Spring EQ: 2025 Home Equity Review

Spring EQ overview

Founded in 2016, Spring EQ is a privately held company located north of Philadelphia, in Pennsylvania. It is one of the fastest-growing non-bank lenders in the nation, and a leading online lender. While it offers a variety of home financing products, it specializes in second-liens: home equity loans and home equity lines of credit (HELOCs).

In 2024, Spring added a fixed-rate HELOC to its suite of home equity and mortgage products.

Home equity products offered

Spring EQ offers fixed-rate home equity loans and home equity lines of credit (HELOCs), ranging in size from $25,000 to $500,000. The fixed-rate loans have terms of five, 10, 15, 20, 25 and 30 years. The fixed-rate HELOC has terms of 15, 20 and 30 years, with a three-year draw period.

Its variable rate HELOCs range from $50,000 to $500,000. The repayment terms are 5 to 30 years. You can make interest-only payments for the first 10 years.

The financing is available on primary homes, second homes and investment properties. You can borrow up to 90 percent of your home’s equity, depending on your credit score. 

How Bankrate scored Spring EQ

Affordability: 4

• 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. 
• Draw minimum: For fixed-rate HELOC: $25,000 or 75% of the total line, whichever is greater. For variable-rate HELOC: $50,000 or 50% of the total line. These are high compared to their competitors. 
• Fees: Spring EQ charges an administration fee for all of its home equity products – as much as $799 — 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. 

Availability: 4.5 

• Credit score: Spring EQ’s home equity loans require a minimum credit score of 640, and with HELOCs, at least a score of 660. That’s the minimum required by home equity lenders, and lower than the criteria set by many. 
• Loan minimum: $25,000 for fixed-rate products, $50,000 for the variable-rate HELOC. That’s on the high–average 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 41 states. It doesn’t offer loans in Alaska, Hawaii, Idaho, Missouri, New York, North Dakota, South Dakota, West Virginia or Wyoming.

Being in a majority of states and having a variety of products nets Spring a 4.5 out of 5 for availability.

Borrower experience: 3.8

• Rate transparency: Rates aren’t displayed online; you have to submit your information to see what rate you might qualify. 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 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 3.8 out of 5 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 consumers say about Spring EQ

On Bankrate, many customers praise Spring EQ: “Communication was responsive, processing was simple, and closing was quick” — with funds available within three weeks, several say. A few, however, did complain about the paperwork (“replied to over 20 document requests over the period of 4 weeks”). 

How to qualify for a home equity loan with Spring EQ

Home equity loan borrowers must have a 640 FICO score, while HELOC borrowers must have a minimum 660 FICO score. Borrowers must also meet Spring EQ's guidelines, like a maximum 45% debt-to-income ratio and an appraisal of your home’s value.

How to apply with Spring EQ

You can apply for a home equity loan or HELOC with Spring EQ online through its website. You will begin by entering information about yourself, including your name, property address, phone number and email. You can also call the lender at 888-978-9978 to speak with a loan officer. You’ll start by getting a quote, which involves a soft credit check.