Interested in more information about banking with us? Please fill out the form below, and we will contact you.
About the Loan
Ready to join the micro-mobility revolution? We have good news for you. Whether you’re commuting, exercising, or taking a leisurely ride in the park, we can help you get there.
Purchasing a quality pedal-driven bike or an electric bike with a high-quality battery can be expensive. Spring Bank’s unique loan product, The GoGreen Cycle Loan, makes it simple to access affordable credit to get the bike you deserve.
We can provide loans for bike purchases from our partner bike shops around the city.
The GoGreen Cycle Loan today for a more reliable, affordable, healthier, and greener ride. Up to $2500 with no minimum credit score requirement with rates from 10.00% APR to 14.00% APR, The GoGreen Cycle Loan not only provides up to 80% of your purchase price but also creates opportunities to build credit and savings.
How Does It Work
If you are 18 years of age or older and earning a minimum of $20,000 you are eligible to apply. Getting started is simple. The process is fully automated. As part of Spring Bank’s mission as a B Corp, we are offering this loan with no minimum credit score requirement.
Once you apply and are “pre-approved” for a loan, upload the final invoice and proof of bike insurance. The final loan will be up to 80% of the total purchase price and up to the maximum amount pre-approved.
You can e-sign your final closing docs, pick up your bike and get rolling. We will pay the bike shop directly. Your loan payments to us via ACH from your chosen account begin in approximately 30 days*.
*With ACH payments interest rate is 10.00% APR. Without ACH payments, the rate is 14.00% APR. To discuss alternative payment methods, call customer service at 718-879-5198/nez, South Bronx resident.
Our Bike Shop Partners
Buying a bike from a reputable shop that sells and stands behind quality bikes is critical. That’s why we are partnering with these shops:
Our Bike Shop Partners
Buying a bike from a reputable shop that sells and stands behind quality bikes is critical. That’s why we are partnering with these shops:
Faster & Less Expensive Commute
Healthy Outcome for You & The Planet
Automatic Payments
Building And Improving Your Credit Profile/Score
Public transport, gas, car maintenance-these costs can quickly add up. Commuting by bike means saving money and time. No more late arrivals due to public transportation delays, or lack of parking.
Exchanging a bike for a car is healthier for you and your community.
Never miss a due date with automatic electronic payments.
With on-time payments, the GoGreen Cycle Loan can help you establish or improve your credit score.
Faster & Less Expensive Commute
Public transport, gas, car maintenance-these costs can quickly add up. Commuting by bike means saving money and time. No more late arrivals due to public transportation delays, or lack of parking.
Healthy Outcome for You & The Planet
Biking is healthier for you and your community.
Automatic Payments
Never miss a due date with automatic electronic payments.
Building And Improving Your Credit Profile/Score
With on-time payments, the GoGreen Cycle Loan can help you establish or improve your credit score.
Bike Insurance Options
Insurance is a requirement of our loan. Get a quote from one of the providers, Sundays Insurance, listed below. You can also select an insurance company of your choosing or provide proof of coverage from a homeowners or renters insurance policy.
FAQs
Am I eligible to apply?
If you are 18 years or older and earning at least $20,000 you can apply.
Do I need a minimum credit score to qualify?
No, we do not use a credit score to underwrite this loan.
Can I buy a bike from any bike shop or online?
No. We will only fund loans for bikes purchased at one of our partner bike shops. All of these shops are selling quality bikes and stand behind them.
Do I need bike Insurance in order to get a loan?
Yes, it is a requirement. It’s important to protect your investment and we want to help you do that. Insurance should cover full value, accidental damage and theft from and away from home.
What do I need to know about the loan?
Loan amounts range from $1000 to $2500. Interest rates range from 10.00% APR to 14.00% APR depending on your payment option. The maximum loan amount is based on 100% of your gross monthly salary. Loans are 12 months and fully amortized. There is no prepayment penalty.
Do I need to come to a branch to apply for or close on a loan?
No, the process is all done online if you opt for automatic electronic payment. Otherwise, applications and closings can be processed at a branch.
Will my loan funds be available for me to access directly?
No, the proceeds of the loan are used to pay the bike shop directly.
How do I make my loan payments?
The best option is automatic electronic payments from your Spring Bank or other bank account in which case you get a lower rate and can close your loan online. If you would like to discuss other payment options, you can call our team at (718) 879-5000 and will need to come to a branch to do your loan closing.
Schedule an Appointment
Ready to grow with us? Come in and talk to one of our account managers to see how we can help. You can open a checking account, apply for a loan, open an IRA account and much more. Use the form below to schedule an appointment:
Have any questions? Stop by a branch or call us at (718) 879-5000.
Our Promise
We don’t take it lightly that you trust us with your money. In fact, the best part about working here is getting to know our customers and their families. You’ll soon find out that you are far from a number here. On the contrary, you become part of the Spring Bank Family. We can’t wait to get to know you.
