Spring Financial Review 2024: Easy & Fast Online Loans in Canada 

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Written by Enoch Omololu

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If you need instant online loans, Spring Financial is one of the best lending companies you can approach. It offers same-day loans, credit-building services, and mortgage products, allowing you to get the financial support you need for various purposes.

This article covers everything you must know about Spring Financial, including its loan offerings, pros and cons, and application process.

Main Highlights

  • Spring Financial is a leading Canadian lending company that offers unsecured personal loans, credit-building services, and mortgages.
  • This company’s personal loans range from $500 to $35,000, with interest rates ranging from 9.99% to 46.99%.
  • The Foundation is Spring Financial’s credit-building program that ultimately qualifies borrowers for the Evergreen Loan,

Spring Financial Overview

Spring Financial is a leading financial technology company that provides Canadians access to fair-priced financial products. Since its launch in 2014, this company has remained one of the top online loan providers in Canada, offering loans with interest as low as 9.99%.

All financial products offered by Spring Financial can be accessed online. So, you can utilize this convenient platform to alleviate the stress of your financial burdens without ever leaving the comfort of your own home.

What Loans Does Spring Financial Offer? 

Below are the types of loans offered by Spring Financial. With financial products that offer upfront funds, you can repay the full amount at any time within your term without incurring additional penalties.

Personal Loan

Spring Financial offers unsecured personal loans ranging from $500 to $35,000. Their interest rates can range from 9.99% to 46.99%, and you can choose from loan terms spanning from 6 to 60 months. 

As long as you’re at the age of majority in your province, have a valid ID, and can present proof of income, you can apply for Spring Financial’s personal loans. The amount and interest rate you’ll qualify for will depend on factors such as your credit score, income, and current debt load. 

The Foundation

The Foundation is Spring Financial’s credit-building program with a 100% approval rate. 

Unlike traditional loans, this financial product doesn’t provide you with money upfront. Instead, it establishes a tradeline on your credit file and then reports your payment history to credit bureaus to improve your credit score

After signing up and getting approved for this product, you’ll need to make small payments to Spring Financial over 12 months. 

By the end of your annual term in The Foundation, not only will you have a better credit score, but you’ll also receive $750 of the amount you paid out as savings and automatically qualify for a $1,500 Evergreen Loan.

Note: This product is not available in Saskatchewan, Quebec, and New Brunswick.

Evergreen Loan

The Evergreen Loan is a special loan type that’s available to every Spring Financial customer who successfully completed the 12 months of The Foundation program. This loan exclusively provides a fixed amount of $1,500 upfront at an interest rate of 18.99%. 

With this product, you’ll be expected to pay at least $44 bi-weekly for up to 18 months. Once you’ve paid off your loan, you can access another $1,500 cash advance at the same rate.

Mortgages 

Spring Financial also offers mortgage products to Canadian residents living in Ontario, Alberta, and British Columbia.

First-time homebuyers can access low-interest loans to make home purchases affordable. On the other hand, existing homeowners will have the option of using their home equity to consolidate debts or delay monthly payments for up to a year.

In addition, eligible homeowners may obtain approval for a HELOC and mortgage combination at Spring Financial. This offering gives you convenient access to your home equity and increases your line of credit through mortgage payments.

How to Apply for a Loan 

The application and approval process for Spring Financial’s loan offerings can be completed online.

As long as you’re of the age of majority in your province or territory, have a valid ID, and have a source of income, you can submit an application process for the company’s personal loan or The Foundation program. 

If you’re interested in Spring Financial’s mortgage products, though, you may be asked for additional information, which typically includes details such as your house’s location, value, and ownership duration.

Once you’ve applied for your preferred loan, one of Spring Financial’s associates will personally review your application and then decide whether you’re qualified for the loan and how much you can borrow. 

Pros and Cons of Spring Financial

Pros

  • The repayment terms are very flexible. 
  • You can access a credit-building program.
  • The application process only takes minutes to complete. 

Cons

  • The company only offers chat support.
  • Interest rates can go as high as 46.99%.
  • Mortgage products are only available in 3 provinces.

Is Spring Financial Legit?

Yes, Spring Financial is a legitimate online consumer lending company. Having assisted more than 250,000 Canadians in obtaining financing, it’s not surprising this lender enjoys an impressive and consistent 4.8-star rating on Trustpilot.

Spring Financial Customer Service

Spring Financial offers chat support to its customers who may have general inquiries or questions about their loans. The live chat support is available during weekdays from 7 AM to 5 PM PST and currently serves as the only method customers can use to contact the company. 

Spring Financial Alternatives 

If you’re looking for other tried-and-tested companies that can help you secure loans, consider these Spring Financial alternatives below. 

Loans Canada

As Canada’s first loan comparison platform, Loans Canada also offers a convenient way for you to find lenders who can let you borrow the funds you need. 

By working with reputable financial lending institutions like Spring Financial and Fairstone, this platform helps you borrow anywhere from $500 to $35,000 for loan terms ranging from 3 to 60 months. 

Loans Canada’s partnered lenders typically have interest rates ranging from 2.99% to 46.96%. You can use this platform to find specific loan types, such as personal loans, credit-building loans, and debt consolidation loans, at no charge. 

FatCatLoans 

FatCatLoans is a loan service platform that helps you find the best loan offers from multiple Canadian lenders in seconds. With this website, you can find various loan types, including bad credit loans, personal loans, car loans, and consolidation loans. 

The rates offered by FatCatLoans’ partnered lenders vary between 6.99% to 46.96%. You may borrow $300 to $50,000 using this platform, with loan terms ranging from 3 to 120 months.

AimFinance

AimFinance is a reputable Quebec-based lender that lets you access personal loans ranging from $1,000 to $5,000. This platform offers loan terms from 9 to 24 months, but its APR is fixed at 46.00%, regardless of your credit performance. 

Currently, only Ontario residents can apply for AimFinance’s personal loan offers. Once your application has been approved, you’ll receive your funds within 24 to 48 hours.

Fairstone

Fairstone, a subsidiary of Fairstone Bank of Canada, is also a great alternative to Spring Financial. It offers a variety of loan types, including personal loans, home equity loans, and auto loans, giving you diverse borrowing options.

Fairstone’s loan terms range from 6 to 120 months, and its offered interest rates vary between 19.99% to 39.99%. Depending on the loan type, you may be able to borrow up to $50,000. 

ZoomCarLoans 

Like Loans Canada, ZoomCarLoans also matches you with the best lenders seconds after you inquire about a loan. However, this provider’s loan matching services specifically cater to car finance.

If you need to secure a car loan, ZoomCarLoans’ partnered lenders can lend you up to $50,000 with terms ranging from 2 to 7 years. Interest rates vary from 2.00% to 46.96% APR, depending on your matched lender’s evaluation. 

FAQs

Is Spring Financial the same as Easy Financial? 

No, Spring Financial is different from Easy Financial. Although both companies help consumers access online loans easily, they are separate entities with distinct loan products and lending criteria.

Who owns Spring Financial? 

As an independent business, Spring Financial is owned by various investors and individuals from Canada and the USA. Its headquarters are based in Vancouver, Canada.

How do I cancel Spring Financial? 

You can cancel Spring Financial’s The Foundation program by contacting the company’s customer support. No fees are charged for cancelling this service, but if you have outstanding fees from payments you’ve missed, you’ll be required to pay them upon cancellation. 

How long does it take to get money from Spring Financial? 

Once you’re approved for a Spring Financial loan, you can expect to receive your funds within 1 to 2 business days. It’s highly recommended that you submit all necessary documents upon application to speed up the process of receiving your borrowed funds. 

Does Spring Financial do a credit check? 

Yes, Spring Financial performs credit checks as part of its loan application process. It’s worth noting, though, that apart from your credit score, this lender also considers factors such as your employment and income to get a clearer picture of your finances.

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Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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