Over 65,000 Canadians could receive refunds from loan agency
Tens of thousands of Canadians could get refunds from Spring Financial over alleged deceptive marketing practices.
The B.C.-based loan agency has entered an agreement with Consumer Protection BC to refund over 65,000 consumers across Canada.
This follows an investigation prompted by a large volume of consumer complaints related to secured savings loans (SSLs). Canadians outside of B.C. who are eligible for the possible refunds signed up for the Spring Financial product between April 8, 2016, and March 12, 2021.
“The agreement alleges Spring Financial was deceptive in how it marketed or sold these loans,” stated Consumer Protection BC.
The provincial regulator said that while borrowers of this product are spread out across Canada, more than 38,000 consumers in Ontario and over 19,500 consumers in Alberta may be eligible for a refund. Borrowers in B.C. were refunded in 2023 and 2024.
Spring Financial confirmed with Consumer Protection BC that it notified all eligible consumers across Canada about the refund by email on or before Dec. 31, 2025.
If you think you are eligible, look for an email titled “Administrative Update.” If you did not receive the email, but still believe you are eligible for a refund, contact Spring Financial at customerservice@springfinancial.ca.
According to Louise Hartland, director of public relations at Consumer Protection BC, Spring Financial used the last known email address they had to contact consumers.
“Anyone who changed their contact information or deleted the email may miss out on these refunds if they don’t reach out to the company directly,” Hartland explained in a news release.
Canadians who are eligible for a refund will be asked to explain their interactions with the loan agency and must submit a claim within six months of receiving a notification.
Eligible consumers have until late June 2026 to submit a claim for a refund.
If you submit a claim that gets denied, Consumer Protection BC will be notified and may review the file.