Spring Financial Review for 2024

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Written By
G. Dautovic
August 17, 2023
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Spring Financial was founded in 2014 to provide Canadians with fair-priced financial products to help them build credit and get on a path to a more stable financial future.

Since it was founded, it has provided over 250,000 financial products to around 1 million applicants. According to the many positive Spring Financial reviews by its customers, it is an excellent choice for anyone looking to build their credit, and here’s why.

Loan amounts:

APR ranges from 18.99% to 46%

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

D (not BBB accredited)
1-2 days
9-60 months
All provinces except Saskatchewan, Quebec, and New Brunswick
pros thumb up Strengths
  • No minimum credit score
  • Reasonable APR rates for credit score building
  • Great interest rates for cash advances
  • Streamlined online application process
  • Flexible repayment terms
  • No prepayment penalties
pros thumb up Weaknesses
  • Not available in all provinces
  • Could be more transparent about its fees

Spring Financial Basics

Spring Financial is an alternative financial institution offering personal loans, even to those with bad credit. The lender has a completely online loan application process and very flexible repayment schedules.

Given that Spring Financial’s angle is to help Canadians build their credit using its financial products, all of its loans come with fair costs, especially when compared to competitors. 

Types of Loans Spring Financial Offers

Spring Financial’s loan range includes personal loans, credit-building loans called the Foundation, evergreen loans, and mortgages. Each of these entails reporting your payments to credit bureaus to help you build your credit score, and they all come with decent terms and rates. Let’s discuss each in more detail.

spring financial loan offer

Personal Loans

You don’t need to put down collateral to apply for a personal loan with Spring Financial, which is unusual given that unsecured loans are generally rarely approved to people with bad credit.

A personal loan from Spring Financial is disbursed in amounts from $500 to $15,000. The repayment terms are flexible, ranging from 9 to 60 months. You can make repayments biweekly or monthly. Since there are no prepayment penalties or fees, you can pay your loan back whenever you want, without having to pay extra to get rid of the interest.

Unfortunately, Spring Financial is not transparent about the interest rates associated with this product. Of course, the Spring Financial interest rates depend on multiple factors, including your credit score and creditworthiness, your current debt amount and income. Nevertheless, there is no credit score requirement, and if you’re looking to build your credit, you should speak to the company’s team and learn more about interest rates that would apply to you.

The Foundation Loans

The Spring loan called the Foundation is an excellent route you can take toward building your credit. It is quite an uncommon financial option, and people that are looking to build credit by saving might find it a better alternative to bad credit loans.

Essentially, with the Foundation, you get a secure place to save by making regular monthly payments. In return, Spring Financial will report your payments to credit bureaus. By the end of the year, you will have approximately $750 saved in the Spring Financial Foundation, and a year-long history of making regular payments at the bureaus. Once the year is up, you can request your savings anytime.

The Foundation will throw in a free credit score report every month to help you track your progress. Once you complete the first year, you’ll also become eligible for another one of Spring Financial’s unsecured loans – an evergreen loan.

Evergreen Loans

Spring Financial’s evergreen loan is a great product for people with bad credit looking to improve their credit score. This is a 100% guaranteed revolving loan of up to $1,500, and you only need to have been a member of Spring Financial for one year to be eligible for it.

The interest rate on the evergreen loan is a favourable 18.99%. Even after you repay the loan, which can be anytime as there is no Spring Financial charge for early repayment, you can access it again anytime at the same fixed rate. You can make repayments in the amount of about $44 biweekly.

This product is also designed to help you build your credit, as each payment is reported to the credit bureaus.


Spring Financial also offers a suite of mortgage-related products. These include mortgages for first-time home buyers, debt consolidation with home equity, and a line of credit & mortgage combo with this lender.

Spring Financial is not very informative regarding rates and fees associated with its mortgages on its website. It promises the “best rates” and the option to skip your mortgage payments for a year in exchange for your home equity, also revealing that these mortgages are available for all credit scores.

Since the rates for Spring mortgages vary and depend on your credit score and creditworthiness, it would be best to contact Spring Financial’s representatives and get a custom-tailored offer.

Other Spring Financial Features

If you decide to go with Spring Financial for loans to help you build your credit, read on for some aspects you should know about.

Credit Score Requirements

Spring Financial doesn’t have strict credit score requirements. However, this means that the interest rates and cost of a Spring Financial loan are not listed on the company’s website but must rather be obtained based on your credit and other information.

Fully Online Application Process

The entire application process for Spring Financial is done online, which makes it very convenient and time-saving. Since there is no brick-and-mortar branch, you can’t rely on paying a visit to one if something goes south. Instead, you'll have to rely on the customer support team.

Customer Support

Spring Financial’s customer support is excellent. The team is very responsive and helpful and will go above and beyond to help you with your loan. If you need help or would like to know more about the products offered, you can reach Spring Financial representatives via phone, live chat, or email.

Guaranteed Approval

One of the best things about this online lender is that Spring Financial guarantees approval for all its products. Whether you’re taking out a cash advance or a loan, you are 100% guaranteed to be approved.

Flexible Repayment Schedule

Another great thing about Spring Financial is that it offers a very flexible repayment schedule. You can opt for weekly or biweekly payments, depending on what’s more convenient for you. You can also make automatic payments from your bank account, which is a great way to ensure you never miss a payment.

How to Apply for Spring Financial Loans

Applying for a Spring Financial personal loan is straightforward. You can apply online in just a few minutes, and you’ll get an answer within another few minutes. If you’re approved, the money will be deposited into your bank account within 1-2 business days.

The process of applying for a personal loan is fairly simple. You'll need to provide some basic information, including your name, address, date of birth, and a valid ID. You’ll also need to provide information about your employment and income.

The team will contact you back with the relevant info and more information about the terms and rates. If you agree with those, you’ll have the funds in your account the very same day.

Bottom Line

Overall, drawing a loan from Spring Financial in Canada is a great option for people with bad credit looking to improve their credit score. The interest rates are reasonable, and the repayment terms are flexible. Probably the most important aspect is that the lender reports all of your payments to credit bureaus, helping you build your credit in the process.

The entire process is done online, which makes it very convenient, and the customer representatives will be glad to assist you with questions along the way. If you’re looking for a loan to help you build your credit, Spring Financial is definitely worth considering.


Does Spring Financial charge any extra fees?


Spring Financial boasts no prepayment fee but is not entirely transparent about other fees associated with its products, for example, the origination fee. The late payment fee stands at $30. Inquire about it when you contact the company to get bespoke terms and conditions for your loan.

Does Spring Financial guarantee loan approval?


Yes, Spring Financial offers guaranteed loan approval to all of its customers. This means that you’re guaranteed to be approved for any of its products, including cash advances and loans.

Is Spring Financial safe?


The alternative lender is a reputable company that has been in business for six years, evidenced by scores of positive Spring Financial reviews. This is a fully licensed and insured financial institution, and its products are guaranteed.