Spring Financial Review: Loans To Help You Build Credit

Rates: 8
Loan amount: 8
Loan term: 8
Customer service: 9

Overall Score: 8.25

Personal loans: $500 – $15,000

  • No credit requirements
  • Quick application process
  • Full online service
  • Credit-building loans
  • Flexible payment terms

  • Fees not completely transparent


Since it was founded in 2014, Spring Financial has been providing Canadians with the opportunity to consolidate their finances and plan for a more sustainable future.

The company has been noted for easy access to cash and for offering loans which help you rebuild your credit scores through regular repayment.

As it is an online lender with no brick-and-mortar offices where you could meet with a representative, Spring Financial relies on its customer support to provide a full service to its clients. With more than 1 million Canadians served so far, it is safe to say customers are not put off Spring Financial’s fully online service.

Going through Spring financial reviews online, we found many satisfied customers and a Trustpilot rating of 4.8 out of five from more than 9,000 respondents, so we decided to take a look for ourselves and explore what the lender has to offer.

Types of Loans

Spring Financial offers a range of loans you can use to build up credit ratings, finance your mortgage, and pay the bills that have been stacking up.

The loans come with reasonable rates and fair loan terms.

Personal Loans

If you’re looking for a fast way to pay bills or consolidate your debt, the personal loans that Spring Financial provides can be the right choice. Spring Financial doesn’t require any collateral for personal loans; you can apply even if you have bad credit.

You can get a Spring loan in the amount of between $500 and $15,000 and make biweekly or monthly repayments over a period of nine to 60 months.

The APR for unsecured personal loans ranges from 29.99% to 46.96%. The actual rate you’ll get depends on factors such as your credit score, income, and current debt.

Unfortunately, Spring Financial isn’t always clear about its interest rate, and you will have to check with its staff to determine the terms that apply to your personal loan.

The lender doesn’t require a minimum credit score, meaning you can get a Spring Financial personal loan even if you have bad credit. If you’re not satisfied with the interest rate, you have the option to invest in Spring Financial’s credit-building loans and reap the benefits when your credit ratings improve.

Evergreen Loans

The Evergreen Loan is a great option to improve your credit score. The interest rate of 18.99% is decent, but you need to be a member of Spring Financial for at least one year to become eligible.

You can repay the loan, whose amount is set at $1,500, in biweekly payments of around $44. The maximum loan term is 18 months, but it is an open loan, and you can make early payments at will, with no prepayment fees.

Each loan repayment will be reported to credit bureaus, improving your ratings over time, given that a record of steady payments positively affects your credit score.

We found Evergreen to be one of the best options when Spring Financial loans are concerned. The easiest way to secure the loan is to get the Foundation Loan first and repay it over 12 months.

It’s also good to know that when you repay an Evergreen Loan, you can access another loan in the same amount and at the same rate and further improve your credit ratings.

The Foundation Loans

If cash loans with a high interest rate are the only kind of personal loans you qualify for, then you should invest in getting your credit score back on track. The Foundation is the entry Spring Financial loan for rebuilding credit ratings.

With the Foundation, you can make biweekly payments of about $55 over a 12-month period. A portion of each payment goes to your savings account, enabling you to collect $750 at the end of the term. Spring Financial reports all of these payments to the credit bureaus.

As previously mentioned, this will not only improve your credit score, but also serve to secure Spring Financial’s Evergreen loan.

The payments are flexible, and if you don’t have $750 saved at the end of the year, you can continue with the Foundation for another six months to unlock the Evergreen Loan.


Spring mortgages include home loans, mortgages, and line of credit loans.

Spring Financial acts as a broker for more than 40 lenders that can provide you with a home equity loan. The rates will vary depending on the lender, and you will have to talk to a Spring Financial agent to get the terms that will apply to you. Be aware that there could be additional fees from Spring Financial when a third party is involved in a transaction.

How to Get a Spring Financial Loan

Spring Financial’s fully online service is streamlined, allowing you to apply for a loan in a matter of minutes. The Spring Financial team will contact you, and if you get approved, the money will be in your bank account in one to two business days.

With no credit score requirements, you are sure to get a loan at Spring Financial. The loan amount and the interest rate depend on multiple factors, and you can’t get that information from the website. Instead, you have to talk to a Spring Financial representative to get the details about Spring loans on offer.

But you needn’t worry; the entire process is straightforward. You just need to provide your basic information: name, address, date of birth, and a photo of your ID. Also, Spring Financial will ask that you provide proof of employment and basic income.

Repayment Schedule

We liked the fact that Spring Financial’s repayment schedule is flexible: You can make monthly or biweekly payments, and early payments will not incur a prepayment fee.

There is also an option of automated payment, entailing regular withdrawal of payment amounts from your bank account.

Additional Fees

None of Spring Financial’s personal loan services come with hidden fees. You won’t have to worry about setup or maintenance fees; however, the company does charge a $30 missed payment fee. If you’re not sure you’ll be making the payment on time, we suggest you contact Spring Financial’s support team and see your options.

Customer Service

The customer service at Spring Financial has proved to be very responsive and helpful. You can ask them for help regarding deals and find out more about the rates. The phone service is available Monday to Friday, from 7 a.m. to 6 p.m. (PST). You can also email the Spring Financial team or talk to them live on chat Monday to Friday, from 8 a.m. to 5 p.m. (PST).

Final Thoughts

In this Spring Financial review, we tried to help you learn more about the company, its services, and what it can do for you.

As one of Canada’s best lenders for bad credit loans, Spring Financial could be a great option to get your finances moving in the right direction once again.

We liked its flexible payment schedule and good customer service. We thought that interest rate information could be made more readily available, but Spring Financial makes up for it with its customer service.

The company doesn’t require you to have a rating score, its service is fast and reliable, and there are options to improve your credit and go for long-term investments.


Does Spring Financial do credit checks?

Spring Financial is Canada’s bad credit lender that doesn’t require a minimum credit rating to approve a loan. Whatever your credit score is, you can find a loan deal at Spring Financial, but the interest rate will vary depending on stats such as your current credit score, overdue bills, or employment status.

Does Spring Financial call your employer?

Spring Financial does call your place of work for employment verification. But they will not divulge the information that you are applying for a loan to the person that confirms your employment.

Is Spring Financial easy to get approved?

Applying for a loan from Spring Financial is a quick and easy process. The first step is to fill out an online application, which only takes a few minutes. After Spring Financial reviews your application, its loan representative will contact you to discuss your options. In most cases, you will get approved for a loan within 24 hours.

spring financial logo reviewmoose

Overall Score: 8.25

Personal loans: $500 – $15,000

Milica Milenkovic
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