High interest but open contract.
Loan shark like interest. worse than a credit card. but its open contract witch means that you can pay it off anytime.
Personal Experience:
So I was contacted through text and ask if i was still looking for a loan. I told them then rates i was looking for. They continued with excellent and we went through the whole process. When i ask for details they could not give me a proper answer. In the end, they assumed that my credit score was poor and that i went bankrupted (which i never did & my score is good as well)
So if you have low financial literacy and want to be ripped off then you're the perfect victim for these guys.
Your better off getting a credit card since they have lower rates and longer grace period.
Reply from Spring Financial
Hi Simon, we're sorry to hear this! We are not a payday lender. Our flexible personal loans are much more affordable than any payday loan and there are no hidden costs, application fees, or maintenance fees. While paying off your credit card is important, in order to build and maintain credit you will need to have some active loans and credit cards. Banks and lenders like to see both revolving credit (credit cards or lines of credit), and installment credit (personal loans or auto loans) on a potential borrowers file. If you would like to discuss this further, please do not hesitate to reach out me directly.
Thank you,
Laura - Customer Success Manager
https://www.freshstartfinance.ca/contact