Spring Financial | Fresh Start Loan | [year] Review

Fresh Start Finance is a Canadian lending platform that provides fresh start loans and personal loans for borrowers who usually have difficulties getting approved for a loan with traditional lenders.

Fresh Start Finance merged with Spring Financial and is no longer operating as an independent entity. Spring Finance is a financial institution operating in Canada, and offering mortgages, credit building options, personal loans, and evergreen loans.

Can you get a fresh start loan with Spring Finance and how can you apply for a loan with Fresh Start Finance?

Here is our review of Spring Financial, Fresh Start Loan so you can decide if they can offer you the right loan.


What is Spring Finance?

Spring Finance is a Canadian-operating financial institution that offers a great range of products to any Canadian in terms of providing loans regardless of the financial history of borrowers.

Spring Finance merged with Fresh Start Finance, which means that Fresh Start Finance is operating under the name of Spring Finance.

Since the merger, borrowers can’t access Fresh Start Finance’s official lending platform, however, you can apply for a loan with Spring Finance online and choose one of the products they offer.

You can apply for up to $15,000 and get approved for a mortgage, evergreen loan, personal loan, or The Foundation loan.

What is a Fresh Start loan?

A fresh start loan is a form of credit known as a “credit builder” loan. Fresh start loans are specifically designed for borrowers that can hardly qualify for a loan with traditional lenders.

This is a form of personal loan that can help individuals resolve short-term financial difficulties and boost their credit scores.

Normally, fresh start loans are taken by borrowers with bad credit and low credit scores, while the eligibility criteria are usually straightforward and don’t involve credit checks and collateral.

What is Fresh Start Finance?

Fresh Start Finance was a financial company focused on providing lending services to borrowers who are looking to resolve short-term financial emergencies.

Fresh Start Finance was a Canada-based company operating as an online platform where anyone could apply for a loan up to $15,000. After a business merger, Fresh Start Finance became a part of another Canadian-based financial institution, Spring Finance, and is currently operating under its wing.

Spring Finance offers a great variety of financial products, focusing on mortgages, evergreen loans, personal loans, and offering “The Foundation,” which is a product designed to help borrowers improve their credit.

Fresh Start Finance (Spring Financial) Pros and Cons

You can apply for a loan via phone, email, online application, mobile application, or desktopDetails on interest rates can’t be disclosed as Spring Financial acts as a brokerage service and rates depend on lenders and offers may change daily
Applying for a loan usually doesn’t take more than several minutesInterest rates may be higher than with traditional lenders, especially for users with bad credit
Multiple offers from various lenders as the company works on finding the best rates for borrowersThe info you need to submit for review is more extensive in comparison to similar platforms like Zippy Loan or Bad Credit Loans, for example
A great variety of financial products, including mortgage and home equity loans
The Foundation is an excellent financial product for borrowers with bad credit 
Your account is funded on the same day after getting approved for a loan 
No brokerage fees are paid by the borrower 

Is Fresh Start Finance (Spring Financial) legit?

Fresh Start Finance, officially operating as Spring Finance, is a legit business. Spring Finance is a financial institution focused on providing quick loans to borrowers with bad credit.

Spring Financial has been operating since 2016 as a legit business, representing an online consumer lending company.

What countries are supported by Fresh Start Finance (Spring Financial)?

Just like it was the case with Fresh Start Finance before the merger, Spring Financial operates in Canada.

Spring Financial is a Canadian-operated lending service provider that offers a wide range of smart money financial products to Canadian users.

Spring Financial services have already been used by more than a million users from Canada.

How do Spring Financial loans work?

Spring Financial offers loans to Canadian citizens ranging from $500 to $15,000 in mortgages, personal loans, and evergreen loans.

The lending service provider offers repayment periods anywhere from 9 to 48 months with interest rates between 17.99% and 46.96%.

Borrowers can apply in minutes online by filling out an application form and specifying which financial product they are applying for.

The turnaround time for all loan applications with Spring Financial, formerly Fresh Start Finance loans, is 24 hours. You can apply for a loan and get approved and funded the next business day.

What types of loans can I get with Fresh Start Finance?

Fresh Start Finance is operating as Spring Financial after the merger, so borrowers can no longer apply for loans with Fresh Start Finance.

You can still apply and get quickly approved for a loan with Spring Financial. Spring Financial offers a great range of attractive financial products, so you can choose between:

The Foundation loan

The Foundation loan is a smart money product offered by Spring Financial and is created for borrowers with bad credit and individuals who normally have a hard time getting approved for traditional loans.

The Foundation loan comes with a 100% approval rate, which means that anyone who applies can be approved within 24 hours.

The product is created to help users achieve a level of financial freedom and save at least $750 on their loan. The Foundation is designed to help borrowers with bad credit improve their credit score within 12 months.

You can make small payments during a year, while all your timely payments will be reported to the credit bureau. By applying for The Foundation loan and paying off your loan in 12 months, you can automatically become eligible for an Evergreen loan.

You can get up to $1,500 in cash advances with an Evergreen loan after you have paid off The Foundation loan.

Evergreen loan

Borrowers automatically become eligible for an Evergreen loan after paying off The Foundation loan. Once you have completed The Foundation loan and your credit is improved, you can get $1,500 in cash advances with an Evergreen loan.

Evergreen loans come with low-interest rates in comparison to personal loans and quick cash loans, with only 18.99% in interest rates, in comparison to 40% and 400% interest rates that apply on personal and quick cash loans.

You can borrow $1,500 with an Evergreen loan and pay off your loan within 18 months. After you repay one Evergreen loan, you can take another at the same rate.

Personal loan

You can apply for a personal loan with Spring Financial and get approved for up to $15,000. You can apply online and fill out an application form, which shouldn’t take more than a couple of minutes.

In case you have bad credit, you may be asked to disclose your employment information and income details.

Every payment towards the loan is recorded with the credit bureau so you can work on building and improving your credit while paying off your loan.


Spring Financial offers a full suite of mortgage products for new and existing homeowners. You can apply in the case you wish to buy a home, while you can also use this product if you want to utilize the equity of your home to get a loan.

If you are applying for a mortgage to get a new home, Spring Financial will connect you to over 40 different banks and lenders to get you the best offer with the lowest interest rates.

You can also get a home equity loan to consolidate all your debts and turn them into a single payment. This loan allows borrowers to use their home equity to skip monthly payments on existing debt for up to a year. All credit scores are welcome to apply.

Borrowers can get approved for HELOC (Home Equity Line of Credit) and mortgage combo, while their line of credit can increase with every payment made towards the mortgage.

Fresh Start Loans (Spring Financial) rates and fees

Spring Financial cooperates with a great number of lenders and banks to present borrowers with the best offers and most affordable interest rates. Lenders and banks pay for lending fees, so users are not charged anything by Spring Financial.

As Spring Financial discloses, the company acts as a brokerage platform that connects users to over 40 banks, lenders, and financial institutions to find the best and most affordable rates for borrowers regardless of credit history.

Spring Financial also discloses that the rates may be subject to daily changes, following the Bank of Canada prime rate and other determining factors.

Based on the past user experiences, rates with Spring Financial range from 17.99% to 46.96% depending on the amount, the loan terms, lenders, and your credit history in some cases.

Fresh Start Loans (Spring Financial) terms

To use Spring Financial services, according to the official terms of use, you need to be:

  • Older than 18 and 19 in some jurisdictions
  • Have Canadian residency and live in Canada

In case of a breach of the terms of use, Spring Financial reserves the right to permanently ban users from accessing the official website.

The terms of loans may depend on the type of loan, the amount requested in the application, and can greatly vary from one lender to another.

You can decline or accept the terms of the loan after you receive offers from lenders. In case you accept, your account will be funded within 24 hours, in most cases.

How much money can I get with Fresh Start loans?

Fresh Start Finance offered up to $15,000 in personal loans, which is the case with Spring Financial as well. Borrowers can apply for an amount between $500 and $15,000 when taking a personal loan.

In the case of mortgages and mortgage packages, you will be presented with offers for buying a new home, getting a HELOC loan, or using the equity of your home for debt consolidation.

Borrowers can apply for an Evergreen Loan after completing The Foundation loan and get $1,500 with 18 months repayment period.

Am I eligible for Fresh Start Finance loans?

Spring Financial, much as Fresh Start Finance during operational years, offers loans even to individuals with bad credit who are struggling to get approved for a loan with traditional lenders.

Spring Financial operates as a brokerage service for lenders and borrowers and connects them to over 40 lending services and banks to come up with the best offers and most attractive rates.

To be eligible for a loan with Spring Financial, you need to:

  • Be over 18 and in some jurisdictions over 19
  • Have residency in Canada
  • Disclose your employment status in case you have bad credit
  • Have been employed for at least 3 months in the same company
  • Have a minimum income of $1,800 a month
  • Have a valid ID issued by the Canadian government
  • Have an active bank account
  • Contact for employment verification

Additional eligibility requirements may apply with different lenders, which should be presented to you within the terms of loans that you receive as offers from various banks and individual lenders. Offers are made based on your application form and the information you provide.

Spring Financial also has a product that is specially designed for individuals with bad credit and low credit scores – The Foundation.

This product has a 100% acceptance rate, so borrowers with all credit rates are approved for a loan. This type of loan can also help you improve your credit score by paying off small installments in 12 months.

How can I apply for a loan with Fresh Start Finance?

As with Fresh Start Finance, you can apply online for a loan with Spring Financial. Choose between presented products and types of loans and fill out an application form.

Provide the requested personal information along with necessary documentation and specify the amount you would like to get.

Once you submit the form, you will receive offers from different lenders and banks that cooperate with Spring Financial as the platform works to present you with the best rates.

Also read:

Zippy loan review

Red Arrow loan review