Spring Financial review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Spring Financial suits Canadian borrowers with poor credit who want a personal, debt consolidation or car loan without setup fees. It is a direct lender offering APRs of 9.99% to 35% on borrowing of CAD 500 to CAD 35,000, with a soft prequalification check and free early repayment.

Key facts

Best for
A fee-free personal, debt consolidation or car loan for borrowers with poor credit who need the money the same day.
APR
9.99% to 35% (Source, checked September 26, 2026)
Loan amount
CA$500 to CA$35,000 (Source, checked September 26, 2026)
Term
6 to 84 months (Source, checked September 26, 2026)
Arrangement fee
0 CAD - no fee to apply and no upfront fee to process an application (Source, checked September 26, 2026)
Credit check
Soft prequal (Source, checked September 26, 2026)
Funding time
E-Transfer as soon as the same day; most approved applications funded within 1-2 business days (Source, checked September 26, 2026)
Representative example
$5,000 personal loan over 48 months at 9.99% APR: weekly payment $29.17, total repayment $6,066.48, interest cost $1,066.48 (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
18 or older, resident in Canada, age of majority in province, valid government-issued ID, some form of income and active online banking (Source, checked September 26, 2026)
Loan types
Personal, Debt-consolidation, Car (Source, checked September 26, 2026)
Credit needed
Poor (Source, checked September 26, 2026)
Legal entity
Spring Financial Inc. (Source, checked September 26, 2026)
Headquarters
Canada (Source, checked September 26, 2026)
Founded
2014 (Source, checked September 26, 2026)
Support channels
Chat, Help-centre, Email (Source, checked September 26, 2026)
Features
Same-day funding
Official website
springfinancial.ca

Mortgages

Maximum loan to value
80% (Source, checked September 26, 2026)
Product fee
CA$0 (Source, checked September 26, 2026)
Purpose
Home-equity, Remortgage, Purchase (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
Spring Financial Inc. (Source, checked September 26, 2026)
Headquarters
Canada (Source, checked September 26, 2026)
Founded
2014 (Source, checked September 26, 2026)
Support channels
Chat, Help-centre, Email (Source, checked September 26, 2026)

Apps and profiles

Elsewhere
TrustpilotLinkedInfeefo.com

Pros and cons

Pros

  • There is no fee to apply and no upfront fee to process an application, so the only cost of setting up a personal loan is the interest.
  • Free early repayment, so clearing the balance sooner does not add a charge.
  • Same-day funding (same day funding) once an application is approved, with support on chat, help centre and email.

Cons

  • The ceiling of 9.99% to 35% is high enough to make a long term expensive if you are near the top of the range.
  • Support runs on chat, help centre and email only, so there is no phone line.
  • Mortgage borrowing tops out at 80% loan to value, which limits heavier deposits.
Spring Financial

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Scored 9.0 / 10 by BorrowCue.

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Who it suits

  • Canadian borrowers with poor credit (poor) who want a personal, debt consolidation or car loan (personal, debt consolidation and car).
  • Homeowners switching lenders or borrowing against equity, with a CAD 0 product fee on mortgage products.

Who should look elsewhere

  • Borrowers wanting a lower ceiling on cost, since Monzo Flex lists APRs of 10% to 23%.
  • Readers shopping a different rate band, since Cashspace shows APRs of PHP 12 to PHP 36.

How your money is protected

Spring Financial lends as a direct lender (direct lender), so the money comes from the company you apply to rather than a broker. It is registered with the Alberta Financial Services Authority (349123) and the Saskatchewan Financial and Consumer Services Commission (316736). Its representative example shows a personal loan cleared in weekly instalments, with total repayment above the amount borrowed.

The company behind it

The lender is Spring Financial Inc., a company headquartered in Canada and founded in 2014. Support runs on chat, help centre and email, so help reaches you through live chat, the help centre or email. The same company appears on the registers of the Alberta Financial Services Authority (349123) and the Saskatchewan Financial and Consumer Services Commission (316736).

How Spring Financial compares

Where Spring Financial is available

Available
Canada
Licence in Canada
Alberta Financial Services Authority (349123), checked September 26, 2026
Licence in Canada
Saskatchewan Financial and Consumer Services Commission (316736), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What APR does Spring Financial charge on a personal loan?+

Rates run 9.99% to 35% on personal loans, and the figure you are offered depends on your credit profile and the amount you borrow. The floor sits at the cheaper end of the personal loan market, while the ceiling is high, so check the top of the range before you commit. Early repayment costs nothing, so a shorter term is the lever on the total.

Are there fees to apply or set up a Spring Financial loan?+

No fee applies and there is no upfront fee to process an application on a personal loan, so setting the loan up costs nothing. On mortgage products the product fee is CAD 0. Interest is the main cost either way, which is why the rate you are quoted matters more than the paperwork.

How much can I borrow, and over what term?+

Personal, debt consolidation and car loans run CAD 500 to CAD 35,000 over terms of 6 to 84, so a small consolidation balance and a larger car purchase both fit the same range. Eligibility needs a minimum age, Canadian residency, the age of majority in your province, valid government-issued ID, some income and active online banking.

What credit check will Spring Financial run?+

Checking an offer uses a soft prequalification (soft prequal), so a rate quote does not sit on your credit file as a hard search would. The credit profile it targets is poor (poor), which is where it differs from lenders that ask for a strong file before quoting anything at all.

How quickly is the money sent after approval?+

Funding is quick once an application is approved: an E-Transfer can arrive as soon as the same day, and most approved applications land within a short waiting period. Same-day funding (same day funding) is the reason this lender stands out, and 82.9% of the lenders in this group offer it too.

Who regulates Spring Financial, and who am I dealing with?+

The lender holds an Alberta Financial Services Authority licence (349123) and a Saskatchewan Financial and Consumer Services Commission licence (316736). The company behind the lending is Spring Financial Inc., so you deal with the licensed lender itself rather than a broker.

Sources

  • b4305672.assetcdn.net/2.0/4305672/wp-content/uploads/2025... checked September 26, 2026

    Backs: Licences

  • springfinancial.ca checked September 26, 2026

    Backs: APR, Headquarters, Legal entity, Lender type, Representative example

    “Spring Financial Inc. provides loans up to $35,000 with interest rates ranging from 9.99% to 34.95%, and APRs ranging from 9.99% to 35.00%, with terms from 6 to 84 months.”

  • springfinancial.ca/help-centre checked September 26, 2026

    Backs: Credit check, Eligibility, Founded, Free early repayment, Funding time, Support channels

    “We begin by reviewing your information using a soft inquiry, which does not impact your credit.”

  • springfinancial.ca/help-centre/mortgages checked September 26, 2026

    Backs: Purpose

    “We offer solutions such as first and second mortgages, refinancing, home equity loans, and home equity lines of credit (HELOCs).”

  • springfinancial.ca/mortgages checked September 26, 2026

    Backs: Maximum loan to value, Product fee

    “Tap into 80% of your home equity, no matter your credit background.”

  • springfinancial.ca/personal-loans checked September 26, 2026

    Backs: Loan amount, Credit needed, Features, Loan types, Arrangement fee, Term

    “Apply online in just 3 minutes and get $500-$35,000 e-Transferred as soon as today.”

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Spring Financial

Spring Financial

A fee-free personal, debt consolidation or car loan for borrowers with poor credit who need the money the same day.

9.0/10See alternatives

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