Spring Financial – We Review Their Loans, Interest Rates & Complaints in Canada.

Spring Financial is a Canadian (Vancouver-based) online lender offering personal loans and credit-building programs to borrowers across Canada. In this review, we’ll break down their loans, rates and ratings to help you decide if they are right for you…

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Quick Verdict: Although Spring Financial is a legitimate and convenient lender for bad-credit borrowers, their loans can come with VERY high interest rates. If you’re overwhelmed by high debt, it’s best to seek out debt relief to “stop the bleeding” and rebuild your credit slowly. It’s best used as a stepping stone to rebuild credit rather than a long-term borrowing solution.

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Spring Financial Offerings

Spring Financial offers several financial products:

• Unsecured Personal Loans: Borrow $500 to $35,000, repayable over 6–60 months. Rates range from 9.99% to 46.96% APR depending on your credit profile. (Important Note: The Canadian government lowered the criminal rate to 35% so if you are being charged more than that by ANY lender, you may need to file a report with the government, or contact a lawyer)
• The Foundation Program: A 12-month “credit-builder” savings plan. You make bi-weekly payments (~$60–$66) and build credit history. After 12 months, you receive $750 in savings.
• Evergreen Loan: After completing The Foundation, you’re eligible for a guaranteed $1,500 loan at 18.99% APR.
• Mortgage Brokerage Services: Spring also offers mortgages and home equity solutions via Spring Mortgage Group.

Note: Spring is not available to residents of Quebec. Alterfina is an alternative for QC residents.

Who Can Qualify?

Spring is flexible. You must:

• Be a Canadian resident (excluding Quebec. Other provinces like Ontario, BC, Alberta, Saskatchewan and others are eligible.)
• Be the age of majority (18 or 19)
• Have a valid government ID
• Have steady income and a Canadian bank account

No minimum credit score is required, making it an option for people rebuilding after bankruptcies or consumer proposals.

Interest Rates and Fees

• Personal Loans: 9.99% to 46.96% APR (Be careful! As you can see they can get VERY high)
• Foundation Program: 0% APR, but you effectively pay ~$42 in service fees over 12 months.
• Evergreen Loan: 18.99% fixed APR
• Late Payment Fee: $30 per missed payment
• No Prepayment Penalties

While Spring’s rates can be high, especially for bad credit borrowers, they’re lower than payday loans and comparable to other alternative lenders.

Pros of Spring Financial

• Accepts Poor Credit: Flexible approval for all credit scores.
• Fast Funding: Money can be deposited within 24 hours via e-Transfer.
• Credit Building Programs: The Foundation offers a structured way to rebuild credit.
• No Prepayment Penalty: You can pay off loans early without fees.
• Transparent Costs: Clear contract terms and no hidden fees.

Cons of Spring Financial

• High Interest Rates: Especially for low-credit borrowers (over 30% APR common).
• Confusion Over The Foundation: Some applicants thought they were getting a loan immediately but were signed up for the 12-month savings program.
• Poor BBB Rating: Spring holds a D rating on the BBB, with customer complaints centered around confusion and aggressive sales tactics.
• Not Available in Quebec: Quebec residents must seek other lenders.

Customer Reviews

Spring has over 17,000 reviews on Trustpilot with a strong 4.6/5 rating, showing many Canadians are satisfied with fast funding and helpful service. Customers praise:

• Quick approvals
• Friendly staff
• Credit score improvements after using the Foundation program

However, negative reviews mainly cite confusion about the Foundation program or frustration with high interest costs.

Reddit discussions often describe Spring as “legit but expensive,” and recommend it only when traditional lenders have turned you down.

Spring Financial vs Competitors

Feature	Spring Financial	LoansCanada	Fairstone	goPeer	Bree
Type	Direct Lender	Loan Marketplace	Traditional Finance Company	Peer-to-Peer Lending	Cash Advance App
Loan Amount	$500–$35,000	$250–$50,000+	$500–50,000+	$1,000–$35,000	Up to $500
APR Range	9.99%–46.96%	Varies (6%–46%)	19.99%–34.99% (unsecured)	8.99%–34.99%	0% (tip-based)
Speed	Within 24h	Varies by lender	1–2 days, sometimes branch visit needed	2–4 days	Minutes
Best For	Poor credit or credit building	Rate shopping across lenders	Secured larger loans	Good credit borrowers	Small cash emergencies

When to Use Spring Financial

Use Spring Financial if:

• You’ve been rejected by banks due to bad credit
• You absolutely need fast access to cash and can afford higher rates
• You want a structured credit rebuilding path (Although Bree and Nyble are better for that)

Avoid Spring Financial if:

• You qualify for cheaper loans elsewhere (e.g., banks, credit unions, secured credit cards)
• You misunderstand the Foundation program (read the terms carefully)
• You live in Quebec

Final Thoughts: Is Spring Financial Worth It?

If you’re struggling with bad credit and need a second chance, Spring Financial offers real solutions — but at a steep cost. Their services are best used responsibly: treat loans as temporary fixes, and use the Foundation program if you’re committed to improving your credit.

Key Tip: Always compare rates at places like LoansCanada.ca first. And if you need less than $500, consider a free cash advance app like Bree before taking a loan.

Spring Financial is a legitimate option for rebuilding, but go in with your eyes wide open.

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Founded in 2015 and based in Vancouver, Spring specializes in helping Canadians with fair to poor credit access loans and rebuild their financial standing. In this 2025 review, we’ll cover everything you need to know, including products, interest rates, pros, cons, customer experiences, and whether Spring is the right fit for you.

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Frequently Asked Questions About Spring Financial

What is Spring Financial?

Spring Financial is a Canadian online lender based in Vancouver, BC. They specialize in offering personal loans, credit-building loans (through their Foundation program), and the Evergreen Line of Credit to individuals who may not qualify with traditional banks.

Is Spring Financial legitimate?

Yes, Spring Financial is a legitimate lender. They are a registered company in Canada and have helped thousands of Canadians access credit. However, they tend to charge higher interest rates compared to traditional banks, especially for customers with lower credit scores.

How does Spring Financial work?

You apply online by filling out a quick form. Depending on your credit profile, Spring may offer you one of three products: a personal loan, a credit-building loan (Foundation program), or an Evergreen Line of Credit. Once approved, you sign electronically, and funds can be deposited the same or next business day.

What is the Foundation program?

The Foundation program is a credit-building loan where you make small monthly payments over 12–18 months. You receive a lump sum at the end (minus fees). It helps build positive payment history and improve your credit score.

What is the Evergreen Line of Credit?

The Evergreen Line of Credit gives you access to a flexible credit limit you can draw from as needed — similar to a credit card but without the physical card. You only pay interest on what you use.

How much can I borrow from Spring Financial?

Loan amounts typically range from $500 to $35,000 depending on your creditworthiness and the product you qualify for.

What are Spring Financial’s interest rates?

Rates vary based on your profile. Personal loans and lines of credit typically range from 18.99% to 46.96% APR. Credit-building loans have admin fees rather than traditional interest rates.

Is there a credit check when applying to Spring Financial?

Yes. A soft credit check happens at pre-qualification. If you accept an offer, a hard credit check is usually performed before finalizing the loan.

How do I cancel my Spring Financial loan?

If you just signed, you may have a short window (1–2 days) to cancel. Contact Spring Financial immediately by phone or email. Otherwise, you’ll need to repay the outstanding balance or continue making payments as per your agreement. Visit their Contact Page for help.

How do I contact Spring Financial?

Reach them through:

• Website chat
• Phone: 1-888-781-8439
• Email: support@springfinancial.ca

Is Spring Financial good for bad credit?

Yes, they are often an option for Canadians with bad or fair credit who can’t qualify at a bank. Just beware of higher rates.

How fast can I get a loan from Spring Financial?

Once approved, loan funds are usually deposited within 24–48 hours.

Does Spring Financial offer debt consolidation loans?

Yes. They offer personal loans that you can use for debt consolidation. Always check the interest rates and loan terms before agreeing.

Is there a penalty for paying off a Spring Financial loan early?

No. You can repay early without penalties, which saves you on interest.

Are there better alternatives to Spring Financial?

Yes, banks and credit unions generally have better rates, if you can qualify.