Spring EQ Home Equity and HELOC 2025 Review: Pros and Cons

Home Equity LoansView Rates

Access up to 95% of your home equity
Most borrowers don’t require an in-home appraisal

Funds available in 21 days, on average
$1,395 origination fee
Not available in all 50 states*

Rates (APR)	Starting at 9.50%
Loan amounts	$25,000 – $500,000
Repayment terms	5 – 30 years
Min. credit score	680

*Spring EQ is not available in Alaska, Hawaii, Idaho, Massachusetts, Missouri, North Dakota, New York, South Dakota, West Virginia, or Wyoming.

Home Equity Line of Credit (HELOC)View Rates

Access up to 95% of your home equity, one of the highest LTVs available
Interest-only payments during the 10-year draw period
No in-home appraisal required for most borrowers

Requires a $50,000 minimum initial draw
Funds take an average of 21 days to become available
$1,395 origination fee
Not available in all 50 states*

Rates (APR)	Starting at 9.50%
Loan amounts	$50,000 – $500,000 ($50,000 min. initial draw; $1,000 min. on subsequent draws)
Repayment terms	10-year draw; 20-year repayment
Min. credit score	680

*Spring EQ is not available in Alaska, Hawaii, Idaho, Massachusetts, Missouri, North Dakota, New York, South Dakota, West Virginia, or Wyoming.

Spring EQ offers home equity loans and HELOCs with competitive loan-to-value ratios (up to 95%) and flexible repayment terms. It’s best for homeowners seeking fast funding and high LTVs, particularly those ineligible for top-rated HELOC providers Figure or Aven due to state restrictions or credit requirements. However, Spring EQ isn’t ideal for those prioritizing low rates or fee transparency.

Figure and Aven offer faster funding and fixed-rate HELOCs with clear fee structures. Bethpage FCU provides low introductory rates and no closing costs. For home equity loans, Discover and Navy Federal Credit Union may better serve borrowers looking for transparent terms or military-friendly benefits. This guide explores Spring EQ’s products, how they compare to alternatives, and who they’re best suited for in 2025.

Table of Contents

How does Spring EQ work?

Spring EQ offers homeowners two ways to borrow against their equity: a home equity loan and a HELOC. Both products let you convert the value of your home into cash, which you can use for home renovations, debt consolidation, or other significant expenses. However, they work differently and suit different needs.

Home equity loan

A Spring EQ home equity loan is ideal for homeowners who want a lump sum upfront with predictable monthly payments. Borrowers can access between $25,000 and $500,000, with repayment terms ranging from 5 to 30 years. Fixed interest rates ensure consistency in monthly payments.

Spring EQ allows loans on primary homes, secondary homes, and even investment properties—though the maximum loan-to-value (LTV) and rates may vary by property type. This flexibility makes Spring EQ stand out, but its starting APR of 9.50% is relatively high compared to some competitors.

Terms	Details
Rates (APR)	Starting at 9.50%
Loan amounts	$25,000 – $500,000
Repayment period	5 – 30 years
Max. LTV	95%
Min. credit score	680

HELOC

Spring EQ’s HELOC is better for homeowners who want ongoing access to funds, similar to a credit card. Borrowers can access $50,000 to $500,000 during a 10-year draw period, making it suitable for recurring expenses. Interest-only payments during this period provide flexibility, though the $50,000 minimum initial draw may be a barrier for some.

After the draw period, borrowers have 20 years to repay the balance, with payments consisting of both principal and interest. However, Spring EQ’s starting rate is on the higher side for a HELOC, and fees are not disclosed upfront, which limits transparency.

HELOC terms	Details
Rates (APR)	Starting at 9.50%
Loan amounts	$50,000 – $500,000
Draw period	10 years
Repayment period	20 years
Max. LTV	95%
Min. credit score	680

Do I qualify for a HELOC or home equity loan from Spring EQ?

Spring EQ has straightforward eligibility criteria for its home equity loans and HELOCs, but there are limitations to consider. While the lender allows borrowing on primary, secondary, and even investment properties, stricter credit and equity requirements may make it less accessible for some borrowers.

Property requirements

HELOCs: Available for primary and secondary homes
Home equity loans: Available for primary, secondary, and investment properties, with varying LTV limits

Spring EQ offers broader property options than some competitors but excludes certain property types, such as co-ops or homes in poor condition.

Equity and loan requirements

Loan amounts: $25,000 – $500,000 for home equity loans; $50,000 – $500,000 for HELOCs
Equity: You must meet LTV guidelines, which depend on property type, credit, and location

With a high maximum LTV of 95%, Spring EQ is appealing for borrowers needing to maximize their home equity. However, the $50,000 minimum HELOC draw may be too steep for smaller needs.

Location requirements

Spring EQ operates in 40 states and Washington, D.C., but isn’t available in Alaska, Hawaii, Idaho, Massachusetts, Missouri, North Dakota, New York, South Dakota, West Virginia, or Wyoming.

Credit and income requirements

Credit score: Minimum FICO of 680 for both products
Debt-to-income ratio (DTI): Capped at 45%

These criteria are standard for many lenders, but borrowers with higher DTI or credit challenges may struggle to qualify.

Application process

Prequalification: Spring EQ allows initial online applications but doesn’t offer soft credit checks for preapproval, limiting transparency about rates.
Full application: Once prequalified, you’ll submit financial and property details for approval and rate offers.

Spring EQ’s application process is 100% online, but the lack of soft preapproval is a disadvantage compared to Figure and other lenders that allow rate checks without affecting your credit score.

Pros and cons of a Spring EQ home equity loan or HELOC

Pros

Fast funding

Loans funded in as little as 11 days (average is 21 days), which is sooner than many competitors.
LTV flexibility

Borrow up to 95% of your home’s value—ideal for those looking to maximize equity.
Versatile property options

Home equity loans are available for primary residences, second homes, and even investment properties, which not all lenders allow.

Cons

Limited availability

Not licensed in 10 states, including New York, Massachusetts, and Hawaii.
Rigid payment structure

HELOC payments start at $100 minimum, regardless of balance, and due dates can’t be adjusted—they’re fixed on the 1st of the month.
Transparency issues

Appraisal and administrative fees are not disclosed upfront, which can be frustrating if you’re looking to compare costs.

Consider other institutions if you’re unsure whether Spring EQ is the right fit for your home equity needs. Check out our guide to the best home equity loans and best HELOCs for more recommendations.

Alternatives to Spring EQ

Spring EQ offers competitive options for tapping into home equity, but it may not be the best fit for everyone. Competitors Figure and Aven offer faster funding and fixed-rate HELOCs, while Bethpage Federal Credit Union provides low introductory rates and no closing costs for many borrowers.

Navy Federal Credit Union caters specifically to military families with up to 100% loan-to-value (LTV) options.

Here’s how Spring EQ stacks up against other top home equity lenders:

Lender & product	Rates (APR)	Loan amounts	LTV
Spring EQ HELOC & HE loan	Starting at 9.50%	$25,000 – $500,000	Up to 95%
Figure HELOC	6.55% – 15.95%	$20,000 – $400,000	Up to 95%
Aven HELOC	6.99% – 15.49%	$5,000 – $250,000	Up to 89%
Bethpage HELOC	6.99% (intro rate)	$10,000 – $1 million	Up to 75%
Navy Federal HE loan	Starting at 7.34%	$10,000 – $500,000	Up to 100%

Who might prefer these other options?

Figure: Ideal for borrowers seeking speedy approvals and fixed-rate HELOCs.
Aven: Great for smaller loan amounts and borrowers prioritizing low upfront costs.
Bethpage FCU: Best for those looking for a low introductory HELOC rate.
Navy Federal: Perfect for military families who want to maximize equity with 100% LTV.

How do I apply with Spring EQ?

Spring EQ makes it easy to apply for a home equity loan or HELOC online. The application process is streamlined but requires detailed information about your home and finances. Here are the steps to apply:

Start your application online. Provide basic information such as your name, contact details, and whether the property is your primary address.
Share details about your property. Input your home’s estimated value, your remaining mortgage balance, and whether you have additional liens—for example, a second mortgage.
State how much you need to borrow. Use your home equity estimate to decide the loan amount you’d like to request.
Answer financial questions. Spring EQ asks about your credit score, any past bankruptcies or foreclosures, and how you use the property. You’ll also confirm whether you have a co-borrower or are a veteran.
Get prequalified. Based on the information you provide, Spring EQ will estimate how much equity you can borrow. Note: This is not a final offer, and the lender hasn’t checked your credit yet.
Decide to move forward or wait. Choose to complete the online application immediately or wait for a loan specialist to contact you.
Submit your full application. If you proceed, Spring EQ will perform a credit check and provide specific interest rates, loan amounts, and repayment options.
Submit documentation. Finalize your loan by providing proof of income, mortgage statements, home insurance, and other required documents.

👀 Watch out for:

Prequalification is limited. While Spring EQ offers an initial estimate, you won’t see your rates until a full credit check is performed.
Document submission is essential. Missing paperwork can delay the process, so gather your documents early.

This application process is thorough, but Figure or Aven may offer a more seamless digital experience, sometimes with faster funding times. Be sure to compare processes and terms to find the best fit for your needs.

Spring EQ customer reviews

Customer reviews offer valuable insight into the strengths and weaknesses of Spring EQ’s services.

Source	Customer rating	Number of reviews
Better Business Bureau (BBB)	3.6/5	115
Google	3.8/5	733

Collected on January 15, 2025

The company is BBB-accredited and rates an A+.

What customers like:

Many customers commend Spring EQ for its efficient loan processing and competitive rates. Borrowers often highlight the smooth application process and professionalism of the customer service team. If you’re seeking quick access to funds and responsive support, Spring EQ may deliver.

👀 What to watch out for:

Not all reviews are positive. Some borrowers express frustration with delays in funding, poor communication, and unexpected changes to loan terms. Transparency regarding application status and timelines is a common concern.

Our take:

While Spring EQ earns praise for its streamlined approach and helpful staff, potential borrowers should approach with caution. Make sure you clarify timelines, understand loan terms, and manage expectations around communication to avoid frustration.

For those who prioritize transparency, alternatives including Figure or Bethpage Federal Credit Union may offer a more consistent experience.

What does Spring EQ’s appraisal process look like?

Spring EQ may require an appraisal to assess your home’s value, depending on how recently it was appraised. If your appraisal is less than 12 months old, you might reuse it for a $115 review fee. Otherwise, expect to pay $149 for a drive-by inspection or more for a full interior appraisal, depending on your loan size and home’s characteristics.

While appraisal fees are typical in the industry, the process could add to your timeline and costs—especially for larger loans requiring full inspections. Confirm these details upfront to avoid surprises, and consider whether Spring EQ’s LTV flexibility justifies the added appraisal expenses.

Does Spring EQ charge fees?

Spring EQ charges administrative fees for its home equity products, including a $149 appraisal fee (or $115 to reuse a previous appraisal), as well as credit check and document preparation fees. HELOC borrowers should also anticipate an annual fee.

While these fees aren’t unusual, Spring EQ’s lack of transparency on exact costs may leave you guessing. Be sure to clarify all potential fees with a loan specialist during the application process and weigh these against the lender’s benefits, such as high LTV limits and fast funding times.

Does Spring EQ have a customer service team?

If you have questions for Spring EQ, you can contact the customer service department:

By phone at 888-978-9978
By email (current customers only) at [email protected]
Spring EQ does not offer live chat options.

FAQ

Is Spring EQ legit?

Yes, Spring EQ is a legitimate lender specializing in home equity loans and HELOCs. The company has been in operation since 2016 and holds an A+ rating with the Better Business Bureau (BBB).

While customer reviews highlight mixed experiences—praising fast processing times but sometimes critiquing communication—the company’s transparency about terms and strong online presence solidify its credibility. However, as with any lender, it’s wise to review the terms and compare them to other options.

Can Spring EQ loans be used for investment properties?

Yes, Spring EQ’s home equity loans can be used for investment properties, unlike its HELOCs, which are limited to primary and secondary residences. This flexibility makes Spring EQ appealing to property investors who want to leverage equity for renovations, additional investments, or other financial goals. Keep in mind that maximum LTVs may vary for investment properties.

What happens if I can’t make payments on a Spring EQ loan?

If you’re unable to make payments, Spring EQ may report your delinquency to credit bureaus, damaging your credit score.

Continued missed payments could result in foreclosure since home equity loans and HELOCs are secured by your property. If you anticipate financial challenges, contact Spring EQ’s customer service team immediately to explore potential solutions, such as temporary forbearance or payment plans.

How we rated Spring EQ

We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity products. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Spring EQ to several home equity lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Our rating
Spring EQ HELOC & home equity loan	3.8/5