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Spring EQ: 2022 Home Equity Review

Spring EQ Home Equity loan logo
Courtesy of Spring EQ
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Founded in 2016, Spring EQ offers home equity loans with quick funding and high loan maximums. The lender is headquartered in Philadelphia and operates in 41 states and Washington, D.C.

Spring EQ’s online approach to home equity lending simplifies the process by eliminating stacks of paperwork and getting borrowers the money they need in as few as 11 days.

Spring EQ received Bankrate’s 2022 award for best home equity loan for borrowers with good credit. The lender’s minimum credit score requirement and overall scores of availability, affordability and customer experience put it as the top option for people within this credit tier looking for a home equity loan.

Spring EQ snapshot

Home equity loan types Home equity loan
Home equity line of credit
Loan amounts $25,000 to $500,000
Credit score minimum 620 for home equity loans (700 or higher for 95% loans); 680 for HELOCs
Repayment terms 5 years to 30 years
Average time to approval Same day

Loan details will vary by location.

Benefits

  • Fast funding: The lender offers instant loan qualification and funding in as little as 11 days. On average, borrowers receive their funds in 18 days.
  • Borrowing flexibility: Spring EQ offers loans of up to $500,000 to borrowers who qualify.
  • Easy application process: You don’t need to visit a branch to apply for a home equity loan with Spring EQ. Instead, you can get a quote and apply online. Loan officers are available if you need help.

Drawbacks

  • Fees: Spring EQ charges an administrative fee on home equity loans and HELOCs, and an annual maintenance fee for HELOCs. Spring EQ also charges an appraisal fee, and the borrower will be responsible for other third-party fees like a credit check.
  • Limited availability: Spring EQ does not currently offer loans in Alaska, Hawaii, Idaho, Missouri, New York, North Dakota, South Dakota, West Virginia or Wyoming.

Types of fees charged

Fees on Spring EQ home equity loans vary based on the borrower, loan amount and state. You might be charged an administrative fee, plus third-party fees for credit report and flood certification, document prep and notaries.

Loans below $175,000 require only an exterior (“drive-by”) appraisal, while loans above that amount require an in-home appraisal. Payments made outside of the 15-day grace period will be charged a late fee.

Loan products offered

Spring EQ offers fixed-rate home equity loans, which range from $25,000 to $500,000. Repayment terms are from five years to 30 years, and you can borrow up to 95 percent of your home’s equity. Spring EQ also offers home equity lines of credit (HELOCs).

How to qualify for a home equity loan with Spring EQ

Spring EQ requires a FICO credit score of at least 620 for a home equity loan (higher if you’re borrowing more and 680 for a HELOC. Home equity loans allow for a maximum debt-to-income (DTI) ratio — your total monthly debt payments divided by your gross monthly income — of 43 percent. The lender doesn’t typically require proof of assets when you close the loan.

How to get started

You can apply for a home equity loan with Spring EQ online through its website. You can also call the lender at 888-978-9978 to speak with a loan officer. You’ll start by getting a quote, which requires just a soft credit check. To do this, you’ll need to provide your:

  • Name
  • Email address and phone number
  • Address
  • Credit score
  • Property type
  • Home value
  • Mortgage balance
  • Desired loan amount
  • Employment and credit information

Once you receive your quote, you’ll be able to complete the application process online.

After you officially apply and get approved, you’ll need to provide a form of identification, mortgage and homeowners insurance statements and proof of income.

As always, it’s best to get quotes from at least a few lenders before settling on one.

How Bankrate rates Spring EQ

Bankrate Score 4.3 Scoring factors
Availability 4.5 Fast funding but high minimum loan amount
Affordability 3.8 No discount for auto-payments and some fees
Customer experience 4.5 Online access

Methodology

To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Raija Haughn
Raija Haughn is an associate writer for Bankrate.com specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term.