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Spring Financial Review

Wednesday, May 29th

2024 Canadian Personal Loan Reviews

Spring Financial Review 3.5 Star Rating

Spring Financial

3.5 Star Rating
  • Direct lender available to residents of all provinces and territories
  • Loan amounts from $500 to $35,000
  • Interest rates ranging from 9.99% to 46.99%
  • Terms range from 6 months to 5 years
  • No origination fees
  • Same-day funding on loans with e-Transfer
  • All repayments are reported to the credit bureaus, to build your credit

For the millions of Canadians who find themselves trapped in an endless cycle of high-interest payday loans, Spring Financial wants to offer a way out. All of their products are structured in a way that any Canadian can get the credit they need through an easy, all-mobile process, regardless of the details of their credit history.

Live chat is responsive

It impressed us that we were able to reach a live agent right away on Spring Financial's live chat. The rep was able to answer all of our questions and confirm that yes, they lend to residents of all provinces and territories in Canada, and no, they do not charge any fees on their personal loans.

Works with all credit histories

What else do you need to know? First, you can borrow anywhere from $500 to $35,000 here, with interest rates between 9.99% and 46.99%. Naturally, the highest loan amounts and lowest rates are for borrowers with the best credit, but Spring Financial works with clients of all types. Your personal loan will have a repayment term between six months and five years, depending on how much you borrow and, again, your overall borrower profile.

A few extra steps to help you get loan approval

Also, while the process for applying for a personal loan with Spring Financial is similar to what you'll find elsewhere, there are a few steps that other lenders may not require. Why? It's all part of how this company tries to get you to a "yes" when rival financial institutions say "absolutely not" . For example, you'll be asked to provide references during the application process; however, they're typically not contacted when you apply and are just kept in your file. You'll also have to submit bank statements through Spring Financial's secure online bank verification tool: not only is that how they clarify your income details, but it's also how they get the details to deposit your loan funds (often same-day once your loan is approved).

Best Canadian Personal Loans

BBB report is moving in the right direction

Let's look at Spring Financial's reputation. On the one hand, the company has a "C-" rating from the Better Business Bureau. As of May 2022, the BBB had an alert regarding a pattern of complaints: these revolved around poor customer service, billing and collection issues, and customers feeling pressured to accept loans before they had a full understanding. On a positive note, the BBB affirmed that Spring Financial had responded to their invitation to implement changes, and confirmed that the number of complaints was declining drastically (only 40 over the last year).

More than 11,000 five-star reviews from happy clients

And, on the other hand, client feedback on Trustpilot is overwhelmingly positive. Over 11,000 people took the time to leave a five-star rating for Spring Financial, averaging 4.8 stars overall across 13,000+ reviews. Happy clients named specific reps for their helpfulness, praised the speed at which they got the money they needed, and overall expressed gratitude for the lender's willingness to work with them regardless of their credit.

Above average option for personal loans

We're glad to see that Canadians are getting the money they need here, and that the lender has taken steps to address the problems identified by the Better Business Bureau. And yet, the fact that those were an issue to begin with keeps Spring Financial from earning anything better than a "just above average" ranking from us right now. Given just a bit more time, we think Spring Financial could easily move up to a higher rating.

Who Offers the Best Personal Loans in Canada?

In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.

Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.

The Best Canadian Personal Loans Compare Canadian Personal Loans Compare Canadian Personal Loan Reviews What are the best Canadian Personal Loans Best Canadian Personal Loan Reviews

Canadian Personal Loan FAQ

Sometimes referred to as "instalment loans" or "consumer loans" , personal loans involve borrowing a set amount of money and agreeing to pay it back in regular payments. These loans may be for a specific purchase, like a home renovation or car, or used to pay off debts with higher interest rates.
Yes, usually. During the quote and application process, you may be asked to specify the purpose of your personal loan - but that's not a binding commitment. That information is often used to give you alternative types of financing, like debt consolidation or an auto loan.
In Canada, most providers of personal loans offer amounts that range from $500 to $50,000. Your loan offers will depend on several factors, such as your credit history, your current income, your debt-to-income ratio and your employment history.
It helps. The higher your credit score, the less you'll probably pay in interest and fees, and the bigger the amount of the loan you'll qualify for. But, if you're not quite there yet, there are some lenders who specialize in personal loans for people with less-than-stellar credit.
Most of the time, yes, without penalty. That's good to know if you're applying for a loan with a lender that only offers longer-term funding (e.g. 3 or 5 years): as long as there's no prepayment penalty, you can pay it back as quickly as you like. Read the terms of your loan offer carefully before you sign, to determine if there will be any fees if you pay it back ahead of the loan period.
Beyond the interest charged on your loan, you might have an origination fee as well. The origination fee is often a percentage of your total loan amount, and may either be added to the total of your loan or subtracted from it before you receive the payout. For example, if your origination fee is 1% of a $1000 loan, that $10 may either give you a total borrowed amount of $1010, or you may only receive a payout of $990.
That depends on how quickly you can gather any required documents for the application and on the lender you select. Once your personal loan has been approved, some providers can have the funds in your account in as little as an hour, while others may take up to a week or more to get the money to you.
Absolutely. Most of the financial services you already know and trust make their loan application process easy to complete online. Plus, doing your research on the internet helps you find the personal loan with the best rate and terms for your situation, instead of just taking whatever your local bank may have to offer. As with all online transactions, however, be sure to choose a loan provider with a proven track record: a positive rating from the BBB and numerous customer reviews are two good signs that you can trust a given lender online.
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Continued from above...

A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.

Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.

Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.

As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:

  • Direct funding or referral platform. Will the provider directly fund your loan, or will they connect you with various lenders for comparison? If it's a referral service, who are their lending partners, and can they be relied upon?
  • Transparency. Does the service disclose upfront the average interest rates paid by borrowers? How hard is it to find out how much you can borrow? Are any fees clearly outlined?
  • Reputation. What do other borrowers say about the lender or referral platform? Are they rated and/or accredited by the BBB? Is the provider established and trustworthy?
  • Timeframe for receiving funds. How long will it take to get your loan funded? Some lenders can transfer money within an hour of your loan's approval, while others may have you waiting for a week or longer. Choose accordingly if you're trying to get money quickly.

For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!

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