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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Refresh Financial

Finanso.Multilogin™

About lender

Refresh Financial is a digital commerce bank that was established to help people from any background build a better financial reputation. The company's services are specially meant for people who might not be offered better solutions elsewhere.

This is done by offering the customers the programs and solutions which allow them to build credit safely. Refresh Financial is focused on loans because they believe it is a key part of financial freedom.

The aim of Refresh Financial is to assist the residents of Canada in taking control of their finances and achieving their financial goals. Due to a variety of reasons, people may have less than desirable credit scores, and the lender offers them easy ways to get back on track, offering proper personal solutions.

The company believes in respecting people's limited time as well as making the most of individual differences and working together to create change. This means that every Refresh Financial client is promised a satisfactory experience and information to be better equipped to deal with the banking system through a wide range of programs.

Refresh Financial serves customers across Canada (excluding Saskatchewan).

Features

  • 100% online application process. Refresh Financial offers a convenient registration and onboarding process that can be completed from the comfort of the client's home; hence there is no need to go to a physical branch or have a face-to-face meeting with the Refresh Financial Company specialists.

  • Due to the convenience and speed of the online application, all clients can get everything they require for their personal loan to get approved in a matter of minutes. In addition, every payment, either monthly or bi-weekly, made towards repaying the lending is instantly reported to credit bureaus which helps to build the client's credit.

  • Instant borrowed money transaction via e-transfer. This means that clients can receive their loans the very same day they complete the application process. This convenience makes it perfect for taking care of urgent financial obligations such as bills and for consolidating debt.

  • Loan amounts from $1,250 to $10,000 with monthly or bi-weekly repayment plans.

  • No hidden fees or penalties. Refresh Financial is committed to responsible and transparent service. They ensure transparency by displaying all the fees involved in loans in a clear and understandable manner.

  • To use the service of VISA brand Secured Card clients have to transfer a security deposit.

  • Bi-monthly and monthly payments of the size, which is convenient for the customer.

  • Timely paid Credit Builder Loan helps improve credit score and thus, receive a car loan, solve issues with your mortgage broker, etc.

Advantages

  • No need for perfect credit history to receive financing.

  • The real-time online loan application process also includes tools to evaluate applications without requiring any documents.

  • No need to wait in lines or fax long forms.

  • Refresh Financial also offers clients the opportunity to earn a percentage back on the borrowing cost of every credit paid off.

  • Payments on a Credit Builder Loan are made to a secured account, which the consumer can access at any moment and withdraw the savings.

  • Black Tier service allows the client of Refresh Financial digital commerce bank to track in real-time their credit-building progress. This feature is provided through the connection to the credit reports of TransUnion.

Loan terms and conditions

Refresh Financial offers customers Credit Builder Loan with the following terms and conditions:

  • Credit limit amount is provided in fixed sizes ranging from $1,250 to $10,000.

  • The fixed interest rate of 19.99%.

  • Loan terms vary from 36 to 60 months.

  • No money is given upfront.

  • Round-the-clock instant decisions.

  • No credit check is applied; people with bad credit history can qualify.

  • No collateral is required to access the loan.

The terms and conditions for VISA International Secured card are:

  • The credit limit is between $200 and $10,000

  • The annual charge is $12.95

  • The maintenance fee is $3 a month.

  • The fixed interest rate of 17.99%.

  • No credit check at credit bureaus is applied.

Methods of loan granting

Money is transferred by the lender with an e-transfer or a direct deposit.

Company documents

Privacy Policy
Terms of use
Refresh Dashboard Black Tier Terms of Use

We help people from any background build a better financial reputation

© Refresh Financial

Financial products

Refresh Financial
Credit builder loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,250-$10,000
Rate
i

Effective interest rate on the product

up to 19.99%
Term
i

Loan term for the financial product

up to 60 months

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$500-$20,000
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Effective interest rate on the product

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9 - 84 months

Calculate loan payments in Refresh Financial

Refresh Financial calculator will allow you to calculate an approximate payment schedule for the loan

Refresh Financial calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 25.09.2022
Loan amount
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CAD
CAD
1250 $
10000 $
Loan term
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months
days
36
60
Province

What to pay attention to when applying for a loan from Refresh Financial

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Refresh Financial from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Refresh Financial’s reviews by September 2022
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