Spring Financial can be a suitable option to borrow, where most credit scores are considered. They can provide fast funding, sometimes the same day, along with flexible payment options.
Depending on 3rd party sources, Spring Financial has mixed reviews. While it has a good rating on TrustPilot the reviews on the Better Business Bureau (BBB) are low. We would say that Spring Financial is a good option if looking for credit builder solution but there are other options that can be better if looking for a personal loan.
Advantages of Borrowing with Spring Financial
Borrow up to $15,000 – loans from $500 – $15,000
Flexible loan terms – loan terms from 9 to 60 months
No penalties – There are no penalties for early repayment or late payments
Disadvantages of Borrowing with Spring Financial
Interest rates – high interest rates (up to 46.69%) for bad credit
Optional – they might try to push loan insurance, but this is an option and not required
Other – you might be offered a credit builder loan instead of an installment or personal loan
Spring Financial offers 3 types of loan products known as The Foundation, Evergreen Loan, and unsecured personal loans. The Foundation is a credit building loan, but the funds are not provided up front. Instead, you make on time payments and each is reported to the main credit bureaus (TransUnion and Equifax) to help improve your score.
An Evergreen Loan from Spring Financial with upfront cash, but you would need to complete The Foundation to qualify. It has an annual interest rate of 18.99% making it affordable and continues to help improve your credit score with every payment.
An unsecured loan from Spring Financial has an interest rate of 29.99% to 46.69% and they look at more than just your credit score when you apply. Requirements include a minimum monthly income of at least $1,800 and to be employed for 3 months or more.
– Be a citizen or resident of Canada
– Being 18 or older in your province or territory (depending on province)
– Proof of income and government issued ID
– Having a verifiable and reliable income
Spring Financial FAQs
Are personal loans from Spring Financial a good option?
Depending on which product you choose the rate is from 18.99% to 46.69%, so in some cases it can be good and other situations you might try other options for better rates.
What is the maximum amount I can get from Spring Financial?
You can borrow up to $15,000 if eligible.