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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Spring Financial's pay off

Finanso.Multilogin™

Repayment of loan

The fastest way is to transfer the money from a customer’s bank account, all conditions of this procedure are described in the loan agreement. If this is your repeat credit received from this online lender you can use an e-Transfer system. But this function is active only for those customers that have already paid off the first loan.

Loan extension

The terms to pay off the loan cannot be extended. If the client missed a payment there will be a $30 fee.

Early repayment

Any client can repay loans at any time they want in accordance with the terms. There will be no additional fees and penalties. Once the requirements are met the customer will be able to start a new loan, for example, start the Evergreen Loan program.

FAQ

How to find out the remaining balance?

You can look at the remaining balance by contacting the customer service agent via e-mail. It is worth mentioning that the balance can be changed. It is possible that the payment is being processed or has not been confirmed by the bank organization yet. In this case, the customer support will give information regarding the last payment which is in process. That is why it is better not to postpone the payment until the last day because of the possible transaction delay caused by the bank or other traditional financial institutions.

What to do if the payment has failed?

If you have any problems with the transaction process it is better to reach the customer service as soon as it is possible by calling 1-888-781-8439. The specialists will find a way to provide available options for this issue not to affect your payment history. Also, you can contact customer services via e-mail, you just need to send a letter explaining why you can’t make a transaction on time.

Is it possible to arrange a loan restructuring?

There are no special conditions for loan restructuring. So it is advisable to take a loan only if are sure that you will have time and funds to pay it off. In other cases, you will have to pay off the loan and $30 fee.

What to do if I missed the payment?

If you know that there will be a missed payment, you should contact the lender at least 3 business days in advance to discuss the arrangements. In other cases, you will have to pay a fee. Most banks will also charge an NSF fee, so it is strongly advised to plan a date when you are going to pay off a loan. But if you can’t do it contact the customer service as soon as possible.

Debt collection methods

Spring Financial (former Fresh Start Finance) uses debt collection methods that are created in accordance with Canadian legislation. If a problem occurs during the time that the client is repaying the personal loan, the agents of the company will make the needed arrangements with the customer to make the necessary payments in accordance with the situation. There will be a fee that will be added to the unpaid balance if the terms are not met. Clients of Spring Financial are responsible for their actions when borrowing money. All the requirements should be met if they want to take a Spring Financial (former Fresh Start Finance) loan in the future.

Calculate loan payments in Spring Financial

Spring Financial calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
USD
500 $
15000 $
Loan term
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Specify the loan term for the calculation

months
days
9
60

What to pay attention to when applying for a loan from Spring Financial

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Spring Financial from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Spring Financial’s reviews by October 2022
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