SAANICH, BC – February 18, 2026 – BC-based Spring Financial has entered an agreement with Consumer Protection BC to refund more than 65,000 consumers across Canada. Eligible consumers outside British Columbia signed up for a product the company called a secured savings loan (SSL) between April 8, 2016, and March 12, 2021.
While borrowers are spread out across the country, more than 38,000 consumers in Ontario and more than 19,500 consumers in Alberta may be eligible for a refund. BC borrowers were refunded in 2023 and 2024.
The agreement, also known as an undertaking, follows an investigation prompted by a large volume of consumer complaints related to SSLs. The agreement alleges Spring Financial was deceptive in how it marketed or sold these loans.
Spring Financial has confirmed it notified all eligible consumers across Canada about the refund by email on or before December 31, 2025.
Consumers should look for an email titled “Administrative Update.” Those who did not receive the email, or believe they may be eligible, should contact Spring Financial at customerservice@springfinancial.ca.
“Spring Financial used the last known email address they had to contact these consumers. Anyone who changed their contact information or deleted the email may miss out on these refunds if they don’t reach out to the company directly,” warns Louise Hartland, director of public relations for Consumer Protection BC.
Consumers will be asked to explain their interactions with Spring Financial and must submit a claim within six months of receiving notification. Claims are due by late June 2026. If a consumer believes they are eligible for a refund and their claim is denied, Consumer Protection BC will be notified and may review the file.
Read the details of the undertaking.
For media inquiries, please contact:
Louise Hartland
Director of Public Relations
media@consumerprotectionbc.ca
About Consumer Protection BC
Consumer Protection BC is a not-for-profit regulator responsible for overseeing specific industries and consumer transactions in British Columbia. The organization’s mandate includes licensing and inspecting regulated businesses, responding to consumer inquiries, investigating alleged violations of consumer protection laws, and classifying all general release motion pictures.
With a focus on fairness and accountability, Consumer Protection BC works to ensure consumers are informed and protected. For more information, including recent enforcement actions and details about inspection and complaint-handling processes, visit www.consumerprotectionbc.ca. The organization also shares valuable consumer tips and resources through its blog and social media channels on Facebook and Instagram.
Please note information on the website is provided for general educational purposes only and should not be considered legal advice. For details, read the website disclaimer.