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If you’re not ready to apply now, complete the form below for more information and we will contact you.
Ride Now
Pay As You Go!
Hit the road on a high-quality bike
for as low as $88/month.
no minimum credit score required.
Loan covers 80% of the purchase, up to $2,500
Pay in 12 months with 10.00 – 14.00% APR
Set up automated payments
Build your credit score
Access free financial coaching here
HOW IT WORKS
If you are 18+ years of age & earn a minimum of $20,000 a year, you can apply for the
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.
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*
- Velotric T1 Step-Thru
- Retail Price: $1,000
Available loan amount: $800
- Aventon Level 2 Commuter
- Retail Price: $1,700
Available loan amount: $1,360
- Trek Verve+ 2
- Retail Price: $2,500
Available loan amount: $2,000
- *These may not reflect current prices at the shops. If you don’t see your bike shop listed, let us know.
CALCULATE YOUR
GOGREEN CYCLE LOAN PAYMENTS
$800
Slide to increase the amount$2500
$800
12 Months
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 Go
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.