Refresh Financial Reviews, Ratings And Fees February 2023

Based on 3
Customer Reviews
25151 Rpo Mission Park
Kelowna, British Columbia
V1W 3Y7
Monday to Thursday 7 am - 5 pm PST Friday 7 am - 4 pm PST

Who Is Refresh Financial

Refresh is a credit building lender for people who’ve got the short end of the stick in life. In their effort to help Canadians get control of their financial situation, Refresh Financial provides two credit building products. These products are the Credit Builder Loan (formerly known as the Cash Secured Savings Loan) and the Refresh Secured Visa Card. Each product is meant to help you get the cash you need while building your credit. All payments made are reported to the credit bureaus to help build your credit score. 

How To Qualify With Refresh Financial 

Refresh Financial’s main products are credit builder loans and secured credit cards. As such, the strength of your credit will be less of an issue when you apply. Instead, their approval process is based more on your finances. For instance, you may have an easier time qualifying with Refresh Financial if you: 

  • Are at least 18-19 years old (the age of majority in your province/territory)
  • Are a permanent resident of Canada
  • Have an active banking account (with direct deposit)
  • Can provide proof of your monthly income 
  • Can provide a security deposit (for secured credit cards)

In the end, qualifying with Refresh Financial is all about your ability to cover your future payments, interest rate, and associated product fees. This is particularly true when it comes to their credit builder loans, where the stronger your application and finances are, the more likely you will be to get approved for a larger amount of financing.

A Refresh Financial secured credit card, on the other hand, will require you to provide a security deposit of $200 to $10,000 in order to qualify. Essentially, your deposit is how much credit you’d like to have access to and will be returned once your repayment plan ends and you’ve paid off any remaining costs.

How To Apply With Refresh Financial

As mentioned, the strength of your application is particularly important when it comes to applying for one of Refresh Financial’s credit building products. Luckily, the process can be completed online from almost any province in Canada (with the exception of Saskatchewan). You can also call their customer service for more information. Otherwise, you may need to provide the following documents in order to qualify:

  • Government-issued photo identification (proof of age, residency, etc.) 
  • Proof of your bank account and income (recent bank statements, etc.)
  • A pre-authorized debit form or VOID cheque (for payment purposes)
  • Completed application form (name, email address, phone number, etc.)   

Before you apply, keep in mind that you might have to provide other documents if you’re applying for a large amount of financing. Don’t hesitate to ask a Refresh Financial representative about the conditions of their application process. Once your repayment plan begins, any monthly payments (including interest and fees) will be automatically debited from your bank account, following an email notification 7 days prior.  

Features That Make Refresh Financial Stand Out

Now that we’ve uncovered their application process, let’s talk about some of the things that make Refresh Financial stand out. For example, Refresh might be the right credit building lender for you because:

  • It’s easy to qualify, even if you have bad credit or a low income
  • They report your payments to both Equifax and TransUnion
  • Good payments will gradually elevate your credit score
  • They don’t charge any upfront fees to apply
  • Credit builder loan repayment schedules are adjustable 
  • Secured credit cards have open-ended repayment plans
  • Minimum & partial monthly payments are possible for secured credit cards
  • You’ll have a grace period of 5 days to cancel your loan or card agreement 

Costs You May Encounter After Your Apply With Fresh Financial

Although a credit builder loan be the perfect solution for your finances and credit score, it’s very important to consider the costs that may be associated with these types of credit products, such as:

  • Your fixed (loan) or variable (card) monthly payments
  • Various administrative fees (origination, maintenance, commitment, etc.)
  • Possible penalty fees (if you miss payments or have non-sufficient funds)
  • Possible prepayment fees (for early payments) 
  • Your fixed interest rate
    • 19.99% for a credit builder loan
    • 17.99 % for a secured credit card

Overall, the amount you end up paying for your Refresh Financial plan will depend on how much money you’ve borrowed, how you handle your upcoming payments, how long your repayment plan lasts and, of course, what kind of product you’re applying for. 

Before you apply, always consider these potential costs, because taking on a debt that you cannot afford can harm your finances and credit score in the long run. Be sure to contact a Refresh Financial representative to discuss their available solutions if you think you’re about default on your repayment plan in any way.

Refresh Financial FAQs

How does a Refresh Financial credit builder loan work? 

Refresh Financial’s credit builder loan is not actually a loan but a way for you to build your savings and improve your credit score. When you are approved for Refresh’s saving loan, the amount of money you’re approved for is put into a secured account in a financial institution. In order to access the money, you will pay Refresh in monthly installments plus interest. Once you’ve built equity, you can draw upon it when you need it. Moreover, these payments will be reported to the credit bureaus so that you can build your credit. 

Am I eligible for a credit builder loan if I’ve recently gone through bankruptcy?

The Refresh Financial credit builder loan is specifically catered toward those who’ve been through a consumer proposal or bankruptcy. Getting access to any sort of credit is incredibly difficult after a consumer proposal or bankruptcy. As such, Refresh Financial’s credit builder loan provides you with a solution to help improve your credit so you can get approved for other credit products in the future.

Will my credit increase if I pay off the credit builder loan early? 

Your credit score is based on 5 main areas:
  • Payment history 
  • Credit utilization 
  • Credit history
  • New credit
  • Types of credit
Of these, payment history accounts for the most at 30%. This means that making on-time payments is one of the best things you can do for your credit. Paying off your loan early won’t hurt your credit, but making fewer payments means you won’t be improving your credit as much as possible.

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Credit Builder Loan

$1,250 - $10,000
Interest Rate
19.99% APR
Term (Months)
36 - 60
Funding Time
Funding Method
Repayment Options
  • Automatic payment from your bank account.
  • *Not available in Saskatchewan or Quebec
  • Bank account verification
  • Monthly income proof

Reviews & Ratings

See what others have to say about Refresh Financial

Got my credit rating moving upwards as promised.

- Tammy (August 6, 2021)

I had an amazing experience with Refresh. Great staff friendly and always quick to respond to any questions or concerns. It helped build my credit sco... read more

- C Kendrick (May 28, 2021)

Absolutely the best at helping your credit and to help build it. I have a credit building loan and a secured credit card with them and i love it. It r... read more

- Vi McLean (July 27, 2020)


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