This week, Consumer Protection BC announced that Vancouver Island–based lender Spring Financial has agreed to refund more than 65,000 consumers across Canada who signed up for what it called a “secured savings loan” (SSL) between April 8, 2016, and March 12, 2021.
While the regulator is based in British Columbia, the impact stretches far beyond provincial borders. According to the release, more than 38,000 eligible borrowers live in Ontario — the largest group affected outside B.C. Another 19,500 are in Alberta. British Columbia borrowers were refunded in 2023 and 2024.
For Ontario residents, this is not a class-action windfall automatically deposited into bank accounts. It is a time-sensitive opportunity that requires attention.
What happened?
The agreement — formally known as an undertaking — follows an investigation prompted by a high volume of consumer complaints related to Spring Financial’s secured savings loans. The regulator alleges the company was deceptive in how it marketed or sold the product.
Though details of individual complaints vary, secured savings loans were generally promoted as tools to help consumers build credit. The undertaking does not constitute a court finding of wrongdoing, but it does commit the company to providing refunds to eligible borrowers outside British Columbia.
Spring Financial has confirmed that it emailed all eligible consumers by December 31, 2025, using the last known email address on file. The subject line to look for: “Administrative Update.”
That detail may prove crucial.
Why many Ontarians could miss out
People change email addresses. Messages get filtered to junk folders. Some accounts are abandoned entirely.
Louise Hartland, Director of Public Relations for Consumer Protection BC, cautioned that anyone who changed their contact information — or deleted the email — may miss the opportunity unless they proactively contact the company.
Eligible consumers must submit a claim within six months of receiving notification. For most recipients, that means a deadline in late June 2026.
Consumers will be asked to explain their interactions with Spring Financial as part of the claims process. If a claim is denied and the consumer believes they are eligible, Consumer Protection BC may review the file.
What Ontario residents should do now
If you signed up for a secured savings loan with Spring Financial between April 2016 and March 2021:
- Search your email inbox — including spam and archived folders — for “Administrative Update.”
- If you believe you are eligible but did not receive an email, contact Spring Financial directly at customerservice@springfinancial.ca.
- Act before late June 2026 to preserve your claim.
High-cost credit products often target consumers seeking to rebuild or establish credit. That makes transparency and clarity in marketing especially important. While the regulatory action originated in British Columbia, its financial implications now extend deeply into Ontario households.
For tens of thousands of Ontarians, this is less about headlines and more about checking an inbox — and potentially reclaiming money they are owed.
As always, residents should review official information carefully and avoid sharing personal financial details except through verified company channels.
