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Micromobility Made Affordable
Are you ready to join the micromobility movement? We have good news for you. Whether you’re commuting, exercising, or taking a leisurely ride in the park, we can help you get where you need to go with our GoGreen Cycle Loan.
Purchasing a quality pedal-driven or electric bike with a high-quality battery can be expensive. Our unique loan product, the GoGreen Cycle Loan, makes it simple to access affordable credit to purchase the bike you deserve.
We can provide loans for bike purchases from our partner bike shops around the city.
Apply for the GoGreen Cycle Loan today for a more reliable, affordable, healthier, and greener ride. Access up to $2,500 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. Loan periods are 12 months and fully amortized, with no prepayment penalty.
Example: APR = Annual Percentage Rate. A fixed rate loan of $1,000 at 10.00% APR, payable in 12 monthly payments of $87.92 each. Application fee = $30. Rates vary by payment method.
How It Works
If you are 18 years of age or older and earning a minimum of $20,000 a year, you are eligible to apply for the GoGreen Cycle Loan. Getting started is simple, and the process is fully automated. As part of our 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 bank account begin in approximately 30 days.*
*When you enroll in ACH payments, the interest rate is 10.00% APR. Without ACH payments, the rate is 14.00% APR. To discuss alternative payment methods, call customer service at 718-879-5000.
Our Bike Shop Partners
It’s important to make sure you’re buying a bike from a reputable shop that sells and stands behind quality bikes. 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:
The Benefits
Faster & Less Expensive Commute
Healthy Outcomes for You & The Planet
Commuting by bike can save you money and time, which means you can take your commute into your own hands.
Whether you’re commuting or just riding in the park, a bike is a healthier choice for you and the planet.
Automatic Payments
Building And Improving Your Credit Profile/Score
We make payments easy by accepting automatic electronic payments, so that you never miss a due date.
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.
Testimonials
“With biking, I don’t have a problem with parking. I’m not worrying about gas prices or always filling up the tank. Plus, I’m doing my part for the environment so my kids can have a better future.”
— Pamela Martinez, South Bronx resident
“I know that the GoGreen Cycle Loan with Spring Bank will help folks have ease of mind when they need transportation, It’s a really good option for riders.”
— Diego Costales, GoGoGone
Bike Insurance Options
We require proof of insurance as part of our loan. Get a quote from a provider such as Sundays Insurance, linked below. You can also select any 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 a year, you can apply for the GoGreen Cycle Loan.
Do I need a minimum credit score to qualify?
No, we do not use a credit score to underwrite the GoGreen Cycle Loan.
Can I buy a bike from any bike shop or online?
No — we are only funding loans for bike purchases through our partner bike shops. It is important that you purchase a quality bike from a reputable shop. That’s why we are partnering with select bike shops who uphold high quality standards for their bikes.
Do I need bike Insurance in order to get a loan?
Yes, bike insurance is a requirement for the GoGreen Cycle Loan. 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?
GoGreen Cycle Loan amounts range from $1,000 to $2,500. 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. Loan periods are 12 months and fully amortized, with no prepayment penalty.
Do I need to come to a branch to apply for or close on a loan?
No, the GoGreen Cycle Loan application process is all done online if you opt for automatic electronic payments. Otherwise, applications and closings can be processed at one of our branches.
Will my loan funds be available for me to access directly?
No, when you apply for the GoGreen Cycle Loan, we will pay the bike shop directly.
How do I make my loan payments?
You can enroll in automatic electronic payments straight from your bank account, which will allow you to receive the loan at a lower APR of 10.00%. If you would like to use a different payment method, the APR for your GoGreen Cycle Loan will be 14.00% and you will need to visit a branch to do your loan closing. To explore alternative payment options, please call our team at (718) 879-5000.
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.
