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Loan covers 80% of the purchase, up to $2,500
Pay in 12 months with 10.00 – 14.00% APR
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HOW IT WORKS
If you are 18+ years of age & earn a minimum of $20,000 a year, you can apply for the
GoGreen Cycle Loan
COLLECT DOCUMENTS
Prepare for your application by collecting the documents listed below.
SHOP FOR YOUR BIKE
Shop for a variety of high quality bikes and UL-certified bikes from our trusted NYC bike shop partners.
317 Grand St.
New York, NY
Shop Online
314 Flushing Ave.
Brooklyn, NY
Shop Online
43-50 11th St. #200B
Queens, NY
Shop Online
151 W. 19th St.
New York, NY
Shop Online
4622 7th Ave.
Brooklyn, NY
Shop Online
APPLY FOR YOUR LOAN
Note : There is a $30 fee for approved loans. This can be paid via credit/debit card before loan closing.
INSURE YOUR PURCHASE
Spring Bank requires proof of insurance as part of the GoGreen Cycle Loan.
It’s important to protect your bike investment. Get a quote from Sundays* or any insurer of your choice. You may also provide proof of coverage from renters or homeowners insurance.
*Please note: Spring Bank does not have a partnership with and is not responsible for bike insurance companies and/or their products.
GRAB YOUR BIKE & ENJOY!
Upon loan approval, pick up your bike and get rolling! We’ll pay the bike shop directly, and you’ll begin loan payments in approximately 30 days.
Here are some sample prices to help you calculate costs*
- *These may not reflect current prices at the shops. If you don’t see your bike shop listed, let us know.
FAQs
What do I need to know about the GoGreen Cycle Loan?
The GoGreen Cycle loan will cover 80% of your e-bike purchase, up to $2,500. Customers are required to pay 20% of the e-bike cost at the time of purchase. Interest rates are 10.00% APR with ACH payments. Loan periods are 12 months and fully amortized, with no prepayment penalty.
How much do I need to pay each month?
Monthly payments are as follows
- $219/month for aTX $2,500 loan (interest paid: $137.48)
- $175/month for a $2,000 loan (interest paid: $109.98)
- $130/month for a $1,500 loan (interest paid: $82.49)
- $88/month for a $1,000 loan (interest paid: $54.99)
Am I eligible to apply?
If you are 18 years or older, living in New York, and earning at least $20,000 a year, you can apply for the GoGreen Cycle loan.
What is the minimum credit score to qualify?
None – Spring Bank does not use a credit score to underwrite the GoGreen Cycle Loan.
Where can I purchase a bike
See the list of approved shops on our website that carry UL certified E Bikes and non-electric bikes
Can I use the loan to purchase e-bike accessories or gear?
Yes! The bike shop can add accessories and gear to your total loan amount.
Why do I need bike insurance in order to get a loan?
We all know that things can happen, and it’s important to protect your e-bike investment, just as you would a house or car purchase. Insurance can protect your e-bike from theft, vandalism, accidental damage, and more.
Where can I get bike insurance? *
Several insurance providers offer bike insurance, including Sunday’s Bike Insurance or Velosurance. Select homeowners or renters insurance policies may also provide coverage. No matter your provider, insurance should cover full value, accidental damage, and theft from and away from home. Your insurer will provide you with a proof of insurance document, which you must upload to the Spring Bank loan platform.
[*Please note: Spring Bank does not have a partnership with and is not responsible for bike insurance companies and/or their products.]
Can I apply for the loan in person?
The simplest and fastest way to apply in online. However, you can come to a branch to a branch.
Will I have direct access to my loan funds.
No. We will use you loan proceeds to pay the bike shop directly.
How do I make my loan payments?
The quickest, safest and least expensive method is to set up a recurring ACH payment. That process is set up on the loan platform. For other payment options, please contact customer service at 718-879-5000.