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Let’s talk about Fresh Start Finance, where personal loans are made easy. As an affordable and convenient alternative to payday loans in Canada, this online lender can set any Canadian up with the financing they need. If you’re struggling financially and your bank says no, Fresh Start may be the solution you’ve been looking for.
How Do Canadians Qualify With Fresh Start Finance?
Unlike many banks and other prime lenders in Canada, Fresh Start Finance seems to take in clients who have lesser finances and lower credit scores. However, there are still a few different standards to pass in order to qualify for a loan or create an account.
To be eligible for a personal loan through Fresh Start Finance, you may need:
- Proof that you’re the age of majority in your province/territory (18-19+)
- Proof that you have steady employment/income (recent pay-stubs, etc.)
- An active banking account with direct deposit capability
- A credit report & credit score to examine
At the moment, their site doesn’t have too much information about the full requirements for their loan products (see their General Terms of Service page to learn more), but you may also have to fill out various personal details, such as your name and residency. The better your financial health is when you apply, the better your interest rate and overall loan conditions will be.
How Can Someone Apply With Fresh Start?
Like most online-based lenders, the Fresh Start Finance webpage offers up an application process that takes a few minutes to complete. As long as all your information checks out, you should receive a loan quote within 24-hours. After that, the decision is up to you.
If you accept the offer, it may take one or two business days to receive the loan by direct deposit.
What Features Does a Fresh Start Personal Loan Have?
In essence, Fresh Start Finance offers simple personal loans with minimal requirements, which is part of what makes their products appealing. Nonetheless, it’s always a good idea to weigh the positive and negative aspects of any lender’s services prior to applying with them. After all, you want what’s best for your financial situation.
Here are a few features that come with a Fresh Start personal loan:
- No hidden or administrative fees will be added to your final loan balance
- Their interest rates are adjustable and displayed on their website
- Repayment terms are also flexible (9 – 60 months)
What Costs Might Be Included With a Fresh Start Personal Loan?
As previously mentioned, one of the best parts about applying with Fresh Start Finance is that you shouldn’t be subject to any of the administrative fees that might accompany a personal loan from a more traditional lender.
However, apart from the principal loan balance, the largest cost that you’ll have to watch out for with Fresh Start is their interest rates, which are relatively high and range from 29.99% – 46.96%. Although these rates may be adjusted according to your financial health, as well as your home province or territory, they can certainly drive up the full cost of your loan throughout your repayment term.
That said, this is the case for most lenders that accept clients who have bad credit, low incomes, or recent problems with debt management, so bear that in mind whenever you’re searching for credit.
What Are The Pros and Cons of Applying With Fresh Start Finance?
Remember, weighing the positive and negative features of your chosen lender is an essential part of the pre-application process. Take a look at the list below before you apply for a personal loan through Fresh Start Finance:
- Processing and approval times are quick compared to other lenders
- Reasonably sized loans may be offered to qualified clients
- No extra fees will be added to your final loan balance
- High-interest rates involved
- Not enough information concerning loan requirements or costs
Fresh Start Finance FAQs
How do I apply for a loan with Fresh Start?
Who is eligible for a loan with Fresh Start?
What information do I have to provide for a personal loan?
How could a personal loan affect my credit?
- A hard inquiry will show up on your credit report for several months, causing a small, temporary decrease in your credit score.
- If you accept the loan, an account will be opened under it and will receive a credit rating from 1-9, in this case, labelled “I” because the loan is installment-based.
- If you follow your repayment plan responsibly, your timely payments will improve your credit and make it easier to get approved for favourable credit products in the future.
- Late, short, and missed payments, on the other hand, will have a totally opposite
How often will I have to make loan payments?
- Bi-weekly (26 installments/year)
- Weekly (52 installments/year)
- Semi-monthly (24 installments/year)
- Monthly (12 installments/year)