Refresh Financial Reviews, Ratings And Fees 2020

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. 

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.

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.