Spring EQ: 2022 Home Equity Review

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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 39 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 snapshot

Loan types offered Home equity loan
Home equity line of credit
APR range Starting at 4.06% for HELOCs
Starting at 5.183% for home equity loans
Loan amount range $25,000 to $500,000
Minimum credit score required 640
Repayment terms 5 to 30 years
Average time to approval Same day

Loan details will vary by location. Loan terms and APRs presented are based on the 15003 ZIP code.

Spring EQ is best for borrowers with good credit

Spring EQ received Bankrate’s 2022 award for best home equity loan for people with good credit. Spring EQ’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.

Benefits

When deciding whether or not to work with Spring EQ, consider some of its biggest 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.
  • Competitive interest rates: Compared with other top home equity lenders, Spring EQ’s interest rates are relatively low. As of February 2021, the lender’s APRs start at 5.21 percent. The average home equity loan APR is 4.98 percent, according to Bankrate data.
  • Easy application process: You don’t need to visit a bank branch to apply for a home equity loan. Instead, you can get a quote and apply online. Loan officers are available if you need help.

Drawbacks

Spring EQ may not be the right choice for everyone. Here are some of its main drawbacks:

  • Fees: Spring EQ charges an appraisal fee (though only exterior appraisal is required for loans below $175,000), and you may be charged an administration fee. documents fee and late fee.
  • Limited availability: Spring EQ does not offer loans in Alaska, Idaho, Hawaii, Wyoming, North Dakota, South Dakota or West Virginia. It also does not currently offer loans in Missouri, New York or Massachusetts, but the lender says those areas will be in its service area soon.

Types of fees charged

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

Loans below $175,000 require only an exterior 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 5 to 30 years, and you can borrow up to 97.5 percent of your home’s value between your mortgage and a home equity loan. Current APRs sit as low as 5.21 percent. Spring EQ also offers home equity lines of credit.

Once you apply, you’ll receive an instant response, and you can receive the funds in as little as 11 days. On average, borrowers receive their funds from Spring EQ in 18 days.

How to qualify for a home equity loan with Spring EQ

Spring EQ requires a FICO credit score of at least 640 to get approved. It also has a maximum debt-to-income ratio — your total monthly debt payments divided by your gross monthly income — of 50 percent.

The lender allows borrowers to have a CLTV of up to 97.5 percent as long as you have a credit score of at least 740, and it 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 or email servicing@springeq.com.

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 autopayments 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.
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