For seven months, Sébastien Vienneau, 20, says he paid around $120 a month for a personal loan with online lender Spring Financial, which he hoped would help boost his credit score. But for the more than $840 that came out of his account, he received no money upfront.
Woodstock, Ont.-based Vienneau had signed up for a so-called savings loan, which requires regular payments but provides no cash advance. While the lenders who offer these financial products say they’re meant to help people improve their creditworthiness, the loans often come with high interest rates and steep fees.
Global News has previously spoken to two borrowers from the same lender who say they didn’t completely