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Spring EQ: 2023 Home Equity Review

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At a glance

Rating: 4.3 stars out of 5
Bankrate Score
  • Availability
    Rating: 4.5 stars out of 5
  • Affordability
    Rating: 3.8 stars out of 5
  • Customer Experience
    Rating: 4.5 stars out of 5

About Spring EQ

  • Moneybag

    Loan amount


  • Credit Good

    Min. credit score

    680 for HELOCs; 620 for home equity loans (700 or higher for 95% CLTV loans)

  • Rates

    Repayment terms

    5 years to 30 years

  • Funds available in

    Same day; funding in average of 18 business days

Spring EQ features

Here's a breakdown of some of the benefits and drawbacks of Spring EQ home equity loans.

Spring EQ overview

Founded in 2016, Spring EQ offers home equity loans and lines of credit (HELOCs) with quick funding and high loan maximums. The lender is headquartered in Philadelphia but operates in the majority of states and Washington, D.C.

Spring EQ snapshot

Home equity loan types Home equity line of credit (HELOC)
Home equity loan
Loan amounts $25,000-$500,000
Credit score minimum 680 for HELOCs; 620 for home equity loans (700 or higher for 95% CLTV loans)
Repayment terms 5 years to 30 years
Average time to approval Same day; funding in average of 18 business days

How Bankrate rates Spring EQ

Bankrate Score 4.3
Affordability 3.8/5
Availability 4.5/5
Borrower experience 4.5/5


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.


  • Spring EQ offers instant loan qualification and funding in as little as 11 days. On average, borrowers receive their funds in 18 days.
  • The lender offers loans of up to $500,000.


  • 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 you’ll be responsible for other third-party fees like a credit check.
  • Spring EQ doesn’t currently offer loans in Alaska, Hawaii, Idaho, Missouri, New York, North Dakota, South Dakota, West Virginia or Wyoming.

Types of fees charged

The 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. Any loans below $175,000 require only an exterior (“drive-by”) appraisal, while loans above that amount require an in-home appraisal. You’ll be charged a late fee if you make a payment outside of the 15-day grace period.

Home equity loan products offered

Spring EQ offers fixed-rate home equity loans, which range from $25,000 to $500,000. The 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 or HELOC 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.