Spring Financial

Spring Financial Inc. is a Canadian alternative financial services company based in Vancouver, British Columbia.

Spring Financial's application process for loans, mortgages and other financial services 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
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. In 2016, Spring Financial launched its own secured savings loan under the Spring Financial brand. In 2019, Spring Financial started a mortgage brokerage, operating under Spring Mortgage Group Inc. The company is licensed to offer mortgages in British Columbia, Alberta and Ontario.

In 2021, Spring Financial rebranded its secured savings loan product to The Foundation. It also launched an Evergreen product, which is a guaranteed personal loan for anyone who successfully completes The Foundation.

In 2022, Spring Financial completed a formal spin-out from Canada Drives, making the company fully independent. Since 2016, Spring Financial has expanded its products to offer personal loans at a variety of interest rates, including a prime personal loan starting at 9.99%.

Operations
Spring Financial operates primarily in Canada. Spring Financial's customers range from prime to subprime. For subprime customers, financing options may be limited as poor credit can restrict access to some financial products.