Who can apply?
✔️ Have reached the age of majority where you live (18 or 19, depending on the province or territory)
✔️ Have valid government-issued identification
✔️ Have a source of income (employment, self-employment, pension or other regular income)
✔️ Have a Canadian bank account to receive the e-Transfer and make payments
✔️ All credit scores are considered; the decision looks at income and ability to repay
What are the rates and terms?
✔️ Amounts: $500 to $35,000
✔️ Rates: from 9.99% a year; the exact rate is set after a review of your credit history, income and current debt load
✔️ Terms: 6 to 84 months, monthly or semi-monthly payments
✔️ Applying uses a soft inquiry and does not affect your credit score
✔️ Payments are reported to Equifax and TransUnion
Spring publishes the floor rate only; the annual percentage rate and the total cost of borrowing are disclosed in the loan agreement before you sign. Canadian law caps the APR at 35%.
What documents do you need?
✔️ Government-issued photo ID (driver’s licence, passport or provincial ID)
✔️ Proof of income: recent pay stubs, bank statements or benefit statements
✔️ Bank account details, verified digitally through your online banking
✔️ A working email and phone number; an associate calls to complete the file
A piece of advice for you!
Read the offer as three numbers: the APR, the payment and the total you will repay. A 60-month term can look comfortable month to month while doubling the interest compared with 36 months. Pick the shortest term that fits.
If the loan is meant to consolidate cards, ask Spring to confirm the payoff amounts and pay the cards the day the e-Transfer lands. Then stop using them, or the consolidation becomes an extra debt.
Use the on-time payments as a project: after twelve months of clean history, pull your Equifax and TransUnion reports and check whether a bank will now refinance the balance at a lower rate.
How to apply for a Spring Financial personal loan
Fill in the three-minute form on Spring’s site with your details, amount and purpose. An associate reviews the file and may call to confirm information and collect documents. Once approved, you sign electronically and the money is sent by e-Transfer, typically within one to two business days and sometimes the same day.
Press the button to open the official Spring Financial page.
Kredua is not a bank, a lender or a financial institution and does not issue credit. We describe products offered in Canada so you can decide with better information; any application is made directly with the institution, which alone assesses and approves it.
