About lender
Spring Financial, a Canadian-based financial services company, offers a range of products tailored to meet the diverse needs of consumers across the country. Established in 2014, Spring Financial has quickly positioned itself as a reliable player in the financial market, focusing on providing accessible and fair-priced financial solutions to Canadians. With headquarters located in Vancouver, British Columbia, Spring Financial operates as an independent entity, owned by a group of investors and individuals from both Canada and the USA. Their mission centers on offering innovative products that facilitate easy access to credit and financial assistance, irrespective of an individual's financial history or background.
Through its suite of financial products, including personal loans, credit cards, mortgages, and credit-building tools, Spring Financial endeavors to simplify the borrowing process while ensuring transparency and fairness. Their streamlined online application process, which can be completed within minutes, reflects their commitment to providing hassle-free financial solutions. With over one million applicants since its inception, Spring Financial has assisted hundreds of thousands of customers in securing the financial products they need, with many offerings providing same-day fund disbursement for added convenience.
Features
- Online Convenience. Spring Financial offers an entirely online application process, allowing customers to apply for financial products from the comfort of their own homes.
- Quick Approval. With a streamlined application process, Spring Financial provides fast approval times, with some products offering approval in as little as 15 minutes.
- Competitive Interest Rates. Spring Financial provides competitive interest rates starting as low as 9.99%, ensuring affordability for borrowers.
Pros and cons
Pros
Cons
Reliability
As of May 2022, according to BBB files, Spring Financial has faced a pattern of complaints, primarily concerning customer service, billing and collection, sales, service, and contract issues. Customers have reported experiences of no follow-up or contact for extended periods, insufficient explanation of products and contracts during initial consultations, and feeling coerced or pressured during the sales process. Billing and collection issues have arisen due to credit report corrections necessitated by lack of customer service, and consumers have expressed difficulty understanding loan products and canceling agreements. Despite these concerns, Spring Financial has made efforts to address these issues by implementing process changes aimed at mitigating common complaints. Consequently, there has been a notable decrease in the number of complaints.
On Trustpilot, Spring Financial has garnered a rating of 4.8, based on 14,738 total reviews. While this suggests a generally positive reception from customers, it's essential to consider the broader context provided by BBB files regarding the company's pattern of complaints. As with any financial service provider, potential customers should carefully assess their individual needs and preferences, as well as thoroughly review all terms and conditions, before engaging with Spring Financial or any other similar institution.
How to apply for a Spring Financial loan?
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Visit the Spring Financial Website. Start by visiting the official website of Spring Financial. Navigate to the loans section to explore the various loan options available.
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Choose Your Loan Product. Take some time to review the different loan products offered by Spring Financial. Consider factors such as loan amount, repayment terms, and interest rates to determine which product best suits your needs.
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Complete the Online Application. Once you've selected a loan product, proceed to complete the online application form. Provide accurate information about yourself, including your name, contact details, employment information, and financial details.
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Verify Your Identity and Bank Account. As part of the application process, you may need to verify your identity and bank account. This may involve submitting a copy of your government-issued ID and providing access to your bank statements.
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Review and Submit Your Application. Before submitting your application, take the time to review all the information you've provided. Ensure that everything is accurate and complete. Once you're satisfied, submit your application through the online portal.
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Wait for Approval. After submitting your application, Spring Financial will review your information and assess your eligibility for the loan. Depending on the product, you may receive approval within minutes or within a few business days.
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Sign the Loan Agreement. If your application is approved, you'll receive a loan agreement outlining the terms and conditions of the loan. Review the agreement carefully and sign it electronically to proceed with the loan.
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Receive Your Funds. Upon signing the loan agreement, you'll typically receive your funds either via e-transfer or electronic funds transfer (EFT). Funds are usually disbursed within 1-2 business days, allowing you to access the money you need quickly.
Conditions
- Loan Amounts. Spring Financial offers loan amounts ranging from $500 to $35,000, providing borrowers with flexibility to borrow according to their financial needs.
- Interest Rates. Interest rates for Spring Financial loans start as low as 9.99%, depending on factors such as credit history and loan amount. Rates may vary and are subject to change.
- Repayment Terms. Borrowers can choose repayment terms ranging from 6 to 60 months, allowing for customized repayment schedules to fit individual financial situations.
- No Hidden Fees. Spring Financial prides itself on transparency, offering loans with no hidden fees. Borrowers can rest assured that there are no additional charges beyond the agreed-upon interest rates and repayment terms. However, in the event of a missed payment, a nominal fee of $30 may be charged as a penalty.
- Credit Building Opportunities. Spring Financial offers products such as The Foundation and the Evergreen Loan, designed to help customers build or rebuild their credit history while accessing financial assistance.
- Online Accessibility. With a fully online application process, borrowers can apply for loans conveniently from anywhere with internet access. Funds are typically disbursed quickly, often within 1-2 business days.
Requirements
- Age. Borrowers must be of legal age in their province or territory of residence to apply for a loan with Spring Financial. Typically, this is 18 years of age or older.
- Canadian Residency. Borrowers must be Canadian residents with a valid Canadian address to qualify for a loan with Spring Financial.
- Identification. Borrowers are required to provide a valid government-issued Canadian ID, such as a driver's license or passport, as part of the application process.
- Bank Account. Borrowers must have an active bank account with a Canadian financial institution approved by Spring Financial. This account will be used for loan disbursements and repayments.
- Proof of Income. Depending on the loan product and amount, borrowers may need to provide proof of income, such as recent pay stubs or bank statements, to demonstrate their ability to repay the loan.
- Credit Check. Spring Financial may conduct a credit check as part of the application process to assess the borrower's creditworthiness and determine the interest rate offered.
Ways to receive the money
- E-transfer. Borrowers can opt to receive their funds via e-transfer, allowing for quick and secure access to the loan amount. This method typically results in same-day fund disbursement, providing immediate access to much-needed funds.
- Electronic Funds Transfer (EFT). Alternatively, borrowers can choose to receive their funds via electronic funds transfer (EFT) directly into their bank account. While this method may take slightly longer than e-transfer, funds are typically disbursed within 1-2 business days, offering a reliable and efficient way to access the loan amount.
Products
- Personal Loan. Spring Financial provides unsecured personal loans with loan amounts ranging from $500 to $35,000. Borrowers can choose flexible monthly payments spanning from 6 to 60 months, allowing for customized repayment schedules. Interest rates start as low as 9.99%, depending on factors such as credit history and loan amount.
- The Foundation. This program is designed to help individuals build or rebuild their credit history. Borrowers can qualify for The Foundation by meeting specific criteria, including having an active bank account and a valid government-issued Canadian ID. Successful completion of The Foundation may lead to access to additional financial products, such as the Evergreen Loan.
- Evergreen Loan. Borrowers who successfully complete The Foundation and save $750 may qualify for the Evergreen Loan. This $1,500 upfront loan comes with an interest rate of 18.99% and flexible repayment terms of up to 18 months. The Evergreen Loan offers borrowers the opportunity to access additional funds at the same rate upon repayment.
- Mortgage Solutions. Spring Financial's mortgage offerings include options for first-time homebuyers, debt consolidation with home equity, and a line of credit & mortgage combo. With access to over 40 lenders and banks, borrowers can access competitive rates and approval options tailored to their unique financial situation.
Reasons you may be denied a Spring Financial loan
- Insufficient Income. Spring Financial may deny a loan if the applicant's income is deemed insufficient to support the requested loan amount. Applicants must demonstrate their ability to repay the loan based on their income and existing financial obligations.
- Bad Credit History. A history of missed payments, defaults, or other negative marks on a credit report may result in a loan denial. Spring Financial considers the applicant's credit history as part of the lending decision and may deny a loan if the creditworthiness does not meet their criteria.
- Incomplete Application. If an applicant fails to provide all required information or documentation during the application process, Spring Financial may deny the loan.
- High Debt-to-Income Ratio. Spring Financial evaluates the applicant's debt-to-income ratio to assess their ability to manage additional debt. If the ratio exceeds acceptable limits, the loan may be denied to prevent financial strain on the borrower.
- Unstable Employment. Applicants with unstable employment or a history of frequent job changes may be considered higher risk by Spring Financial. Lenders prefer borrowers with stable employment and income to ensure repayment reliability.
- Recent Bankruptcy or Consumer Proposal. Individuals who have filed for bankruptcy or entered into a consumer proposal may face challenges in obtaining credit. Spring Financial may deny a loan to applicants with recent bankruptcy or consumer proposal filings.
How to repay a Spring Financial loan
- Flexible Repayment Options. Spring Financial offers flexible repayment options for borrowers. You can choose from bi-weekly or monthly repayment plans according to your preference and financial situation.
- No Penalties or Hidden Fees. With Spring Financial, you can pay off your loan at any time with no penalties or hidden fees. This provides borrowers with the freedom to manage their repayments according to their own schedule and financial capabilities.
- Automated Payments. Spring Financial offers automated payment options to make repayment easier and more convenient. By setting up automated payments, you can ensure that your loan payments are made on time each month, helping you avoid late fees and maintain a positive credit history.
- Reported to Credit Bureau. Every repayment towards your Spring Financial loan is reported to the credit bureaus, helping you build or rebuild your credit history over time. Making timely payments can positively impact your credit score and improve your overall creditworthiness.
- Renewable Loans. Once you've paid off your Spring Financial loan, you are free to renew and access another loan at the same rate. This allows you to continue building your credit and accessing the financial assistance you need for future expenses.
Editorial opinion
Important
How to Choose a Lender
- Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
- Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
- Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
- Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).
Methodology
At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
- Spring Financial Online Banking
- How to Apply for Spring Financial Loan
- How to PayOff Spring Financial Debt
- Spring Financial Personal Loans for December 2024
- Spring Financial Loans Calculator
- Spring Financial Customer Reviews
