Spring EQ: 2025 Home Equity Review

How Bankrate scored Spring EQ

Affordability: 4 stars

• APR: Spring EQ doesn’t advertise rates on its website, but they tend to be competitive, even a tad on the low side, compared to other lenders. 
• Minimum draw: For fixed-rate HELOC: $25,000 or 75 percent of the total line, whichever is greater. For variable-rate HELOC: $50,000 or 75 percent of the total line. These are high minimums compared to other lenders. 
• Fees: Spring EQ charges an administration fee for all of its home equity products — as much as $999 — and other closing costs. HELOC borrowers are also charged a $99 annual maintenance fee. Though these charges aren’t atypical, some lenders don’t have any.

Despite decent rates, high minimum draw requirements and closing costs pull the affordability score down to 4 out of 5 stars. 

Availability: 4.7 stars

• Credit score: Spring EQ’s home equity loans require a minimum credit score of 640. For HELOCs, a minimum score of 660 is needed. That’s lower than the criteria set by many other lenders. (Borrowers must also meet Spring EQ's guidelines, like a maximum 45 percent debt-to-income ratio — 50 percent for some borrowers — and an appraisal of your home’s value.)
• Loan minimum: $25,000 for fixed-rate products, $50,000 for the variable-rate HELOC. That’s on the high side for home equity lenders.
• Loan products: Spring EQ provides home equity loans and adjustable-rate HELOCs, and unlike most lenders, it also offers a fixed-rate HELOC.
• Footprint: Spring EQ is in 48 states. It doesn’t offer loans in Hawaii or New York.

Being in a majority of states and having a variety of products nets Spring EQ a 4.7 out of 5 stars for availability.

Borrower experience: 4.3 stars

• Rate transparency: Rates aren’t displayed online; you have to submit your information to see what rate you might qualify for. But a non-binding, non-guaranteed offer is displayed in seconds (without a hard credit check).
• Convenience: You can contact Spring online or by phone. Once you get the HELOC or home equity loan, Shellpoint Mortgage Servicing or Select Portfolio Servicing (SPS) will be the servicer of your loan. You will need to contact them if you have any questions about your payments or monthly statements. 
• Customer service: Spring EQ doesn’t have any physical branches, so you must apply and interact online. The lender also has a very basic chat function if you have any questions (not a live person, more of a bot that directs you elsewhere).

Spring scores 4.3 out of 5 stars for borrower experience largely due to the lack of physical branches. 

Spring EQ reputation

Spring EQ has been a Better Business Bureau-accredited business since 2016. The lender gets an A+ rating.

What Bankrate users say about Spring EQ

On Bankrate, a recent customer said that they experienced “extremely poor communication” from the company.