Which Province is The Easiest to Borrow in?
Lending laws are federally regulated, so it doesn’t matter where you obtain your loan. But, certain types of loans are regulated at the provincial lev...
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:
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.
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:
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.
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:
Although a credit builder loan or secured credit card may 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:
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.
For instance, opening a secured credit card will include a yearly service charge of $12.95, plus a $3 monthly maintenance fee. Since your repayment plan is open-ended, you could end up paying more over time than you would with a credit builder loan.
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.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Refresh Secured Visa Card | Up to 10,000 |
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Cash Secured Savings Loan | $1,600 - $25,000 |
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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
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Lending laws are federally regulated, so it doesn’t matter where you obtain your loan. But, certain types of loans are regulated at the provincial lev...
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