Spring Financial
 | |
| Company type | Private |
|---|---|
| Industry | Fintech |
| Founded | 2014 |
| Headquarters | Vancouver, British Columbia, Canada |
Number of employees | 350 (2024) |
| Website | https://springfinancial.ca/ |
Spring Financial is a Canadian alternative financial services company based in Vancouver, British Columbia. The company offers a full range of unsecured personal loans, mortgages and other financial services.
Spring Financial’s application process is conducted entirely online. Applicants submit their personal information, and upon approval, they can access funds deposited directly into their bank account on the same day. In 2023, Spring Financial served over 800,000 Canadian applicants and funded over $150 million to Canadian borrowers.
History[edit]
Spring Financial was founded in 2014 as a division of Canada Drives. In 2015, the company worked with another provider to offer its first credit-building products, secured savings loans and unsecured personal loans.[1][2]
In 2016, Spring Financial launched its own secured savings loan under the Spring Financial brand.[3]
In 2019, Spring launched a mortgage brokerage operating under Spring Mortgage Group Inc. and licensed to offer mortgages in British Columbia, Alberta, and Ontario.[4]
In 2021, the company re-branded its secured savings loan product to The Foundation, with a much cheaper and shorter term.[5][6][7] It also launched The Evergreen, a guaranteed personal loan to anyone who completes The Foundation credit building program.[8][9]
In April 2022, Spring Financial completed a formal spin-out from Canada Drives, establishing itself as an independent entity.[10]
In 2023, the Canadian Lenders Association named Spring Financial the Consumer Lender of the Year.[11] The company was featured in Forbes magazine as one of the best personal loans in Canada,[12] and recognized as one of the top 3 most recommended personal loans in the country by Finder.[13]
Operations[edit]
Spring Financial operates primarily in Canada, offering a range of financial products tailored to customers with various credit scores. Spring Financial’s customers range from prime to subprime Canadians seeking financing options for various expenses. For subprime customers, financing options may be limited as poor credit can restrict access to some financial products.[14][15][16] The company is also a member of the Canadian Lenders Association.[17]
References[edit]
- ^ Staff, deBanked. "2019 Top 25 Company Leaders in Lending – Canadian Lenders Association – Presented By BMO". deBanked. Retrieved 2024-06-26.
- ^ "Big changes for the 2023 tax filing season | Watch News Videos Online". Global News. Retrieved 2024-06-26.
- ^ Creditpicks (2023-10-03). "Spring Financial: Affordable Personal Loans in Canada". Creditpicks. Retrieved 2024-06-26.
- ^ "Spring Mortgage Group Inc. | BCFSA". www.bcfsa.ca. Retrieved 2024-06-26.
- ^ "Spring Financial is rated "Excellent" with 4.7 / 5 on Trustpilot". Trustpilot. 2024-05-16. Retrieved 2024-06-26.
- ^ Chai, Carmen (2021-05-06). "Spring Financial Review: Benefits & Risks". Finder Canada. Retrieved 2024-06-26.
- ^ "Spring Financial". Loans Canada. Retrieved 2024-06-26.
- ^ "Spring Financial: Personal Loans & Rebuild Credit". Lend For All. Retrieved 2024-06-26.
- ^ "Spring Financial". Smarter Loans. Retrieved 2024-06-26.
- ^ "Canada Drives". Loans Canada. Retrieved 2024-06-26.
- ^ "Award Nominations". Canadian Lenders Association. Retrieved 2024-06-26.
- ^ "Best Personal Loans In Canada For June 2024". Forbes Advisor Canada. 2024-06-18. Retrieved 2024-06-26.
- ^ King, Romana (2023-09-19). "Finder: Personal Loans Customer Satisfaction Awards 2023". Finder Canada. Retrieved 2024-06-26.
- ^ "Spring Financial". Loans Canada. Retrieved 2024-06-26.
- ^ "Best Personal Loans In Canada For June 2024". Forbes Advisor Canada. 2024-06-18. Retrieved 2024-06-26.
- ^ Chai, Carmen (2021-05-06). "Spring Financial Review: Benefits & Risks". Finder Canada. Retrieved 2024-06-26.
- ^ 2023 Leaders in Lending