Credit Rehab Savings Program

Did you know you could reestablish your credit score while saving a little bit of money every month?

That’s what the credit rehabilitation saving program is all about. Basically, it works like this: you enter the program and take out a loan, the money from the loan is used to buy you a GIC, you make small monthly contributions to your loan and over the term of your loan pay it off. At the end, you reap the benefits of your GIC.

In other words, this program allows you to save by contributing to a GIC through a loan. Since you are paying down a loan you benefit from establishing your credit score as your payment history gets reported to the credit bureaus. On top of that, you are saving money and improving your financial profile. It’s a great way to get smart about your finances or get a fresh start.

Who Can Benefit From a Credit Rehab Savings Program?

If you’re in the midst of a bankruptcy, a consumer proposal, or a debt management program, the credit rehabilitation program can help you rebuild your credit and get you approved for a loan in the future. Or if you are a student or a new immigrant, the credit rehabilitation program is an excellent way to start building your credit rating. It’s also great for people with bad credit history looking to improve their financial future in order to make bigger investments or financial commitments. 

Confused about what a credit score and credit report are? Click here to learn more.

How do People Use The Money From Their Credit Rehab Savings Program?

  • For unexpected expenses or to build an emergency fund
  • To pay off debt
  • To put a down payment on a house
  • To pay for school or to pay off student loans
  • For retirement
  • To pay for a vacation
  • To make a down payment on a car
Refresh Credit Builder Loan
*Not available in Quebec and Saskatchewan

Your Loan, Your Money, Your Reason

Credit rehabilitation savings programs are perfect for people who just want to start saving some money while improving their credit. No specific reason is needed to apply for a credit rehab savings program, it’s your loan and once it’s paid off, it’s your money to do with as you please. Whether you’re looking to start an emergency fund, pay off student loans or get back on track after a job loss, a credit rehab savings program will help you with whatever financial goals you have or issues that you want to correct.

Check out these surprising perks of having good credit.

Pros and Cons

When making any kind of financial decision it’s very important that you have all the information needed to make the best choice possible for your situation. Understanding both the pros and cons of a credit rehab savings program will provide you with all the information needed to handle the financial responsibility.

Pros of a Credit Rehab Savings Program

  • Affordable: A credit rehab savings program is very affordable, you’ll make one low payment each week until you’ve paid off your loan, the amount will depend on how big of a loan you decide to get. Because your weekly payment is so low most people often find that they do not need to make any significant changes to their budgets. You can expect to pay anywhere between $10 and $40 a week, depending on the size of your loan.
  • Convenient: The convenience of a credit rehab savings program is unparalleled. The rate of approval is extremely high, the application process simple and straightforward and the payments affordable. And once you’ve finished making your affordable payments not only will you have saved a significant amount of money but you’ll have improved your credit score and created a credit history for yourself. It doesn’t get any more convenient than that.
  • High Approval Rate: Because the actual money you’re being lent acts as its own collateral the approval rate for a credit rehab savings program is very high. Secured loans are a great option for those with lower credit scores or no credit history, the security means lenders take on less risk so they’re willing to lend to more people.

Cons of a Credit Rehab Savings Program

  • Waiting for Your Money: With a credit rehab savings program you only get the money you’re borrowing after you’ve paid it off. For some people, this might not seem like the best option because they need the money right away. What most people don’t understand is that a credit rehab savings program has a specific use, it’s for people who aren’t able to get other types of loans because of their past financial issues. This type of loan is secured and therefore people with bad or no credit can be approved. A credit rehab savings program improves your credit score and helps you save money at the same time.
  • Interest and Fees: All loans and forms of credit have interest rates and fees, so while some people might decide against a credit rehab savings account because of the fees, they’ll be hard-pressed to find any type of loan that doesn’t come with fees. It’s something we all have to deal with, what’s important is that you choose a credit rehab savings loan that works best for you.

Interested in even more services to help improve your credit? Check out this article.

Start Rebuilding Your Credit History Now

Rebuilding your credit history is a serious task and sometimes it can take years, this is why it’s so important that you have a plan. Adding a credit rehab savings program to your plan of attack will not only help you improve your credit score quicker but will help you save money. A credit rehab savings program is a financial tool, one that is not only very easy to use but very easy to be approved for. No matter what your financial past looks like, a credit rehab savings program can help you achieve your goals and refresh your finances for a brighter and better financial future.

What are you waiting for? An improved financial future awaits. Get started on your credit rehabilitation savings program application today.

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Industry Spotlight

What's happening with Canada's credit industry?

addy ⎯ Making Real Estate Accessible To All Canadians

addy ⎯ Making Real Estate Accessible To All Canadians

Check out our interview with addy; a platform that allows Canadians to invest in different properties across Canada with as little as $1.

Read Post
Find The Best Rate
In Your Region
Best Personal Loan Provider by Greedy Rates

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.