Business ProfileforSpring Financial Inc.

As of July 23, 2018 the BBB notes what appears to be a pattern among the complaints received regarding Spring Financial. 

Customer Service Issues

- Consumers alleged that they initially contacted Canada Drives and were transferred to Spring Financial. Some also alleged that they were informed by the business that "Canada Drives, Fresh Start, and Spring Financial" are the same company. 

- Consumers alleged that they were misled that they would receive a loan the same day but found that they would not receive the loan amount until 3 years later. They alleged that they were informed of this after they had signed the documents sent to them via email. 

- Consumers alleged that they were unable to speak to a representative within a reasonable time period. Consumers indicated that when they did reach a company representative, the conversations did not have any concrete results. They also alleged that representatives were unprofessional and insulting when on the phone.

Contract and Sales Issues

- Consumers alleged that they were persuaded/pressured/rushed to make a decision on a secured loan even though they did not fully understand and was not given time to review the full documentation. They also alleged that they were told that they were approved for the loan and that the contract would be discussed after it was signed. 

- Consumers alleged that the business indicated that they would not cancel or void the contract. They also allege that they would need to pay the loan in full, a large sum of money or specifically $1700 to cancel the contract. 

We offered Spring Financial the opportunity to address the above identified pattern. Find their response below.

The following is a response to your letter dated May 15, 2018 RE: Pattern of Consumer Complaint.

Thank you for bringing forward the concerns of the BBB. We have reviewed each of the concerns and prepared a response for each one below. Spring and the rest of the Canada Drives Group takes its reputation and brand image very seriously and makes every effort to ensure a positive experience for each of our customers.
Spring works with over 220,000 customers each year and is proud to say that we have received outstanding feedback from our customers over a number of different platforms. Our internal surveys which are sent to every customer rank Spring at 4.2 out of 5. Our google reviews fast part of the Canada Drives group) have similarly rated us 4.3 out of 5 stars. Considering the overwhelmingly positive feedback we continue to receive from many of our customers, we do not believe the concerns raised by the BBB are representative of a trend or pattern amongst our customers. Nevertheless, Spring is happy to provide the below responses that outline the current processes and procedures that enable us to ensure a great service to every customer. Spring will continue to work with the BBB and
respond to every customer issue that comes up.

Customer Service Issues

- Spring Financial is part of the Canada Drives Group of Companies. When a consumer
applies with any company in the Canada Drives Group they agree to receive offers
from any company in the Group. The Canada Drives Group does their best to present
consumers with offers that are tailored to their specific financial situation.

- One of the products that Spring offers is a secured personal loan. When taking this
product the borrower directs all of the loaned funds to be held in trust as security
against the loan. Once the borrower's obligations are paid in full (maximum of three
years), the amount held as security will be released and returned to the borrower.

The security described above as well as the other pertinent loan details such as
term, payment amount, payment frequency and payment dates are all disclosed to
the borrower verbally and in the loan documents. Further, after signing the
borrowers receive a text message and email confirming the details of their loan and
the relevant contact information should they have any questions.

- Every borrower is provided the relevant contact information for our Client Care
department should they have any questions. The Client Care department responds
to all types of inquiries within 1-3 business days. All customer interactions across
Spring Financial are monitored and reviewed for quality on a regular basis.

Contract and Sales Issues

- Spring Financial allows all consumers to review the loan documents before signing.
All consumers have the opportunity to ask questions and be certain they understand
the terms of the agreement prior to signing. No consumers are forced to sign a loan
contract. If a borrower has further questions after signing the loan contract they are
able to contact the Client Care department with any concerns. The Client Care
department strives to ensure each question is answered and that any outstanding
issues are resolved with each customer.

- Spring Financial's customers are borrowers who have entered into a loan agreement
with Spring (the lender). Once a loan agreement is signed and the loan funded, the
agreement cannot be voided or cancelled. In order for the agreement to end, the
funds held as security must be disbursed and the outstanding principle balance
must be repaid. If a borrower would like to close their loan with Spring they can call
the Client Care department and come to the appropriate arrangement to pay out
their loan.

We trust that the above sufficiently addresses the concerns in your letter. Thank you for
raising your concerns and we look forward to continuing to work together.

Spring Financial has implemented a number of initiatives aimed at increasing clarity
around our brand, products and services, ensuring staffcompliance, and increasing
overall customer satisfaction. The below is an outline of the major initiatives that
have been put in place.

Quality Assurance (QAl) Team

Spring has employed a team of 10 quality assurance agents whose primary job is to
review and produce reports on sales calls. The QA team completes reviews on a
random basis which ensures that sales made by each agent are reviewed. The
reports from the QA team are distributed to managers and coaching is provided to
agents on a weekly basis. Any significant agent errors are reported to management
and dealtwith immediately. The major goals of the QA team are to ensure that
agents are adequately and accurately explaining the product and the required
mandatory disclosures (loan terms, payment frequency etc.), that each customer is
given time to ask questions and review documentation, and that their questions are
answered correctly. The QA team regularly provides feedback to managers on ways
the scripting and training can be improved and managers implement this feedback
in order to improve the customer experience. The QA team is a significant
investment by Spring to ensure the highest level of compliance and quality in all our
transactions.

Compliance Training

Spring has implemented a mandatory compliance training program for all customer
facing agents. All agents receive the training in their firstweek after being hired and
then are required to attend weekly compliance reviews for the duration of their
employment with Spring. The compliance training covers regulatory requirements
such as telecommunications and do not call rules as well as the sales and customer
services standards expected at Spring Financial.

Spring Help Center

To provide customers another way of learning about Spring and our products,
Spring recently launched the Spring Help center which can be found at
www.springfinancial.ca. This is vast resource of frequently asked questions which
can provide many answers to customers and potential customers without having to
call in and speak with an agent.

Canada Drives Website

Additions have been made to the Canada Drives website so that customers are able
to see that Spring Financial is part of the Canada Drives Group of companies.
We trust that the above provides significant examples provide significant evidence
that Spring and the Canada Drives Group is consistently striving to have a positive
brand image and happy customers. Thank you for raising your concerns and we look
forward to continuing to work together.