LoanConnect vs Spring Financial
A detailed side-by-side comparison of two popular Canadian lenders. See how they stack up on rates, loan amounts, eligibility, and overall experience.
Side-by-Side Comparison
| Feature | LoanConnect | Spring Financial |
|---|---|---|
| Loan Amounts | $500 – $50,000 | $500 – $35,000 |
| Interest Rates | 6.99% – 29.99% APR (varies by partner lender) | 9.99% – 34.95% APR |
| Loan Terms | 6 – 60 months | 6 – 84 months |
| Credit Required | All credit types accepted | All credit types accepted |
| Funding Speed | As fast as same day | As fast as 24 hours |
| Headquarters | Toronto, Ontario | Toronto, Ontario |
| Founded | 2014 | 2014 |
| Best For | Borrowers who want to compare multiple offers at once | Borrowers looking to build or rebuild credit |
Loan Amounts
LoanConnect
$500 – $50,000
Spring Financial
$500 – $35,000
Interest Rates
LoanConnect
6.99% – 29.99% APR (varies by partner lender)
Spring Financial
9.99% – 34.95% APR
Loan Terms
LoanConnect
6 – 60 months
Spring Financial
6 – 84 months
Credit Required
LoanConnect
All credit types accepted
Spring Financial
All credit types accepted
Funding Speed
LoanConnect
As fast as same day
Spring Financial
As fast as 24 hours
Headquarters
LoanConnect
Toronto, Ontario
Spring Financial
Toronto, Ontario
Founded
LoanConnect
2014
Spring Financial
2014
Best For
LoanConnect
Borrowers who want to compare multiple offers at once
Spring Financial
Borrowers looking to build or rebuild credit
Pros & Cons
LoanConnect
Pros
- Compare multiple lender offers with one application
- Soft credit check for initial comparison — no impact on score
- Wide range of loan amounts from $500 to $50,000
- Fully online process with no branch visits required
Cons
- Rates vary significantly depending on which partner lender you're matched with
- Not a direct lender — acts as a marketplace/aggregator
- Loan terms and conditions vary by individual lender
Spring Financial
Pros
- Accepts all credit types, including bad credit
- Credit-building program (The Foundation) reports to both major bureaus
- Fast online application with decisions in minutes
- No branch visit required — fully online process
Cons
- Maximum APR of 34.95% for higher-risk borrowers
- Not available for Quebec residents on some products
- Personal loans require minimum income verification
Which Lender Should You Choose?
Choose LoanConnect if you're looking for a lender that specializes in borrowers who want to compare multiple offers at once. They offer loan amounts of $500 – $50,000 with funding as fast as as fast as same day.
Choose Spring Financial if you're better described as borrowers looking to build or rebuild credit. They offer $500 – $35,000 with all credit types accepted credit requirements.
Still unsure? Apply through 365 Loans to compare offers from both lenders and more — with no impact on your credit score.
Frequently Asked Questions
Is LoanConnect or Spring Financial better?
It depends on your needs. LoanConnect is rated 4.1/5 and is best for borrowers who want to compare multiple offers at once. Spring Financial is rated 4.2/5 and is best for borrowers looking to build or rebuild credit.
Which has lower interest rates?
LoanConnect charges 6.99% – 29.99% APR (varies by partner lender), while Spring Financial charges 9.99% – 34.95% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
LoanConnect: As fast as same day. Spring Financial: As fast as 24 hours.
Other Lender Comparisons
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Compare Loan OffersEditorial Note: Our content is reviewed by financial experts for accuracy. We may receive compensation from partner lenders, which does not influence our rankings or recommendations. Read our full disclosures