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  • Personal Loan FAQ

Frequently asked
questions

Your finances are important to you, and our goal is to be completely transparent with our products so you can better understand how we can help.

Personal Loans

Personal Loan Basics & Rates

An unsecured personal loan is a type of loan that does not require you to provide collateral, such as a car or home, to secure the funds.

Approval is based on factors such as your income, existing financial obligations, and overall credit profile rather than an asset being pledged. Once approved, you receive a lump sum of money that is repaid through scheduled payments over a fixed term.

Because no collateral is required, unsecured personal loans are commonly used for expenses such as consolidating debt, covering emergency costs, or making major purchases.

Spring Financial offers unsecured personal loans in Canada that you can apply for entirely online. The application is quick and straightforward, and every step — from applying to signing your documents — can be completed digitally.

Loan amounts range from $500 to $35,000, with repayment terms between 6 and 84 months. Once approved, you can review and sign your loan documents right away, and funds are typically sent shortly after.

Because our loans are open loans, you can repay your balance early at any time without extra fees or penalties. Funds can be used for almost any purpose, including consolidating debt, covering emergency expenses, or managing major purchases.

A personal loan can be used for a wide range of expenses, depending on your needs.

Some common uses include:

  • Debt consolidation (such as paying off higher-interest debt)
  • Vehicle purchases or repairs
  • Medical and dental expenses
  • Special occasions (such as weddings or travel)
  • Major purchases
  • Emergency expenses

Personal loans provide a lump sum of funds that can be used for almost any purpose, as long as it aligns with your loan agreement.

Yes, a personal loan can be used to pay off credit cards. This is commonly known as debt consolidation.

By using a personal loan to consolidate higher-interest credit card balances, you can combine multiple payments into a single loan with fixed scheduled payments. This can make your payments more manageable and easier to keep track of.

Depending on your approved interest rate and terms, consolidating credit cards with a personal loan may also help reduce the overall cost of carrying high-interest debt.

Before proceeding, it’s important to review your loan agreement and ensure the repayment plan fits your financial situation.

To consolidate debt with a personal loan, you use the loan funds to pay off multiple existing debts and combine them into one new loan with a single payment.

Once approved, you receive a lump sum that can be used to repay higher-interest debt such as credit cards or other unsecured balances. You then repay the personal loan through fixed, scheduled payments over an agreed term.

Debt consolidation can simplify your finances by reducing the number of payments you manage each month. Depending on your situation, it may also help lower your overall interest costs — though this depends on your approved rate and repayment period.

The best way to determine whether consolidation makes sense for you is to complete an application so our team can review your options.

Spring Financial offers unsecured personal loans in Canada ranging from $500 to $35,000.

The amount you may qualify for depends on several factors, including:

  • Your income
  • Your existing financial obligations
  • Your credit profile
  • Overall affordability

Each application is reviewed individually to determine the loan amount and interest rate available to you.

To find out exactly how much you may be eligible to borrow, you can complete an online application and have your file reviewed by our team.

Spring Financial personal loan interest rates currently range from 9.99% to 34.95%, depending on your individual application.

Annual Percentage Rates (APR) range from 9.99% to 35.00%, with repayment terms between 6 and 84 months.

The specific rate you may qualify for is determined based on several factors, including:

  • Your credit profile
  • Your income and financial stability
  • Your existing debt obligations

Each application is reviewed individually. Your approved interest rate and APR will be clearly disclosed in your loan agreement before you sign.

To see the exact rate and loan terms available to you, complete an online application and have your file reviewed by our team.

Spring Financial personal loans have fixed interest rates.

This means your interest rate is set when your loan is approved and will not change over the course of your repayment period. Your scheduled payments will remain consistent, making it easier to plan and manage your budget.

All loan terms, including your interest rate, payment amount, and repayment schedule, will be clearly outlined in your loan agreement before you sign

The interest rate is the cost of borrowing the loan amount, expressed as a percentage. It is used to calculate the interest charged on your outstanding balance.

The Annual Percentage Rate (APR) represents the overall cost of your loan on a yearly basis. In addition to the interest rate, APR may include certain fees associated with the loan, giving you a more complete picture of the total cost of borrowing.

In short:

  • Interest rate = the cost of borrowing the principal
  • APR = the total yearly cost of the loan, including applicable fees

Your interest rate and APR will be clearly disclosed in your loan agreement before you sign, so you can review the full cost of your loan.

Eligibility & Credit Requirements:

To apply for a personal loan in Canada with Spring Financial, you must:

  • Be the age of majority in your province or territory
  • Have valid government-issued identification
  • Have an active Canadian bank account
  • Have a steady source of income

Once you submit your online application, a member of our team will review your information and may contact you to complete your file and collect any required supporting documents.

Approval is based on a review of your overall financial situation, including income and other factors. We accept applications from individuals across a range of credit backgrounds, and each application is evaluated individually.

Yes, it may still be possible to qualify for a personal loan even if you have less-than-perfect credit.

While your credit history is one factor we consider during the review process, it is not the only one. We also assess your income, existing financial obligations, and overall ability to manage scheduled payments.

Spring Financial offers unsecured personal loans, and each loan application is evaluated individually. The interest rate and loan amount available to you will depend on your full financial profile.

The best way to determine your eligibility is to complete an online application so our team can review your information.

Spring Financial personal loans range from $500 to $35,000. The amount you may qualify for depends on your overall financial situation — not just your credit history.

When reviewing your loan application, we consider factors such as:

  • Your income
  • Your existing financial obligations
  • Your repayment history
  • Your ability to manage scheduled payments

Applicants with lower credit scores may qualify for different loan amounts or interest rates than those with stronger credit profiles. Each application is reviewed individually to determine the loan amount and terms available.

To find out how much you may be eligible to borrow, complete an online application and have your file reviewed by our team.

There is no single minimum credit score required to apply for a personal loan with Spring Financial.

While your credit history is one factor we consider, it is not the only one. We also review your income, existing financial obligations, and overall ability to manage scheduled payments.

We welcome applications from individuals across a range of credit backgrounds, and each loan application is evaluated individually. The loan amount, interest rate, and repayment terms available to you will depend on your full financial profile.

The best way to determine your eligibility is to complete an online application so our team can review your information.

Your credit profile is one of several factors we consider when reviewing your personal loan application.

While your credit history is reviewed as part of the decision process, it is not the only factor. We also look at your income, financial situation, and other relevant details when assessing eligibility.

Spring Financial works with Canadians across a variety of credit backgrounds, and each application is evaluated individually. The best way to find out what you qualify for is to complete an online application so our team can review your information. 

Legitimate lenders in Canada typically review your credit history as part of the loan application process.

A personal loan without a credit check is uncommon with regulated lenders, as reviewing credit information helps assess risk and determine appropriate loan terms. Credit checks are used to evaluate factors such as repayment history and existing debt obligations.

At Spring Financial, your credit profile may be reviewed along with other factors such as income and financial stability when assessing your application. Credit history is only one part of the overall evaluation process.

If you’re unsure whether you qualify, completing an online application allows our team to review your information and determine what options may be available to you.

No legitimate lender can guarantee approval for a personal loan without reviewing your application.

In Canada, all lenders are required to assess factors such as income, existing debt, and credit history before approving a loan. Advertisements claiming “guaranteed approval personal loans” often refer to marketing language rather than an actual guarantee.

At Spring Financial, every loan application is reviewed individually. While we work with applicants across a range of credit backgrounds, approval and loan terms depend on your overall financial profile and ability to manage regular payments.

If you’re unsure whether you qualify, the best step is to complete an online application so your information can be properly reviewed.

When you first apply, we use a soft credit inquiry to review your application. A soft inquiry does not impact your credit score.

In some cases, after reviewing your initial application, we may need to complete a hard credit inquiry as part of final eligibility checks. If a hard inquiry is required, we will inform you and request your consent before proceeding.

Your approved loan terms (including the interest rate and repayment details) will be clearly disclosed before you sign your loan agreement.

Yes, you can still apply for a personal loan if you’re self-employed.

When reviewing your loan application, we consider your overall financial situation, including your income, financial obligations, and ability to manage scheduled payments. Being self-employed does not automatically disqualify you.

Most lenders will require that you have filed your taxes for the previous year as part of verifying your income. In some cases, you may also be asked to provide additional documentation, such as bank statements or proof of income.

Each application is evaluated individually. The best way to determine what you may qualify for is to complete an online application so our team can review your information.

Yes, we consider applications from individuals who receive income from sources such as CPP, Old Age Security (OAS), disability benefits, pensions, and certain types of Employment Insurance (EI).

Eligibility depends on your overall financial situation, including the type and stability of your income, existing obligations, and the specific product you are applying for. Some forms of EI may be eligible, depending on the circumstances.

If you’re unsure whether your income qualifies, the best way to find out is to complete an online application. Our team will review your information and let you know what options may be available.

We understand that financial challenges can happen, and having a consumer proposal or bankruptcy on your record does not automatically prevent you from applying.

Spring Financial reviews applications from individuals who are:

  • Currently in a consumer proposal
  • Currently in bankruptcy
  • Recently discharged from a consumer proposal or bankruptcy

Eligibility will depend on your overall financial situation, including income and other factors. Each application is assessed individually.

The best way to determine what options may be available to you is to complete an online application so our team can review your information.

Yes, you can apply for a personal loan after a bankruptcy, including if you have recently been discharged.

A past bankruptcy is considered as part of your financial history, but it does not automatically prevent you from applying. When reviewing your application, we look at your current financial situation — including your income, existing obligations, and how you’ve managed your finances since the bankruptcy.

Because bankruptcy is a significant financial event, eligibility and loan terms may vary depending on how recent it was and your overall financial profile.

If you’re looking to move forward after bankruptcy, completing an application allows our team to review your information and determine what options may be available.

No, a co-signer or guarantor is not required to apply for a personal loan with Spring Financial.

However, in some cases, adding a co-signer may help support your application. A co-signer agrees to share responsibility for the loan, which can provide additional reassurance during the review process.

Each application is assessed individually. If you’re considering applying with a co-signer, our team can let you know what information is needed.

Spring Financial offers personal loans to eligible applicants across Canada.

To apply, you must be the age of majority in your province or territory and meet our standard eligibility requirements. Each loan application is reviewed individually to determine approval and available terms.

Application & Approval Process

The personal loan process can move quickly, but the exact timeline depends on your application and documentation.

After submitting your online application, a team member may contact you to review your information. In many cases, the review and approval steps can be completed the same day. Once approved, you can sign your loan documents right away.

If all required documentation is complete and verified, funds may be sent as soon as the same day. However, in most cases, funds are available within 1–2 business days after your documents are signed.

To help avoid delays, make sure your application is complete and that you submit all requested documents — including valid ID, banking information, and proof of income — as soon as possible.

Approval timelines can vary depending on your application and the information provided.

In many cases, applications are reviewed shortly after submission, and applicants may receive an update the same day. However, if additional verification or documentation is required, the approval process may take longer.

To help speed up your approval, ensure that your loan application is completed accurately and that any requested documents — such as proof of income or banking details — are submitted promptly.

Once a decision has been made, you will be contacted with the outcome and next steps.

Many applicants receive an update on their application shortly after applying. In some cases, the review process may take longer — especially if additional verification is required.

After you submit your application, please keep your phone nearby. A member of our team may contact you to review your information or request supporting documents. Having your documentation ready — including valid ID, banking details, and proof of income — can help speed up the process.

Providing accurate information and responding quickly to any follow-up requests will help ensure your application is reviewed as efficiently as possible.

Once your loan is approved and your documents are signed, funds are sent directly to your bank account by Electronic Funds Transfer (EFT).

If all required documentation is complete and verified, funds may be deposited as soon as the same day. In most cases, however, funds are received within 1–3 business days, depending on your bank’s processing times.

To help avoid delays, make sure your online loan application is fully completed and that all requested documents — including valid ID, banking details, and proof of income — are submitted promptly.

No, there are no hidden or upfront fees to submit an application.

Applying is completely free. Any costs associated with a loan — such as interest or optional products — are clearly disclosed before you agree to move forward and are outlined in your loan agreement. You’ll always have the opportunity to review the full details before making a decision.

As part of the loan application process, we verify your income to assess your eligibility and determine appropriate loan terms.

In most cases, income is verified using a secure online bank verification system that connects directly to your financial institution. This system uses bank-level encryption and security protocols to safely transmit your information. Your banking login credentials are not stored by Spring Financial.

If online verification is unavailable or cannot be completed, we may request additional documentation, such as:

  • Recent bank statements
  • Pay stubs
  • Other proof of income


All information is reviewed as part of our underwriting process and used only for the purpose of assessing and administering your loan.

We request a recent bank statement as part of our loan review process to verify your income and confirm the bank account where your loan funds will be deposited and your scheduled loan payments will be withdrawn.

Your statement helps us:

  • Confirm your source and consistency of income
  • Review your financial activity as part of underwriting
  • Ensure we have accurate banking details for deposits and pre-authorized payments

You can securely submit your statement using our online bank verification tool, which uses bank-level encryption and security protocols to transmit your information safely. The tool provides us with the information required to process your application and set up your loan payments, but it does not allow us to access or control your account beyond the authorized deposit and scheduled withdrawal arrangements you agree to.

Your financial information is handled securely and used only to review and administer your loan.

In some cases, we may request a work reference and/or a personal reference as part of our application review process.

References help us verify certain details and complete your file when additional confirmation is needed. In most instances, personal references are not contacted and are simply kept on record.

If we do need to reach out, it would typically be to a work reference for verification purposes and only in accordance with your loan agreement and applicable regulations.

Yes. Spring Financial is a Canadian lender that has been operating since 2014. We have helped hundreds of thousands of Canadians access personal loans and other financial products.

We are a registered business in Canada and report loan activity to Canada’s major credit bureaus. Our application process is completed securely online, and funds are sent directly to your bank account once approved.

You can read verified customer reviews and testimonials on our reviews page to learn more about other customers’ experiences.

Managing Your Loan & Payments

Your loan payments are based on several factors, including your loan amount, interest rate, repayment term, and selected payment frequency.

Payments are scheduled at regular intervals and can be set up on a bi-weekly, semi-monthly, or monthly basis. In many cases, payment schedules are aligned with your pay cycle to help make managing your payments more convenient.

Your exact payment amount and repayment schedule will be clearly outlined in your loan agreement before you sign.

Your loan payment amount depends on several factors, including:

  • The loan amount you borrow
  • Your approved interest rate (APR)
  • The repayment term you select
  • Any optional products added to your loan

Payments are typically made on a bi-weekly, semi-monthly  schedule and are calculated to ensure your loan is fully repaid by the end of your selected term.

Your exact payment amount will be clearly outlined in your loan agreement before you sign, so you can review the total cost and payment schedule in full.

To see the payment amount available to you, complete an online application and have your file reviewed by our team.

Yes. Spring Financial personal loans are open loans, which means you can repay your loan early at any time without prepayment penalties or additional fees.

You may choose to:

  • Make additional payments toward your outstanding balance
  • Pay more than your regular scheduled payment
  • Repay the remaining balance in full 

If you would like to make extra payments or pay off your loan early, you can contact our support team for assistance by starting a live chat.

You’re welcome to request a change to your payment schedule or frequency.

If you’d like to update your due date or switch between available payment options, our team can review your account and let you know what changes may be possible.

Approval of any changes will depend on your account details and loan agreement. To get started, please contact our support team and we’ll be happy to assist you.

If you miss a loan payment, we encourage you to contact us as soon as possible so we can review your situation and discuss available options.

Staying in touch helps keep your account in good standing and maintain a positive payment history. If payments are not brought up to date, additional charges may apply as outlined in your loan agreement, and your credit history could be affected.

If you anticipate any difficulty with an upcoming payment, please reach out through live chat here so our team can assist you and help keep your account on track.

Yes, a personal loan becomes part of your credit profile and can positively impact your payment history when managed responsibly.

When you make your payments on time and in full, those payments are reported and reflected in your credit history. Consistent, on-time payments contribute to a strong and reliable payment record.

As with any financial product, late or missed payments may have a negative impact. Staying current on your payments is the best way to maintain a healthy credit profile.

Yes. Spring Financial reports loan payment activity to both TransUnion and Equifax, Canada’s two major credit bureaus.

Making your payments on time may help build your credit history over time, as payment history is one of the key factors used to calculate your credit score. However, missed or late payments may negatively affect your credit profile.

If you’d like to learn more about how credit reporting works in Canada, you can visit:

A personal loan does not automatically prevent you from qualifying for a mortgage.

Mortgage lenders look at your overall financial profile, including your income, existing debt, and payment history. Like any form of credit, a personal loan is one of several factors considered.

Making your loan payments on time contributes positively to your payment history, while managing your overall debt responsibly is also important when applying for a mortgage.

If you’re planning to apply for a mortgage, it’s a good idea to consider how any new loan fits within your overall financial situation.

The Payment Protection Plan is an optional insurance product designed to help cover your loan payments in certain unexpected situations.

If you experience an involuntary job loss or an injury that prevents you from working, the plan may cover your minimum loan payments for up to 12 months, subject to the terms and conditions of the policy.

In the event of a covered critical illness or death, the remaining loan balance may be paid off, helping reduce financial obligations for you or your family.

Payment Protection is underwritten by Trans Global Insurance Company. Full coverage details, limitations, exclusions, and eligibility requirements are outlined in the insurance policy documents.

Spring Financial offers Payment Protection and Balance Protection Insurance products that are underwritten by Trans Global Insurance Company or Assurant, depending on your policy.

For complete information about your coverage — including terms and conditions, limitations and exclusions, claims procedures, complaint handling protocols, and additional FAQs — please visit the appropriate insurer website below:

If you’re unsure which insurer applies to your policy, please contact our support team through live chat for assistance.

If you have questions about your loan, payout amounts, payments, or general inquiries, you can chat with one of our agents directly through the live chat on our website.

Our team is available to review your account, answer questions about your application, and provide support throughout your loan process.

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