five key steps:

Step 1: Create an online account

Go to springfinancial.ca and enter your name, email, and password to register.

Step 2: Select the desired product

Choose which loan or credit-building product best suits your needs.

Step 3: Fill out the application

Complete the online application form. This only takes a few minutes.

Step 4: Upload documents

Follow the instructions to upload your ID, proof of income, and any other required documents to support the application.

Step 5: Get a decision

You will usually receive a decision within the same day or as fast as 30 minutes.

Once approved, you can receive your funds via direct deposit within 1-2 business days. The entire process, from the funding application, can be completed conveniently from home.

Why Choose Spring Financial?

Spring Financial provides solutions tailored to consumers with unique credit needs:

• Fast funding: Through Interac e-Transfer capabilities, Spring can directly deposit approved loans into customer accounts in as little as 24 hours.
• Credit building: Programs like The Foundation offer credit-building opportunities and incentivizes consumers to make reliable payments while simultaneously building savings.
• All credit ratings considered: Focusing on financial inclusion provides access to loans and mortgages for consumers who may not qualify with traditional providers.
• No prepayment fees apply: Consumers retain flexibility to pay down any outstanding loan principal faster than minimum amounts without punitive charges.

Cons of Spring Financial loans

While they provide helpful loan products, there are 4 potential downsides borrowers should consider:

• Interest rates can be quite high, especially for borrowers with poor credit. Rates on personal loans can reach up to 46.96%.
• Strict repayment terms mean missed or late payments, which result in penalties and added interest charges.
• Risk of repossession with home equity loans, if unable to repay, your home is at risk.
• Variable rates on HELOCs may increase payments if interest rates rise.
• Their personal loans are not available to Quebec residents as they operates under licenses specific to other Canadian provinces.

You should weigh the costs and risks against the benefits when considering Spring Financial loan products. Understanding the terms and ensuring you can make repayments is key.

How does Spring Financial compare to alternatives?

Let’s examine the top alternatives of Spring Financial loans for consumers to consider:

Feature	Spring Financial	easyfinancial	Fairstone	LoanConnect	goPeer
Loan Range	$300 – $35,000	$500 – $100,000	$500 – $50,000	$500 – $60,000	$1,000 – $35,000
APR Range	9.99% – 46.96%	9.99% – 35%	19.99% – 34.99%	8.99% – 35%	8.99% – 34.99%
Term Length	6 – 84 months	9 – 240 months	6 – 60 months	3 – 120 months	3 – 5 years
Funding Time	24 hours	1-2 days	1-2 days	Varies	2 – 4 days
Credit Building	Yes (Foundation)	Limited	No	No	Yes

While Spring Financial is a strong option, consumers are encouraged to compare interest rates, fees, eligibility criteria and other factors against competitors when choosing a lender.

The bottom line

Spring Financial provides valuable services to help Canadians with limited credit history or below-average credit scores establish credit, borrow at reasonable rates, and consolidate debt.

While interest rates can still be high compared to prime borrowers, their loans are generally more affordable and flexible than payday loans or credit cards. Their application process is easy and efficient, and funds are available promptly upon approval.

FAQs

Article sources

1. Our mortgage solutions, springfinancial.ca