Evergreen Loan
Evergreen Loan Basics & Terms
What is the Evergreen Loan and how much can I borrow?
The Evergreen Loan is an upfront cash advance of $1,500 available to eligible customers who successfully complete 12 months of Foundation Gold. With a positive payment history, your loan amount can increase to up to $3,000.
What is Foundation Gold?
Foundation Gold is a 12-month structured payment program offered by Spring Financial. When you enroll, you make fixed, automated bi-weekly payments of approximately $79 over 12 months. A significant portion of each payment is set aside as savings held in trust — building toward $750 by the end of the program.
Foundation Gold also reports your payment activity to Equifax and TransUnion each month and includes monthly credit score updates and access to the Bloom personal finance app.
Customers who complete 12 months in good standing and accumulate $750 in savings become eligible for a guaranteed $1,500 Evergreen Loan offer, subject to program terms.
Is the Evergreen Loan guaranteed?
Yes. Customers who successfully complete 12 months of Foundation Gold, accumulate the required savings, and keep their account in good standing become eligible for a guaranteed $1,500 Evergreen Loan offer.
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.
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?
There are no administrative, setup, or early repayment fees associated with the Evergreen Loan. The cost of borrowing is reflected entirely in your interest rate, which ranges from 24.75% to 34.99% depending on your province and loan details. Your exact rate will be clearly disclosed in your loan agreement before you proceed.
Is there a credit check?
No hard credit check is required to access the Evergreen Loan. In some cases, we may review your account history or verify your information as part of the process.
Can I choose not to take the Evergreen Loan?
Yes. The Evergreen Loan is optional. Once you become eligible, you can choose whether or not to accept the loan offer.
Is the Evergreen Loan available in all provinces?
The Evergreen Loan is available in most Canadian provinces. Since eligibility begins with Foundation Gold, it’s worth noting that Foundation Gold is currently available in all provinces except Saskatchewan and New Brunswick. If you have questions about availability in your area, please contact us.
Eligibility & The Foundation Gold
How do I qualify to get the Evergreen Loan?
To become eligible for the guaranteed $1,500 Evergreen Loan offer, you must complete 12 months of Foundation Gold, accumulate $750 in savings held in trust, and keep your account in good standing. Eligible customers receive a guaranteed $1,500 Evergreen Loan once these requirements are met.
Do I receive the $1,500 in addition to my savings?
Yes. When you take the Evergreen Loan, you receive $1,500 upfront, while your $750 in savings is held as security. Once the loan is fully repaid, your $750 is returned to you.
What happens to my $750 savings when I take the loan?
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.
What happens if I don't have $750 saved after 12 months?
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.
Where are my savings held while I wait for the loan?
Your $750 in savings is held in trust at Peoples Trust Company on behalf of Spring Financial. These funds are kept separate in accordance with program terms until your Evergreen Loan is fully repaid, at which point the $750 is deposited back into your bank account.
Do I need a minimum credit score to qualify?
No minimum credit score is required to access the Evergreen Loan. Eligibility is based on successfully completing 12 months of Foundation Gold, accumulating $750 in savings held in trust, and keeping your account in good standing — not on your credit score at the time of application.
I'm not a Foundation Gold member yet. Can I still get the Evergreen Loan?
The Evergreen Loan is exclusively available to customers who have successfully completed 12 months of Foundation Gold. If you haven’t enrolled yet, you can apply for Foundation Gold here — it’s the first step toward your guaranteed $1,500 Evergreen Loan offer.
If you need funds sooner, you may also be eligible for a Spring Financial personal loan of up to $35,000 with rates starting at 9.99%. Check your personal loan options here.
Approval, Funding & Documentation
How does the approval process work and what documentation is needed?
Once you automatically qualify, a representative will work with you to ensure we have a valid ID and an updated bank statement on file. Once these documents have been collected, a new loan agreement will be sent to your email for viewing and signing.
How do I get the funds and who issues them?
Spring Financial is issuing the funds for the Evergreen Loan. Funds will be deposited directly into your bank account via EFT (Electronic Funds Transfer).
How long does it take to receive funds after approval?
Once you accept your Evergreen Loan offer, complete the required steps, and sign your loan agreement, funds are typically deposited into your bank account within 1–3 business days via EFT (Electronic Funds Transfer). To avoid delays, we recommend completing your agreement promptly and ensuring your banking details are up to date.
Repayment, Re-borrowing & Insurance
What can I expect to pay each month?
The Evergreen Loan has a term of 18 months. Your exact bi-weekly payment amount will depend on your loan details and province, and will be clearly disclosed in your loan agreement before you proceed.
Loan Amount | Estimated Bi-Weekly Payment |
$1,500 | $45.60 – $85.75 |
$3,000 | $55.68 – $90.32 |
Payment frequency options include bi-weekly, semi-monthly, and monthly — your representative will confirm what’s available to you. Your exact payment amount will be clearly disclosed in your loan agreement before you proceed. There is no obligation to accept.
Can I cancel or pay off an Evergreen Loan early?
Yes. 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, and you also can apply your security to help pay off the loan. If you would like to do this, then please contact us.
Can I borrow more after receiving my Evergreen Loan?
Yes. If your account remains in good standing and payments are made as agreed, you may be eligible to apply for additional funds — with loan amounts potentially increasing up to $3,000 over time. Re-loans and higher amounts are not guaranteed and are subject to credit considerations, account performance, and your overall financial profile at the time of application.
What happens if I miss a payment on my Evergreen Loan?
If you miss a scheduled payment, we encourage you to contact us as soon as possible. Missing payments may affect your account standing and could be reflected on your credit file, as we report payment activity to Equifax and TransUnion. Reaching out early gives us the opportunity to review your account and discuss available options.
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, claims handling, and FAQs, please visit the Trans Global Insurance website.
Need more information?
You Deserve Better
Apply in just 3 minutes and get $500–$35,000 e-Transferred as soon as today.