Financing with the Spring Bank GoGreen Cycle Loan
Whether you are carrying kids, commuting, exercising, or just riding for fun, this financing option paves the way for greener, healthier, and more enjoyable transportation. Apply now and embark on your e-bike adventure today!
Apply nowHow it works
- Collect your paperwork, choose your bike, and apply online effortlessly. No minimum credit score needed.
- Receive preapproval, submit e-bike invoice and proof of insurance (or proof of a secure bike lock).
- Loan covers up to 80% of purchase price, loans up to $2500.
- Order your e-bike and start monthly payments in approximately 30 days.
Propel is partnering with Spring Bank to offer their GoGreen Cycle Loan: a financing option for up to $2500 with no minimum credit score requirement. Rates from 10.00% APR (with direct deposit) to 14.00% APR (without direct deposit). The GoGreen Cycle Loan not only provides up to 80% of your purchase price, but also creates opportunities to build credit.
How does the Loan Process Work?
With proof of income from the last six months, you are eligible to apply for Spring Bank’s GoGreen Cycle Loan. The application process is simple and fully automated, with no minimum credit score requirement.
Upon preapproval, submit the final bike invoice and proof of insurance or a lock. The loan amount will cover up to 80% of the total purchase price, and Spring Bank will pay the bike shop directly. E-sign your closing documents, bring the loan number to the bike shop (which will have a matching number), pick up your bike, and start riding. Loan payments via ACH from your chosen account begin in approximately 30 days*.
*(With 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 718-879-5198)
Faster, Cheaper Commute
Cut costs and avoid transportation delays and parking hassles.
Healthier You & Planet
Opt for a bike to boost personal and environmental well-being.
Boost Credit Score
Timely payments improve credit, with free financial counseling available.
Auto Payments
Convenient automatic withdrawals from your account for timely payments.
“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, recipient of a City Cycle Loan
What are the Insurance Requirements?
eBike insurance protects your investment. Connect with a provider like Sundays or choose your own. Proof of coverage from homeowners or renters insurance policies is also accepted. You can also demonstrate that you have a strong, city-ready bike lock.
Am I eligible to apply?
If you are 18 years or older, currently employed, and earning at least $20,000, you can apply.
What do I need to know about the loan?
Loan amounts range from $1,000 to $2,500. Interest rates range from 10.00% APR to 14.00% APR, depending on the payment option. Maximum loan amount is based on 100% of your gross monthly pay. Loans are 12 months and fully amortizing. No prepayment penalty.
Do I need a minimum credit score to qualify?
No, a credit score is not used to underwrite this loan.
Do I need to visit a branch to apply or close on a loan?
No, the entire process can be completed online with Automatic ACH.
How can I make my loan payments?
Automatic ACH payments are the best option. For alternative payment methods, call 718-879-5000.
What documents do I need to close on a loan?
Submit the invoice and proof of insurance (or lock). We can assist you through the process.