Spring Financial
4.8
Updated
Sep, 2026
Our Score
Cost
10.0/10
Experience
9.5/10
Flexibility
9.8/10
Support
8.9/10
KOHO
4.7
Updated
Sep, 2026
Our Score
Cost
10.0/10
Experience
8.6/10
Flexibility
9.6/10
Support
9.2/10
Loan Requirements
Minimum Credit Score
The minimum credit score is the baseline score required to qualify for a loan.
300
300
Maximum Credit Score
The maximum credit score typically accepted or considered for the best loan terms.
900
900
Minimum Monthly Income
The minimum monthly income is the lowest income required each month to qualify for a loan.
$1,000
$1,000
Minimum Yearly Income
The minimum yearly income is the total annual income needed to meet the lender’s eligibility criteria.
$12,000
$12,000
Minimum Income Time
The minimum income time is the required period you must have earned a stable income before applying.
1 month
1 month
Minimum Age
The minimum age is the youngest age at which an applicant is eligible to apply for a loan.
18
18
Canadian Bank Account
A Canadian bank account is required to verify identity and receive approved loan funds.
Yes
Yes
Loan Details
Minimum Loan Amount
The minimum loan amount is the smallest sum a lender allows borrowers to apply for.
$300
$2,000
Maximum Loan Amount
The maximum loan amount is the largest sum available to qualified borrowers from the lender.
$35,000
$15,000
Minimum Loan Term
The minimum loan term is the shortest repayment period offered by the lender.
9 months
1 month
Maximum Loan Term
The maximum loan term is the longest repayment period available for a given loan.
6.67 years
5 years
Minimum APR
The minimum APR represents the lowest possible interest rate available to qualified applicants.
9.99%
0%
Maximum APR
The maximum APR represents the highest potential interest rate a borrower could receive.
34.95%
34.99%
Minimum Processing Time
The minimum processing time is the fastest period in which a lender can review and approve a loan.
24 hours
1 hour
Maximum Processing Time
The maximum processing time is the longest duration a lender may take to finalize a loan decision.
48 hours
24 hours
Same-Day Approval
The maximum processing time is the longest duration a lender may take to finalize a loan decision.
Yes
Yes
Same-Day Funding
Same-day funding means approved funds are deposited into your account on the same day as approval.
Yes
Yes
Bankruptcy Friendly
Bankruptcy-friendly loans are available to applicants who have a past or discharged bankruptcy.
Yes
Yes
Consumer Proposal Friendly
Consumer proposal-friendly loans are open to borrowers currently under or who have completed a consumer proposal.
Yes
Yes
Debt Consolidation Friendly
Debt consolidation-friendly loans allow borrowers to combine multiple debts into a single manageable payment.
Yes
Yes
Flexible Repayment
Flexible repayment allows borrowers to choose or adjust repayment schedules to fit their budget.
Yes
Yes
Credit Building Loan
A credit-building loan helps borrowers improve their credit score through consistent, on-time payments.
Yes
Yes
Deposit Methods
Bank Deposit
Bank deposit means loan funds are sent directly to your Canadian bank account.
Yes
Yes
E-Transfer Deposit
E-transfer deposit means funds are delivered quickly via secure Interac e-Transfer.
Yes
No
Revolut Deposit
Revolut deposit allows funds to be sent directly to your Revolut digital banking account.
No
No
Paypal Deposit
PayPal deposit means funds are transferred to your linked PayPal account for easy access.
No
No
Wise Deposit
Wise deposit means your loan funds are transferred through the Wise money transfer platform.
No
No
Fees
Membership Fee
A membership fee is a one-time or recurring charge required to access the lender’s services.
N/A
$22
Missed Payment Fee
A missed payment fee is charged when a scheduled loan payment is not made on time.
$30
$0
Minimum Payday Loan Fee
The minimum payday loan fee is the minimum fee charged at the end of the loan term for using the payday loan service.
N/A
N/A
Maximum Payday Loan Fee
The maximum payday loan fee is the maximum fee charged at the end of the loan term for using the payday loan service.
N/A
N/A
Platform
Broker
A broker connects borrowers with multiple lenders to find suitable loan options.
No
No
Direct Lender
A direct lender provides loan funds directly without involving third-party brokers.
Yes
Yes
Website
The website is the lender’s online platform for applying, managing, or learning about loans.
Yes
Yes
Mobile App
The mobile app allows borrowers to apply for and manage their loans conveniently from a phone.
No
Yes
24/7 Support
24/7 support ensures customer assistance is available at any time, day or night.
Yes
Yes
Chat Support
Chat support lets borrowers communicate with customer service through live or automated online chat.
Yes
Yes
Online Application
An online application allows you to apply for a loan digitally from any device.
Yes
Yes
Overview of Spring Financial vs KOHO
Spring Financial is a personal loan lender and KOHO is a finance app that provides cash advances, lines of credit, and buy-now-pay-later financing in Canada. Both are very popular to get personal financing from and are considered some of the top choices.
Is Spring Financial better than KOHO?
Spring Financial is better than KOHO if you need a larger amount or want to borrow money for a long time. However, KOHO is better if you also want banking and credit card capabilities from the same convenient place where you can get small loans.
Is Spring Financial cheaper than KOHO?
Spring Financial is cheaper than KOHO in that they do not charge any membership or account fees to get a personal loan from them. However, KOHO is cheaper than Spring Financial if you take into account the loan interest rate. KOHO offers small cash advances at 0% interest and Spring Financial doesn’t have any zero-interest options.
Pros and cons of Spring Financial vs KOHO
Here are some of the pros you can count on when comparing Spring Financial vs KOHO:
- No membership fee if you go with Spring Financial
- 0% interest cash advances if you go with KOHO
- Chequing/savings and credit card features on the KOHO app
- Build your credit with both Spring Financial and KOHO
Here are some cons that you should consider when looking at Spring Financial vs KOHO:
- KOHO cash advances limited to small amounts
- Spring Financial interest can be high if you have poor credit
- KOHO has $0 membership options, but not if you want the premium features
Key differences between Spring Financial and KOHO
The key difference between Spring Financial and KOHO is that Spring Financial’s primary focus is personal loans but KOHO is primarily a personal finance app with borrowing small amounts as a perk for its members.
