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Refresh Financial Reviews, Ratings And Fees 2020

Based on 1
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 Cash Secured Savings Loan and Secured Credit Cards. 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. 

Refresh Financial FAQs

How does a Refresh Financial savings loan work? 

Refresh Financial’s savings 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 savings loan if I’ve recently gone through bankruptcy?

The Refresh Financial savings 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 savings 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 savings 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

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Loan Range
Rate & Terms
Product Details
Requirements & Documents

Secured Credit Card

Up to 10,000
Interest Rate
Term (Months)
Funding Time
Funding Method
Repayment Options
  • Online payments through Refresh website
  • Online payments through online banking
  • Must be the age of majority in your province 
  • Must not be reapplying in the last 30 days 
  • Must be able to provide security funds of up to $10,000.00 to Refresh
  • Government-issued photo ID

Cash Secured Savings Loan

$1,600 - $25,000
Interest Rate
9.47% - 20.07% APR
Term (Months)
36 - 60
Funding Time
Funding Method
Repayment Options
  • Automatic payment from your bank account.
  • Bank account verification
  • Monthly income proof

Reviews & Ratings

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This is a trusted service provider in Canada.

- Loans Canada (February 5, 2020)

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Refresh Financial Reviews on Loans Canada
Best Personal Loan Provider by Greedy Rates

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