Research and Insights

Enova and SpringFour are Chicago-based fintechs working together to improve families’ financial health. The two companies began to explore a partnership in October of 2019, and by the spring of 2020, Enova had launched SpringFour resources via S4direct to its CashNetUSA and NetCredit brands. Read the case study to find out more about how this partnership helped customers through the COVID crisis and beyond.

SpringFour today announced that it delivered almost 3.3 million financial health referrals to Americans in need in 2020. SpringFour increased its support with 37% more resources available and 21% more cities covered, and increased its subscribers by 43%, which included 44% more banking and lending clients including Avant, Elevate, Enova, and two of the top 10 U.S. banks and others, and 25% more nonprofit clients.

Each year, SpringFour surveys the users of its S4pro tool – agents and counselors who use S4pro to provide vetted financial resources to customers in need. The survey helps us get a finger on the impact our referral tool has on our clients’ business, their employees working directly with consumers in need of financial assistance, and customer outcomes. Among other insights, the survey shows that SpringFour has become an integral piece of many companies’ COVID-19 response strategies.

Read insights from SpringFour’s VP of Impact and Research, Katy Jacob, on an impending crisis in access to healthcare that would impact up to a third of the country. Healthcare costs and access impact every aspect of Americans’ financial health, and here at SpringFour, we have seen first-hand how the COVID-19 pandemic has led to the increased need for additional healthcare savings resources for families.

Financial health survey reveals that families face major challenges in paying for basic resources and do not know where to turn for assistance.

SpringFour is in a unique position to help address issues related to the unprecedented financial strain caused by the COVID-19 pandemic. Our mission and business model has always been to partner with financial institutions and others to provide specific, local resources to families who need financial assistance. To this end, in late July, SpringFour issued a report of findings related to trends in resource need following the COVID-19 pandemic.

The United States may be on the brink of an unprecedented eviction crisis with 23 million renters at risk of losing their homes. The CARES Act, which included a temporary eviction moratorium, stopped protecting renters from eviction on July 31. In response, SpringFour’s data team developed a Tenant Tip Sheet to help end users struggling to maintain adequate housing. This tip sheet provides essential information on tenant rights and responsibilities under the CARES Act, provides links to local and state eviction moratoriums, and provides links to tenant advocacy organizations and rental resources available through SpringFour.

SpringFour Co-Founder and CEO Rochelle Gorey discusses SpringFour’s journey to becoming a Financial Health Network Leader.

No financial institution wants to have to give its customers bad news–especially in a time like this, when so many are experiencing financial hardship due to the COVID-19 pandemic. Forward-thinking companies are looking for ways to help turn a negative experience into a more positive exchange during this trying time–but they often don’t have the right resources at their fingertips. SpringFour can help you connect to your customers and enable your employees to feel that they are providing a value-added service that no other lender can offer.