If you find yourself in a situation where you need a personal loan but do not qualify for a bank loan, our Spring Financial review may help. Whether you want to pay off a debt or utility bills, getting a loan quickly can come in handy.
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Last Updated: Mar 24, 2023
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Spring Financial is a top-rated personal loan lender for those with a bad or fair credit score. You will get the perks of no fees and flexible payback options. What’s the catch? Interest rates are relatively higher, and you’ll need steady employment and provide personal references. In addition to personal loans, Spring Financial also offers mortgage assistance.
Having debt can be stressful, especially if you still have to pay other bills every month. Consolidating your debt is often the first step toward making it more manageable. That’s where personal loans can help.
If you need to borrow a little money, Spring Financial may be precisely what you’re searching for. Spring Financial can offer personal loans, which may be cheaper than getting a bank loan.
Plus, you can use it to pay for about anything, whether it’s house renovations, utility bills or car repairs. Spring Financial has put a positive spin on it. It offers plenty of perks with generous loan amounts.
But, how good is Spring Financial, and how do their terms stack up against other lenders in the market. We spent some time researching to find out.
Our Spring Financial review will cover what makes Spring Financial a good option and the benefits and drawbacks. Furthermore, we’ll go over the application process and several alternatives so that you can decide if it’s the right fit for you.
Spring Financial takes a different approach to personal loans than other lenders. Along with the simple application process, the company takes an unconventional stance to credit card requirements.
One of Spring Financial’s standout perks is that you don’t need a high credit score to secure credit. This unique offering allows you to apply for a loan even if you have a bad or poor credit score. So, if you have a low credit score, Spring Financial is your company.
Aside from the minimum credit score requirements, other hallmarks of Spring Financial revolve around the flexible repayment terms. Spring Financial offers low payback installments starting at $37 for repayment periods ranging from 9 to 48 months.
However, what makes spring Financial a good option, particularly if you need a smaller amount of cash, is the minimum loan amount of just $500. In addition, Spring Financial charges no fees.
Like any other lender, it has both some pros and cons. Our Spring Financial review lays out the pros and cons to help you decide if it is a good option.
Overview of Spring Financial pros and cons:
|The quick and straightforward application process||Vague about credit score requirements|
|No fees||High-interest rates|
|Options for long-term repayments||References required|
|Offers same-day funding||Not eligible for people with no stable monthly income|
|Don’t require a good credit score||Don’t offer discounts or promotions|
|Credit builder loan|
One of the reasons you need to opt for Spring Financial over other loan lenders is because it offers a wealth of advantages. And this section of our Spring Financial review will detail some for you. According to Spring Financial customer reviews, the following are just a few advantages of acquiring a loan from Spring Financial:
Spring Financial application process is quick and straightforward. You can complete the application online or over the phone, eliminating the need to go to a bank. The approval also does not take long, so keep your phone with you at all times if they need to contact you.
Choosing a loan lender with no fees can be an excellent way to save money. This is why Spring Financial does not charge registration fees or any other hidden fees. However, you should be mindful of the interest rates.
This is one of the pros that are hard-pressed to find among other lenders. Spring Financial allows you to make repayments from 9 to 48 months. This is especially helpful if you happen to lose your job unexpectedly. Most notably, the company also offers a payback period of four years to lower your monthly installments.
Once your application is approved and you sign all the required documents, you can get a loan within 1 to 2 business days.
If you don’t have a good credit score, Spring Financial will still consider your application as long as you meet other requirements.
If they deny your loan application, you can have a friend or family member co-sign your loan application to boost your chances of approval.
Spring Financial has loans perfectly suited for rebuilding or growing your credit score. They report every payment to the credit bureau through their credit builder loan. Plus, they also provide a free credit score.
Spring Financial has many advantages, so it might seem the best choice for your financial needs. However, there are some potential drawbacks you should look out for. Here are a few cons of using Spring Financial:
Spring Financial does outline the requirement to qualify for a personal loan. However, their website does not clearly state the minimum credit score requirement. Instead, they specify that a high credit score is not required. If you have an abysmal credit score, you might not be able to get a Spring Financial loan.
Interest rates for Spring Financial personal loans range from 17.99% to 46.96%, significantly higher than other lenders.
What if you don’t have a job yet but need a personal loan. Unfortunately, Spring Financial is not a good option for you. If you also have a job but can’t provide references, you won’t qualify for a Spring Financial loan.
Beyond its reference requirements, Spring Financial has employment eligibility requirements that might be restrictive. For example, you must have a stable monthly income, meaning you must have worked for longer than three months. It might be hard to get approval if you are a contractual employee.
Some loan lenders provide incentives and discounts when you sign up or maintain a long-term contract with the company. Spring Financial does not offer discounts or promotions to new or current borrowers.
In this section of our Spring Financial review, we’ll look at the products that Spring Financial offers. Spring Financial loans can go toe-to-toe with some of the best lenders in the industry.
It offers reasonable pricing for products you can use to meet various needs. There are certain specifications and interest rates for each product but no restrictions on what you can use it for. Spring Financial provides the following products:
One of the most important things you can do for your credit score is to build it. You can take out The Foundation Loan to build your credit score.
So every time you make a monthly payment, Spring Foundation reports it to Equifax to build your credit score. As your credit score improves, you may qualify for reduced interest rates, saving you hundreds of dollars. You can check your credit score through accredited credit card report companies.
Spring Financial offers an Evergreen Loan. If an unexpected expense arises, such as your car breaking down, you don’t have much time to wait for bank loan approval. With the Evergreen loan, you can qualify for $1,500 at an 18.99% interest rate.
However, to qualify for an Evergreen loan, you must first finish the Foundation loan repayments. Also, after 12 on The Foundation, you are eligible for the Evergreen Loan. Just be sure to run the numbers to understand how much interest rate you will be paying.
With Spring Financial Personal Loan, you can get $500 to $15,000. A personal loan might be a smart solution if you struggle to get a loan because of your poor credit score. For a personal loan, you will have to pay an interest rate between 12.99% and 39.99%.
Spring Financial provides Mortgage assistance. It includes a home equity loan, line of credit, and assistance buying your first home. And the line of credit offering has a unique perk in the form of a mortgage combination. You can get the best current market rates at a fair rate and also get a HELOC and Mortgage included.
It can be challenging to pick the best mortgage rates, which is why we assist with finding the best rates. You can get started today, and we will match you with the best mortgage option and rates based on your requirements.
Before deciding on a mortgage, it is essential to understand what a mortgage is and familiarize yourself with its process and importance. You can learn more about mortgages to help you understand before signing up.
It wouldn’t be a complete Spring Financial review without diving into their customer service. Spring Financial takes pride in providing excellent customer service.
If you need assistance, contact their toll-free phone number between 7 AM – 6 PM (PST) from Monday to Friday. You can also use their online live chat between 8 AM – 5 PM (PST) from Monday to Friday. Customer service is also available via email on Monday through Friday from 10 AM to 8 PM (PST).
Unlike most online loan lending companies, they do not offer 24/7 customer support. However, their operating hours are sufficient to accommodate most schedules.
For more information, you can check out the Spring Financial help centre. It can answer most questions that you might have.
The application process is straightforward and typically takes less than 5 minutes. But, don’t worry. In this Spring Financial review, we will guide you through the entire process so that you know what you need to do.
Before we break down the process, you need to ensure that you meet the following terms and requirements for the application:
So how do you qualify for a Spring Financial loan? While Spring Financial is not strict on the credit score requirements, they also consider other factors. Here’s a closer look at the requirements to qualify for a Spring Financial:
As you can see, they base their requirements on more than just your credit score and income.
You can proceed with the application process if you meet all the requirements. It is a fairly straightforward process which you can complete within 3 minutes. And this portion of our Spring Financial review will guide you through that process. Here are the steps to follow:
Before starting the application process, you need to figure out how much you need and the repayment terms you would like. A longer loan term might mean smaller monthly installments. Still, you’ll likely need to pay more interest over the repayment period.
Some lenders may have different options for loan amounts and terms. Spring Financial provides loan options starting from $5,000 to $15,000 and loan terms ranging from 9 to 48 months.
After you’ve decided what loan you would like and the repayment terms, you will need to fill out an online application. You can head over to Spring Financial website to complete the application process. But don’t worry, the form is pretty straightforward, and you don’t need to upload any documentation.
Spring Financial typically takes 1-2 days to approve your application. After they approve your application, you must sign your documents to get funding.
After signing your documents, you’ll need to provide your banking details. Your loan will be deposited into your account the same day.
Spring Financial is a fantastic choice for most people who need a lower loan amount. However, that does not mean it is the best option for everyone. In this section of our Spring Financial review, we’ve outlined some alternatives that may be more suited for your financial needs.
Before we jump in, loan lenders are very different, and it’s a good idea to compare every aspect properly. Here are a few things to consider:
With so many alternatives to choose from, it can be overwhelming to find the next best thing. We’ve reviewed the best alternatives to Spring Financial and evaluated them based on the factors, including interest rates, loan repayment terms, and credit score requirements.
With that in mind, take a look at a side-by-side comparison:
If you think that Spring Financial may not work for you, consider these alternatives:
|Spring Financial||Loans Canada personal loan||SkyCap Financial Personal Loan||LoanConnect Personal Loan|
|Loan amounts||$500 – $15,000||$300 – $50,000||$500 – $10,000||$500 – $50,000|
|Interest rate range||12.99% – 39.99%||Secured from 2.00%, Unsecured from 8.00% to 46.96%||12.99% – 39.99%||Secured from 1.90%, Unsecured 5.75%-46.96%|
|Time to fund||1-2 Business days||1 – 3 Business days||1-2 Business days||1-2 Business days|
|Loan repayment terms||9 – 48 months||3 – 60 months||9 – 60 months||3 – 120 months|
|Minimum credit score||500||300||550||300|
|Fees||No||No||No, except a $50 NSF fee||No|
However, Loan Canada isn’t a traditional loan lender. Instead, it connects borrowers to lenders in Canada. What this means when you apply to Loan Canada, they will match you with loan lenders based on the information you submitted.
This is one of our top picks for alternatives to Spring Financial because it accepts borrowers with bad to fair credit scores. Its minimum credit score requirement of 300 allows you to qualify for a personal loan and meet other requirements easily. If you don’t meet the criteria, you can add a co-signer with a good credit score to improve your approval chances.
You can borrow up to $50,000 to meet your financial needs, and they transfer the money into your account in one to three business days. Loan Canada is better known for its wide variety of loan options. It has established a reputation as a leader thanks to its security and confidentiality policies.
One drawback of Loan Canada is its onerous application requirements. To qualify for a loan, you must submit a credit check. You will also be required to provide personal information that will be shared with third-party lenders. Loan Canada also has a high-interest rate ranging from 2.00% for a secured loan and an unsecured loan from 8.00% to 46.96%.
On the flip side, they have zero fees and longer repayment terms. Loan Canada is committed to helping borrowers easily secure loans. That’s why they have an easy application process and fast approval.
Overall, Loan Canada is one of the best personal loan lenders if you are looking for a company with more options and better security. Also an excellent alternative for anyone looking for a more considerable loan amount.
SkyCap Financial is a unique loan lender, providing borrowers free financial management courses. To help make getting a loan faster, it also offers approval within 24 hours guaranteed.
Unlike Loan Canada, it does not require credit card checks. However, there are some drawbacks to SkyCap Financial. They have a high-interest rate of up to 39.99% and a low maximum loan amount of just $10,000. But it more than makes up for this with its longer repayment terms of up 60 months.
However, it’s important to note that they charge a non-refundable administrative fee of $75. SkyCap Financial also charges a returned payment fee of $50 for every failed payment. One of the significant perks of SkyCap Financial is its easy requirements. SkyCap Financial is a good alternative if you also want to learn more about financial management and get a loan quickly.
LoanConnect is also an excellent online loan lender for people with bad or fair credit scores. With a low starting rate of 5.75% for unsecured loans and 1.9% for secured loans, it’s great if you are looking for a low-interest loan.
It also offers a quick application process. Once they approve your application, you can receive your funds within 24 to 48 hours. One of the best features of LoanConnect is its broad personal loan options. You can also choose your repayment term length ranging from 3 – 120 months, which is significantly more than Spring Financial’s.
Whether you want to pay off your loan faster within three months or want a lower monthly payment with a repayment term of 120 months, LoanConnect has you covered. One thing they have in common with Spring Financial is the loan amounts. LoanConnect provides loan amounts ranging from $500 – $50,000.
Keep in mind that it has high-interest rates, up to 46.96%, and they also don’t provide live chat support. Overall, LoanConnect is an excellent alternative to consider if you want longer repayment terms. The high-interest rates might put you off, but it may be worth a try because the company has a more extended payback period.
To summarize our Spring Financial review, if you have a stable monthly income and can provide proof of employment, Spring Financial may be the right fit for you. As you can see from our Spring Financial review, it has a lot of advantages and loan possibilities that you can take advantage of.
Aside from those advantages, it also boasts excellent customer service, as seen by the numerous favourable Spring Financial reviews. This is just one of the many reasons Spring Financial is regarded as one of the best Canadian loan lenders.
But before settling on Spring Financial, it’s wise to check out other alternatives, one of which is Loan Canada. They provide loans of up to $50,000 with payback terms ranging from 3 to 60 months. Another alternative is SkyCap Financial. They have simple requirements and also offer free online financial management courses. Carefully consider the interest rates, payback terms and requirements as you decide whether Spring Financial is potentially a good option for you. As you shop around, consider your financial needs when applying for a personal loan. Thanks for checking out our Spring Financial review.
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Spring Financial has a 4.8 out of 5 Trustpilot rating with over 9,006 customer reviews. But the company is not BBB-accredited.
Spring financial loans are best for individuals with poor to fair credit scores. In addition, it's a good option for anyone who wants a low loan amount and a quick application and approval process.
Unfortunately, Spring Financial does not provide personal loan refinancing. You can, however, use your Spring Financial personal loan to consolidate your debt or pay off your bills since it comes with a high loan amount.
Spring Financial has flexible application requirements. This means if you have a poor credit score, you have a good chance of qualifying for a personal loan compared to other lenders. But the interest rates for personal loans are higher than some lenders. If you are approved for a personal loan, you can get up to $15,000 personal loan with an interest rate of up to 39.99%.
You can pay off your Spring Financial loan incurring no prepayment fees. Just ensure you consider all the factors before paying off a loan early.
For unsecured Spring Financial loans, you don’t need to provide collateral. But for secured loans, Spring Financial requires collateral such as a vehicle.