The Foundation
How The Foundation Works:
What is The Foundation?
The Foundation is a 12-month program offered by Spring Financial designed to help Canadians establish consistent payment history while setting aside savings held in trust.
When you enroll, you make fixed, automated bi-weekly payments over 12 months. If your account remains in good standing throughout the program, you become eligible for a guaranteed $1,500 loan offer, subject to program terms.
The Foundation also includes access to credit score tracking tools, allowing you to monitor changes to your credit profile during the program.
By completing the program as agreed, you demonstrate consistent repayment behaviour, which may support your future applications for financial products.
Is The Foundation a loan?
The Foundation is not an upfront cash loan. It is a 12-month structured payment program designed to help you establish a consistent payment history while setting aside savings held in trust.
Instead of receiving funds immediately, you make fixed bi-weekly payments, and a large portion of each full payment is placed into savings held in trust for you. Once you successfully complete the program and your account is in good standing, you become eligible for a guaranteed $1,500 Evergreen Loan offer, subject to program terms.
For many customers, The Foundation is a way to strengthen their financial profile while building savings for future access to credit.
If you’re looking for immediate funds, you can explore our personal loan options here.
Who is The Foundation for?
The Foundation is designed for Canadians who want a structured way to establish consistent payment history while working toward stronger financial options.
It may be a good fit if you:
- Have a credit score below 720
- Are new to credit or new to Canada
- Have experienced a bankruptcy, consumer proposal, or credit counselling
- Have been declined for financing
- Are paying high interest on existing debt
- Find it difficult to save money consistently
- Are a student building financial independence
The Foundation provides structured installment payments, savings held in trust, and credit reporting designed to help you demonstrate repayment behaviour over time.
How is this going to help me if I need money right now?
If you need funds immediately, The Foundation may not provide upfront loan money. Instead, it’s designed to help you take a structured step toward stronger financial options.
Over 12 months, you make fixed, automated payments while setting aside $750 in savings held in trust. If your account remains in good standing, you become eligible for a guaranteed $1,500 Evergreen Loan offer, subject to program terms.
For many customers, The Foundation offers a clear path forward — combining disciplined repayment behaviour, built-in savings, and access to a guaranteed loan offer at the end of the program.
If you need immediate funds, you can still apply separately for a personal loan to see what options are currently available.
Why should I do The Foundation?
The Foundation is designed to provide a structured path toward stronger financial options. It offers three key benefits:
- Establish consistent payment history
The program is set up as a tradeline on your credit file, and your payment activity is reported to the major credit bureaus. Making your payments on time helps demonstrate consistent repayment behaviour. - Built-in savings held in trust
A significant portion of each full payment is set aside as savings held in trust. When you successfully complete the 12-month program in good standing, you will have saved $750, which you can request. - Guaranteed Evergreen Loan eligibility
After completing 12 months in good standing and accumulating $750 in savings held in trust, you become eligible for a guaranteed $1,500 Evergreen Loan offer, subject to program terms.
The Foundation combines structured payments, savings, and guaranteed loan eligibility into one program designed to help you move forward with confidence.
What is the difference between The Foundation Gold and The Foundation Basic?
Both Foundation Gold and Foundation Basic report your payment activity to the credit bureaus and include monthly credit score updates. The difference comes down to savings, loan eligibility, and added tools.
Feature | Foundation Gold | Foundation Basic |
Reports payment activity to credit bureaus | ✓ | ✓ |
Monthly credit score updates | ✓ | ✓ |
Cancel anytime | ✓ | ✓ |
Savings held in trust | $750* | Not included |
Guaranteed $1,500 Evergreen Loan eligibility** | ✓ | Not included |
Bloom personal finance app | ✓ | Not included |
Bi-weekly payment | ~$74† | ~$37† |
*Based on the standard payment example and completing the 12-month program in good standing.
**Subject to program terms and account remaining in good standing.
†Payment amounts may vary slightly.
What is the cost of The Foundation?
The standard payment for Foundation Gold is approximately $74 bi-weekly.
Of that amount:
- A significant portion is allocated to savings held in trust, which you may request while your account is in good standing, subject to program terms.
- The remaining portion represents the cost of participating in The Foundation program.
Foundation Basic is approximately $37 bi-weekly and includes reporting of payment activity and monthly credit score updates, but does not include savings held in trust or guaranteed loan eligibility.
Your exact payment amount will be confirmed before enrollment.
How do I qualify for The Foundation?
To qualify for The Foundation, you’ll need to complete our online application and provide valid Canadian government-issued identification along with secure online banking verification.
Once your application is submitted, our team will review your information and confirm your eligibility. The process is completed entirely online.
If you’re ready to get started, you can apply for The Foundation here.
If you have questions at any point, you can also connect with us through live chat for assistance.
What documentation do I need?
To apply for The Foundation, you’ll need:
- A valid Canadian government-issued ID
- A valid Canadian bank account in your name (for secure online banking verification)
These are required to complete the online application and verify your information.
Building Your Payment History:
How does The Foundation build payment history?
The Foundation is set up as a tradeline on your credit file. A tradeline is an account that appears on your credit report and reflects your payment activity.
Each month, your payment history is reported to the major credit bureaus. When you make your payments on time and as agreed, those payments are recorded on your credit profile.
Consistent, on-time payments contribute to your overall payment history, which is one of the factors lenders may consider when reviewing applications for financial products.
What is the $5,000 tradeline and how does it work?
The $5,000 refers to the tradeline amount that is established on your credit file as part of The Foundation program.
A tradeline is an account that appears on your credit report and reflects your payment activity. In this case, a $5,000 installment tradeline is created and reported to the credit bureaus.
This is not a traditional loan, and you do not receive $5,000 in upfront funds. Instead, the tradeline is structured to allow your payment activity to be reported over time as you complete the program.
Making your payments as agreed contributes to your overall payment history, which is one of the factors lenders may consider when reviewing future applications.
What credit bureaus do you report to?
We report payment activity to Equifax and TransUnion, Canada’s two major credit bureaus.
To learn more about the credit bureaus, you can visit their official websites:
- Equifax – https://www.equifax.ca
- TransUnion – https://www.transunion.ca
Why do I need good credit?
Your payment history can play a role in several financial and everyday situations.
Many organizations review credit profiles when assessing applications. While each decision is based on multiple factors, payment history is often one of the elements considered.
Here are some common examples:
Obtaining financing
Lenders may review your payment history when evaluating applications for loans or other financing. Consistent repayment behaviour can support your overall credit profile, while missed payments may affect available options and borrowing costs.
Employment opportunities
Some employers conduct credit checks as part of their hiring process, particularly for roles involving financial responsibility.
Renting an apartment
Landlords may review your credit profile when assessing rental applications. Payment history can be one of the factors considered.
Mobile phone plans and utilities
Certain providers may review credit history before approving monthly service plans.
The Foundation is designed to help you establish consistent payment activity over time, which may support future applications in situations where credit history is reviewed.
What happens to my credit if I miss payments?
Spring Financial reports your payment activity to the credit bureaus on a monthly basis.
Making your payments on time contributes to a positive payment history. Missed or late payments may be reflected on your credit file and could affect your credit profile.
If you’re currently enrolled in The Foundation and believe you may miss a payment, we encourage you to contact us through live chat before your payment date so we can review your account and discuss available options.
What are the golden rules for maintaining a healthy credit profile?
Regardless of your current credit situation, following these guidelines can help you maintain a stronger credit profile over time:
- Make all your payments on time. Payment history is one of the most important factors on your credit file. Making payments as agreed helps maintain a positive payment record, while missed or late payments may affect your credit file. If you’re falling behind, consider contacting your lender early to discuss possible arrangements.
- Don’t use too much of your revolving credit. Revolving credit includes products like credit cards and lines of credit. It is generally recommended that you keep your balance below 30% of your credit limit¹. For example, if you have a $1,000 credit limit, try to keep your balance at $300 or less.
- Avoid applying for credit too frequently. When you apply for credit, a lender may perform an inquiry on your credit file. Multiple inquiries within a short period may impact your credit profile and signal higher borrowing activity. Consider applying when you feel confident you meet the lender’s criteria. You can monitor your credit through the major credit bureaus or free services such as Credit Karma or Borrowell.
- Maintain a mix of active tradelines. A tradeline is an account that appears on your credit report. Credit profiles may include both revolving credit (such as credit cards or lines of credit) and installment credit (such as personal loans or auto loans). Managing different types of credit responsibly may be viewed positively when lenders review applications². Equifax and TransUnion are the two main credit bureaus in Canada.
For more information on how credit reports and scores work in Canada, visit:
- Equifax: https://www.equifax.com/personal/education/
- TransUnion: https://www.transunion.ca/build-credit#
¹ https://www.consumer.equifax.ca/personal/education/credit-score/credit-mix/
² https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/improve-credit-score.html
What should I know about quick cash loans?
Some Canadians who are unable to qualify for traditional financing may consider short-term or “quick cash” loans.
These types of loans often come with significantly higher borrowing costs compared to mainstream financial products. Because they are designed to be short-term, fees can add up quickly if the balance is not repaid on time.
In some cases, payment activity on short-term loans may not be reported to the credit bureaus, meaning on-time payments may not contribute to your credit file. However, if a loan goes unpaid and is sent to collections, that information may be reported and could negatively affect your credit profile.
If you are looking for a structured alternative, The Foundation is designed to help you establish consistent payment activity while setting aside savings held in trust over time.
Your Savings & The Evergreen Loan:
What is the Evergreen Loan?
The Evergreen Loan is a $1,500 loan offer available to eligible customers who successfully complete 12 months of Foundation Gold.
If your Foundation Gold account remains in good standing and you meet the program requirements — including accumulating the required savings held in trust — you become eligible for a guaranteed $1,500 Evergreen Loan offer, subject to program terms.
The Evergreen Loan provides access to upfront funds following successful completion of the program.
How do I get the Evergreen Loan?
To become eligible for the Evergreen Loan, you must:
- Complete 12 months of Foundation Gold
- Accumulate $750 in savings held in trust
- Keep your account in good standing throughout the program
Once these requirements are met, you become eligible for a guaranteed $1,500 Evergreen Loan offer, subject to program terms.
The loan offer becomes available after successful completion of the Foundation Gold program.
How does The Foundation help me save money?
With The Foundation, a portion of each full bi-weekly payment is set aside as savings held in trust.
From your very first payment, part of what you pay goes toward building savings while the remainder supports your program participation. If your account remains in good standing, you can request your accumulated savings at the end of the 12-month program.
Below is an example based on a standard average payment of approximately $74 bi-weekly and no missed payments:
Feature | Foundation Gold | Foundation Basic |
Reports payment activity to credit bureaus | ✓ | ✓ |
Monthly credit score updates | ✓ | ✓ |
Cancel anytime | ✓ | ✓ |
Savings held in trust | $750* | Not included |
Guaranteed $1,500 Evergreen Loan eligibility** | ✓ | Not included |
Bloom personal finance app | ✓ | Not included |
Bi-weekly payment | ~$74† | ~$37† |
*Based on the standard payment example and completing the 12-month program in good standing.
**Subject to program terms and account remaining in good standing.
†Payment amounts may vary slightly.
After 12 months in good standing, this results in $750 in savings held in trust, based on this example.
Actual savings amounts may vary depending on your payment amount and account status.
Where is the savings portion held?
The savings portion of your Foundation Gold payments is held in trust at Peoples Trust Company on behalf of Spring Financial.
These funds are kept separate in accordance with program terms until they are requested or disbursed, subject to your account remaining in good standing.
What is my savings balance?
You can contact us through live chat at any time to request your current savings balance held in trust.
Our team will review your account and provide an update on the amount you have accumulated, subject to your account status.
How can I request my savings?
You may request your savings held in trust at any time, provided your Foundation Gold account is in good standing and there is no outstanding balance on your account.
To submit a request, please contact us through live chat. Once approved, your savings will be deposited into your verified bank account, typically within 2–3 business days.
Savings disbursements are subject to program terms and account status at the time of request.
What happens if I don’t have $750 saved after 12 months?
Foundation Gold is designed to be flexible.
If you choose to lower your bi-weekly payments or request some of your savings held in trust during the first 12 months, you may not reach the full $750 savings amount by the end of the initial term.
If that happens, you can continue the program in additional 6-month extensions, allowing you more time to accumulate the required savings amount, subject to program terms.
Eligibility for the guaranteed $1,500 Evergreen Loan offer is based on completing the program in good standing and reaching the required savings threshold.
If you’re unsure about your progress, you can contact us through live chat to review your options.
What happens at the end of 12 months?
At the end of your initial 12-month Foundation Gold term, you have three options:
- Close your program and receive your savings
If your account is in good standing, you may close your Foundation Gold account and request your accumulated savings held in trust.* - Accept your Evergreen Loan offer
If you have met the program requirements and your account remains in good standing, you become eligible for a guaranteed $1,500 Evergreen Loan offer, subject to program terms.* - Continue the program
You may choose to extend The Foundation in additional 6-month terms if you would like more time to accumulate savings held in trust or continue reporting payment activity.
You remain in control of your decision at the end of the 12-month term.
Can I borrow again after I receive my Evergreen Loan?
Yes, you may be eligible to apply for additional loan funds after receiving your Evergreen Loan.
If your Evergreen Loan account remains in good standing and payments are made as agreed, you may have access to re-loan opportunities. In some cases, customers in good standing may qualify for larger loan amounts of up to $3,000, subject to credit considerations and approval criteria.
Re-loans are not guaranteed and are based on your account performance and overall financial profile at the time of application.
If you would like to explore your eligibility for additional funds, you can contact us through live chat to review your options.
Managing Your Account & Payments:
What are my payments going towards?
Your bi-weekly payments toward The Foundation are divided into two components:
- Savings held in trust: A significant portion of each full payment is set aside as savings held in trust. If your account remains in good standing and you complete the 12-month program, you will have accumulated $750 in savings held in trust* (based on the standard payment example).
- Program cost: The remaining portion of each payment covers the cost of participating in The Foundation program.
The standard payment is approximately $74 bi-weekly, though your exact payment amount will be confirmed before enrollment.
You may request your accumulated savings held in trust once your account is in good standing, subject to program terms.
Why am I making installment payments?
The Foundation is structured as an installment program because it is reported as a tradeline on your credit file.
A tradeline is an account that appears on your credit report and reflects your payment activity. Each month, as you make your payments on time, that activity is reported to the major credit bureaus.
Consistent installment payments allow you to demonstrate repayment behaviour over time. Payment history is one of the factors lenders may consider when reviewing applications for financial products in the future.
Is there a setup fee?
No, there is no setup or administrative fee to enroll in The Foundation.
If you decide the program is not right for you, you may cancel at any time without any additional cancellation fees, subject to your account being in good standing.
All terms are outlined in your Foundation agreement prior to enrollment.
Are there any other fees?
There are no administrative, setup, or early payout fees associated with The Foundation.
Aside from your regular bi-weekly payment, the only additional charge that may apply is a $30 missed payment fee, if a scheduled payment is not successfully processed.
If you believe you may miss a payment, we encourage you to contact us through live chat as soon as possible to review your options.
All fees and terms are outlined in your Foundation agreement prior to enrollment.
Can I change my payments?
Yes, you may request changes to your payment amount while enrolled in The Foundation.
In some cases, you can adjust your bi-weekly payment up or down, subject to program terms and minimum payment requirements. Changes may affect how much savings held in trust you accumulate over the 12-month program.
Your updated payment amount must remain within the guidelines outlined in your Foundation agreement. If you would like to review your options, please check your agreement or contact us through live chat for assistance.
Can I make additional payments?
Yes, you may choose to increase your payment amount while enrolled in The Foundation.
Increasing your bi-weekly payment may allow you to accumulate more savings held in trust over the course of the program, provided your account remains in good standing.
Your payment adjustments must remain within the terms outlined in your Foundation agreement. If you would like to review your options, please contact us through live chat for assistance.
What happens if I miss a payment?
Your payment activity under The Foundation is reported as part of your payment history.
Making your payments on time helps maintain a positive payment record. Missed or late payments may be reflected on your credit file and could affect your credit profile.
If you believe you may miss a payment, or if you’ve already missed one, we encourage you to contact us through live chat as soon as possible. Reaching out early allows us to review your account and discuss available options to help you stay on track.
I lost my job. What can I do?
We’re sorry to hear that. If you’re experiencing a change in employment, we encourage you to reach out to us as soon as possible.
The Foundation Gold program is designed to be flexible. Depending on your account status, you may be able to lower your payment amount or request a portion of your savings held in trust to help manage upcoming payments.
Contact us through live chat so we can review your account and discuss the options available to you.
How can I update my banking information?
To update your banking details, please provide one of the following documents showing your name and banking information:
- A void cheque
- A pre-authorized debit (PAD) form
- A direct deposit form
The document must be pre-printed by your financial institution. If any information is handwritten, it must include an official bank stamp.
You can securely submit your document through live chat or by emailing support@springfinancial.ca. Our team will review your request and confirm once your banking information has been updated.
Can I cancel The Foundation?
Yes, you may cancel The Foundation at any time.
There are no cancellation fees. However, any outstanding balances or missed payment fees on your account must be resolved at the time of cancellation.
To submit a cancellation request, please contact us through live chat and our team will assist you.
What happens when I cancel?
When you cancel The Foundation, your scheduled payments will stop.
If your account is in good standing, any accumulated savings held in trust will be refunded to your verified bank account, subject to program terms.
If there is an outstanding balance or missed payment fee on your account, it must be resolved before savings can be disbursed. In some cases, your savings held in trust may be applied toward any outstanding amount.
If you have questions about your account status before cancelling, you can contact us through live chat for assistance.
Are there any fees to cancel?
No, there are no cancellation fees.
However, if there is an outstanding balance or missed payment fee on your account, your outstanding balance would be deducted from any savings you have accumulated.
If you’re unsure about your account status, you can contact us through live chat for assistance.
Need more information?
You Deserve Better
Build a positive payment history, save for emergencies, and earn a guaranteed loan offer at the end – all in one program.