Is Spring Financial a legitimate lender?

Yes. Spring Financial is a licensed Canadian lender headquartered in Toronto. They are regulated under provincial consumer lending laws and are a member of the Canadian Lenders Association.

Does Spring Financial do a hard credit check?

Spring Financial performs a soft credit check during the initial application to assess eligibility. A hard credit check is only performed once you accept a loan offer.

What is The Foundation by Spring Financial?

The Foundation is a credit-building program where you make fixed monthly payments for 12 months. Your payments are reported to Equifax and TransUnion, helping you build credit history. After 12 months, you receive $750 in savings.

Spring Financial Review 2026

Borrowers looking to build or rebuild credit

4.2

Last updated: April 7, 2026

Loan Amounts

$500 – $35,000

Interest Rates

9.99% – 34.95% APR

Loan Terms

6 – 84 months

Credit Required

All credit types accepted

Funding Speed

As fast as 24 hours

Headquarters

Toronto, Ontario

What is Spring Financial?

Spring Financial is a Canadian online lending company that offers personal loans, credit-building programs, and cash advances to consumers across Canada.

Founded in 2014 and headquartered in Toronto, Spring Financial focuses on providing accessible financial products for Canadians who may not qualify for traditional bank loans.

Their Foundation credit-building program is unique in the Canadian market — it helps borrowers build credit while saving money over a 12-month period, with payments reported to both Equifax and TransUnion.

Pros & Cons

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
Transparent rate disclosure before you commit

Cons

Maximum APR of 34.95% for higher-risk borrowers
Not available for Quebec residents on some products
Personal loans require minimum income verification
Cash advance product limited to $1,500

Estimate Your Spring Financial Payments

See what your monthly payments could look like with Spring Financial's rate range of 9.99% – 34.95% APR.

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Who Can Apply for Spring Financial?

Must be a Canadian resident aged 18+
Must have an active Canadian bank account
Must have a verifiable source of income
Must not be in active bankruptcy proceedings

How to Apply for a Spring Financial Loan

Complete the online application at springfinancial.ca (takes 5–10 minutes)

Provide employment and income verification documents

Receive your loan decision — often within minutes

If approved, review your loan agreement and rate

Funds deposited to your bank account, often within 24 hours

Spring Financial FAQs

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Editorial 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