Spring EQ HELOC Lender Review

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ByChristopher Boston
Edited byVictoria Copans
ByChristopher Boston
Edited byVictoria Copans

Updated: November 27, 2023

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Spring EQ stands out as a HELOC lender by offering access to up to 95% of your home's equity, more than most lenders. Its flexible repayment options, including a potential 10-year interest-only period, may be appealing for substantial home projects. However, its lack of online payment options and transparency regarding rates and fees might deter some. Best suited for borrowers with high credit scores and significant home equity, Spring EQ may not be ideal for those seeking digital convenience or clarity in loan terms.

  • Spring EQ

    • UndisclosedAPR Range
    • 680 (700 for 95% equity)Minimum Credit Score
    • Up to $500,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • 14 to 21 daysTime to Receive Funds

    With Spring EQ, it's possible to submit your application in the morning and having a loan decision by evening. However, you may have to wait up to 21 days to get your funds, though the wait time can be as short as 14 days.

    A standout feature of Spring EQ is its free estimate offering. With a quick online questionnaire, you get a glimpse of the credit limit you might receive. Moreover, Spring EQ generously allows access to 95% of your home's equity, a significantly higher percentage than many lenders. That means more financial power to manage your needs or pursue opportunities. Spring EQ's blend of speed, simplicity and substantial equity access makes it a compelling choice for your HELOC needs.


    • Access up to 95% of home's equity
    • Flexible repayment terms from five to 30 years
    • Option for up to 10 years of interest-only payments
    • Fixed interest rate options for predictable payment planning
    • High loan amounts (up to $500,000)


    • Minimum credit score of 680 for a HELOC.
    • Full interior appraisal required for loans over $175,000
    • Title insurance needed for loans over $250,000
    • No online payment option available
    • Does not show APR or fees on its website
    Spring EQ

Spring EQ Features

Embarking on a HELOC journey with Spring EQ could be your ticket to fulfilling various financial goals. Whether you're renovating your home, consolidating debt or navigating unexpected expenses, the way Spring EQ structures its loan terms and draw periods might align with your plans. Remember, you also need to ensure you can manage the funds efficiently once you receive them. A good customer service experience can also play a part in smoothing out your journey. Here are some of the main features of Spring EQ to help you get a clearer picture of whether this lender fits the bill for your HELOC aspirations.

What Can You Use Your Funds For?

Unlocking the equity in your home with a Spring EQ HELOC opens up a realm of possibilities. However, some lenders restrict how you can use these funds — here are some of the avenues Spring EQ allows you to explore with your HELOC funds:


Spring EQ’s HELOC gives you access to needed funds and the freedom to use them in diverse life scenarios, easing potential financial burdens.

Spring EQ HELOC Fees

Understanding Spring EQ HELOC fees will help you avoid financial surprises down the line. Here’s a breakdown of fees you might encounter:

  • Loan Administration Fee: A $195 fee is tied to managing your loan, a common practice among lenders to cover processing costs.

  • Annual Maintenance Fee: Keeping your HELOC accessible comes with a $99 yearly fee, ensuring your line of credit is always ready when needed.

  • Appraisal and Title Insurance Fees: You may require a home appraisal and title insurance to ensure the value of your home is accurately assessed and the title is clear of any issues. The associated fees are your responsibility.

  • Late Payment Fee: Remember to make your payment within the 15-day grace period to avoid any late payment charges.

Knowing these fees upfront helps you make an informed decision, bringing you closer to securing a HELOC that sits well with your financial landscape.

HELOC Terms and Draw Periods

Spring EQ provides a range of loan term options to cater to varying financial needs and goals. You can select a loan term ranging from five to 30 years. Remember, a shorter term can help clear the debt faster, while a longer one results in smaller, manageable payments.

The draw phase, which can be as long as 10 years (for a 30-year term), allows you to access funds as needed, starting with a minimum initial draw of $50,000 and at least $1,000 for subsequent ones. The interest-only payments during this draw period lighten the financial load, allowing you to tackle only the interest on the amount drawn. As the draw period closes, the repayment term begins, spanning 20 years under the standard structure. This phase chips away at both the principal and the interest, gradually reducing your loan balance.

However, if you choose a shorter total loan term — say 10 years — the structure of the draw and repayment periods would need to be tailored to fit this shortened timeline, which might impact the availability of features like interest-only payments.

HELOC Limits and Interest Rates

Spring EQ presents an opportunity to access up to 95% of your home equity, while many other lenders have an 85% cap. The extra 10% can be a game changer, offering a larger cushion of funds, especially with higher home values. You could tap into up to a whopping $500,000 without the hassle of refinancing.

The best part is that Spring EQ offers fixed interest rate options, a feature that brings a sense of stability amidst the usual variable rates seen in traditional HELOCs. It means your rate won’t increase over time, making for more effective budgeting.

Customer Service

Customer support is a key consideration when choosing a HELOC lender because it ensures you have an open line for queries or concerns. Fortunately, Spring EQ provides a network of support.

If you need help with your loan application, call (888) 978-9978. For setting up payments, dial (855) 463-7407 or use the online form for autopay, as online payments aren't an option.

If you wish to request a loan payoff, contact Servicing@Springeq.com or call (855) 463-7407. They'll review your situation and get back to you with the next steps within two business days.

Eligibility Criteria

Knowing what Spring EQ considers when reviewing your HELOC application puts you in a better position to be approved. We'll explore three factors Spring EQ looks at closely: your credit score, the type of property you have and the equity it holds, and your income and employment status. Unpacking these can help you gauge where you stand and what to expect when you hit the apply button.

Minimum Credit Score

Spring EQ sets different credit score standards for its home equity products. For a HELOC, you'll need a score of at least 680. If you're looking to borrow up to 95% of your home's equity, a credit score of 700 or above is required.

These credit score requirements are Spring EQ's way to gauge your trustworthiness with credit. The higher your credit score is, the more doors open up for you, like accessing a higher percentage of your home's value. It's important to know where your credit stands so you can determine if it matches what Spring EQ is looking for, ensuring a smoother application journey.

Property Type and Home Equity

Unlike the usual in-home appraisal, a simpler drive-by appraisal is often all that's needed to get approved. This requirement depends on a few factors, like how long you've owned your home and when it was last appraised.

For example, if you had an appraisal done within the last year, you might be able to use that. However, a full interior appraisal becomes necessary if your HELOC limit exceeds $175,000. Limits exceeding $250,000 also require title insurance.

While Spring EQ doesn't mention a minimum equity requirement, it's common for lenders to require a homeowner to have around 15% to 20% equity to get a HELOC.

Income and Employment

In order to get a HELOC, you typically need to provide proof of income, assets and employment during the application process.

Any extra income, like bonuses or rental earnings, could be a plus. A stable job history, often of two years or more, is viewed favorably. If you're self-employed, be ready with tax returns and business financials. Spring EQ also looks at your debt-to-income ratio, which must be 45% or lower for a HELOC.

Who Should Consider Spring EQ

Spring EQ offers a blend of loan options, a comfortable credit score window and the chance to tap into a good chunk of your home's equity. However, it may not be an ideal fit for everyone, and assessing whether it's your best choice could save you from roadblocks later and help ensure Spring EQ aligns with your long-term goals.

Who Can Benefit From a Spring EQ HELOC

For those with a credit score of 680 or higher, Spring EQ is an appealing option, especially if you have a significant amount of home equity. A higher score — 700 or above — positions you favorably and allows you to tap into up to 95% of your home's equity. That's notably higher than many other lenders allow, making Spring EQ particularly attractive if you're aiming to maximize the financial potential of your home's equity.

With Spring EQ, the appraisal process is a breeze. Often, it opts for a drive-by appraisal, which is far less intrusive and time-consuming than a full in-home evaluation. This streamlined approach is ideal for anyone who prefers simplicity and efficiency.

Lastly, if you're not in a rush to get your hands on the funds, Spring EQ's timeline will suit you well. It boasts a swift approval process, and although it can take around 21 business days for you to receive the funds, it's a reasonable timeframe for those who can afford to wait a little. Spring EQ is a fitting choice for borrowers who align with these specific situations and preferences.

Who Shouldn’t Secure a HELOC From Spring EQ

If you value the convenience of online transactions, Spring EQ might not be your best match. Unlike many lenders in the digital age, Spring EQ doesn't offer an online payment system, which could be a downside for tech-savvy borrowers. Additionally, geography plays a significant role in your choice, as Spring EQ lists non-serviceable states, including New York and Massachusetts. Residents in these areas will need to consider other lenders.

Transparency is another key factor. Spring EQ doesn't publicly disclose its minimum interest rates and some fees, which might not sit well with borrowers prioritizing clear and upfront information.

How to Apply

If you're interested in this lender, here's how to start your HELOC journey with Spring EQ:


Initial Contact

You'll first have to complete a simple online application or make a phone call to a Spring EQ loan officer. Filling out the online form requires sharing basic personal and financial details, which will prequalify you for a loan amount.


Formal Application

With a prequalification in hand, you transition to a more formal application stage. This entails sharing a bit more about your financial landscape. Spring EQ will ask for additional documentation like proof of income and your mortgage statement.


Document Submission and Support

Spring EQ’s digital platform and a dedicated team of support experts will be there to assist as you submit the required documents. The platform is designed to keep the process streamlined, ensuring you're well-guided at every step.

A swift response from Spring EQ marks the conclusion of your application journey. It often reaches decisions within minutes and disburses funds within 21 business days. Spring EQ’s process is clearly structured to make it as simple as possible to get a HELOC and reach your financial goals.

What to Do If You’re Denied

Facing a denial on your HELOC application with Spring EQ can feel like a setback, but it could open up avenues to regroup and strategize. Here are some strategies to apply if Sprint EQ denies your initial application:

Understand Denial Reasons

Knowing why your application was denied is the first step. Spring EQ, like other lenders, is required to provide a denial letter explaining the reasons. It could be related to credit score, income or other factors. Understanding these reasons is foundational to making a successful future application.

Improve Eligibility

Once you have a clear picture of the reasons for denial, improve your qualifications. That could include paying down debt to improve your credit score or perhaps stabilizing your income by seeking additional employment.


When you've addressed the issues that led to the denial, it's time to reapply. Ensure that you have all necessary documentation in order and that your financial situation has improved to meet Spring EQ's criteria before reapplying.

Consider Alternative Financing Options

If reapplying isn't in the cards, explore alternative financing options. Other types of loans or lenders with different criteria might be a better fit.

Seek Financial Counseling

Engaging with a financial counselor can provide valuable insights to help you manage your finances better. They can guide you on various aspects to prepare you for future loan applications.

Denial isn't the end of the road — it offers you a chance to improve and take deliberate steps to move towards a more secure financial future.

FAQ About Spring EQ HELOCs

You can get a clearer view of what Spring EQ offers as a HELOC lender by going through these commonly asked questions.

What is the minimum credit score required for a Spring EQ HELOC?
How quickly can I receive funds with Spring EQ?
What states is Spring EQ HELOC available in?
Are there any fees associated with a Spring EQ HELOC?
What can I use a Spring EQ HELOC for?
How can I contact Spring EQ's customer service?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

  • Spring EQ. "About." Accessed October 22, 2023.
  • Spring EQ. "HELOC." Accessed October 22, 2023.