Evergreen Loan
How it works:
What is the loan amount?
The Evergreen Loan is a $1,500 upfront loan, which can increase to up to $3,000 with a positive payment history.
What is the interest rate?
The interest on the Evergreen Loan ranges from 24.75% to 34.99% depending on your province.
Are there any fees?
No, there are no added fees. The only charge is interest and, in the case of a missed payment, a $30 missed payment fee.
How long is the term?
The maximum loan term is 18 months. The Evergreen Loan is an open loan, which means you can make extra payments at any point without any fees or penalties.
How does the approval process work?
Once you have completed 12 months on The Foundation Gold and have $750 in savings, then you automatically qualify!* A representative will work with you to ensure we have a valid ID and updated bank statement on file. Once these documents have been collected, a new loan agreement will be sent to your email for viewing. Once the documents have been signed, you will receive your loan within 2-3 business days.
How do I get the funds?
Funds will be deposited directly into your bank account via EFT (Electronic Funds Transfer).
How long does it take for the funds to be deposited?
Almost all deposits are received within 2-3 business days.
Who is issuing the funds?
Spring Financial is issuing the funds for the Evergreen Loan.
Is there a credit check?
No hard credit check is required for the Evergreen Loan. Once you have completed 12 months on The Foundation Gold and have $750 in savings, then you automatically qualify!*
What happens to my current savings from The Foundation?
If you choose to take the Evergreen Loan, then we will hold your $750 as security against your Evergreen Loan. Once you pay back your Evergreen Loan, the $750 in security will be deposited back into your account. In other words, when you take the Evergreen Loan you get $1,500 right away and the return of $750 at the end!
Can I cancel an Evergreen Loan?
The Evergreen Loan is an upfront cash advance of $1,500. If you no longer want to have the loan, then you must pay off the outstanding balance. There are no fees to pay out early. You also can apply your security to help pay off the loan. If you would like to do this, then please contact us.
Where do I find details about my insurance products?
Spring Financial offers a Payment Protection Insurance product that is underwritten by Trans Global Insurance Company for the Evergreen Loan. For more information about the terms and conditions including limitations and exclusions, the claims handling process, the complaint handling protocol and Frequently Asked Questions, please visit the website below:
Trans Global Insurance: Spring Financial
How to qualify:
How do I get the Evergreen Loan?
How do I get the Evergreen Loan?
We promise every single customer the Evergreen Loan as soon as:
- They complete 12 months on The Foundation Gold; and
- They have $750 in savings
What documentation is needed?
We will need to update the banking we have on file for you and confirm we have a valid ID.
Need more information?
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