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Fresh Start Finance Personal Loans

Get approved for personal loans of up to $15,000 quickly and skip the hassles of dealing with banks.

People who have filed for bankruptcy, have poor credit, have gone through collections or are going through divorce can apply for a Fresh Start Finance loan.

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Product NameFresh Start Finance Personal Loans
Min. Loan Amount$500
Max. Loan Amount$15,000
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No longer offered in the market

Fresh Start Finance has merged with Spring Financial. However, we’ve kept the information online for those who are interested.

If you’re curious about the Spring Financial personal loan, head over to our review.

Please note: All information about Fresh Start Finance Personal Loans has been collected independently by Finder and this product is not available through this site.

30-second take

If you’re having trouble securing a personal loan through traditional financial institutions like banks, Fresh Start Finance is a great option as an online lender, providing you with a quick approval process and up to $15,000 in financing to use at your discretion.

  • Think of Fresh Start Finance if you’re trying to secure a personal loan but are having trouble with getting approved. Fresh Start Finance approves loans for people who have filed for bankruptcy, have poor credit or no credit or have gone through collections.
  • Pick something else if you have a good credit score and you can secure a loan through more conventional lenders – you’ll likely score a much lower interest rate on your loan.
  • Fresh Start Finance is free to use, so you can apply for a loan at no expense to you and you are under no obligation to commit to any of the loan options offered to you.

What makes Fresh Start Finance Personal Loans unique?

Fresh Start Finance calls the current process of qualifying for a loan “archaic” and “stressful”. It says it simplifies the process, providing funding to people in a straightforward, easy to follow online application that can be filled out in less than five minutes from the comfort of your home. Fresh Start Finance says this ensures you avoid the grumpy bank teller in applying for your loan. Once you hit submit, you’ll hear from a Fresh Loans representative within a business day who will walk you through your potential loan options.

Fresh Start Finance clearly articulates that it’s willing to approve loans for people with bad credit, no credit, or a history of bankruptcies or collections. It may be a viable option for anyone struggling to get approved for a loan. It also notes its distinction from payday loans – Fresh Start Finance offers higher loan amounts and more flexible, longer repayment terms. It emphasizes that its loans don’t come with hidden costs or maintenance fees.

Finally, it has the home court advantage. Despite being an online lender, Fresh Start Finance has its headquarters in the heart of Vancouver’s financial district.

What are Fresh Start Finance Personal Loans?

Are you in need of a lump sum of cash to help you with covering bills, debt repayments, student loans, or home renovations or car repairs? Whatever your financial need may be, Fresh Start Finance provides personal loans of up to $15,000 to use at your discretion. Its entire application process is done online, so you never have to walk into a bank.

You may receive loan quotes from Fresh Start Finance within a business day, and if your identification and credit history checks out, you could receive funding within the same day.

Your interest rate may range from 29.99% and 46.96%, depending on factors like your credit score, loan amount and repayment time, along with the stability of your income.

What are the benefits of Fresh Start Finance‘s personal loans?

While there are many online lenders providing flexible loans, here are a few advantages of going with Fresh Start Finance for your personal loan:

  • Easy, secure online application with quick pre-approvals. After filling out the application form online, you’ll be pre-approved and hear from Fresh Start Finance within a business day to receive your loan quotes.
  • Anyone can apply. Fresh Start Finance allows anyone to apply for a personal loan and even accepts higher-risk applicants such as those that filed for bankruptcy and those who have issues with their credit history.
  • Loan amount of up to $15,000. You can borrow up to $15,000 from Fresh Start Finance to cover expenses such as bill payments, student debt, repairs and renovations.
  • Not a payday lender. Fresh Start Finance stresses that it is not a payday lender as evidenced by its more flexible and affordable approach to lending.
  • No fees. Fresh Start Finance makes it explicitly known on its website that it does not charge application fees, maintenance fees or any other hidden costs to use its services.
  • No cosigner needed. You can apply for financing without a cosigner on your loan. If you’ve filed for bankruptcy, you may have to provide information from your trustee to secure a loan.
  • Opportunity to rebuild credit. If you have bad credit or no credit at all, securing this loan and committing to staying on top of payments may be a great way to rebuild your credit and prove to creditors that you’re a responsible client.
  • Lengthy terms. You’ll be able to lock in a term lasting up to 7.5 years to help bring your monthly payments down. Only extend the life of your loan if you need to. Your aim is to pay off your debts as quickly as reasonably possible.
  • Content. If you’re especially new to borrowing money, Fresh Start Finance has some great blog content where you can learn more about personal lending and what to expect throughout the process.

What to watch out for

While Fresh Start Finance may seem like the silver bullet solution to your financial problems, there are some drawbacks you should consider too:

  • Steep interest rates for bad credit. You may be able to secure a personal loan despite having bad credit or no credit at all, but you could end up agreeing to steep interest rates as high as a whopping 46.96% to get your loan.
  • APR starts from 29.99%. This is a higher starting rate compared to other personal loans for bad credit.
  • No online quotes or online comparisons. After you submit your application, Fresh Start Finance will contact you by telephone to go over your loan request. Other services let you compare multiple lenders at one time on an easy-to-navigate platform so you can do your homework on various offers and interest rates before making a decision.

Compare personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500

Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.

Compare up to 4 providers

Am I eligible?

To be eligible for a Fresh Start Finance personal loan, you’ll need:

  • Proof that you’re of the legal age in your province or territory
  • Proof of your employment status and monthly income (via pay stubs or bank statements)
  • A valid Canadian identification card to confirm your identity, your address and phone number
  • An active Canadian banking account with direct deposit capability
  • Your credit report with your credit score

Keep in mind, getting your financial health in good shape is a great way to secure a lower interest rate and overall better loan conditions. While Fresh Start Finance says it will approve loan applications from people who have bad credit, no credit or a history of bankruptcy, improving on your credit score as much as possible before applying can make a big difference. You could end up securing more funds, at a lower rate and on more flexible terms, saving you money in the long run.

How do I apply?

You can apply for a Fresh Start Finance loan on your desktop or mobile phone. Simply click on the “Apply Now” button on its homepage to start the process. The whole application process shouldn’t take more than five minutes to complete:

  1. You’ll be prompted by how much money you would like to borrow from Fresh Start, up to $15,000. You can select from different ranges including: under $500, $500–$1,500, $1,501–$3,000, $3,001–$5,000, $5,001–$7,500, $7,501–$15,000.
  2. After you’ve selected the amount you’d like to borrow, it will then ask you to select your credit score rating. You’ll need to have your credit score rating to answer this question but there are also options for no credit and bankruptcy as well.
  3. It will then ask you for your employment status, whether you’re employed, self-employed, retired, on employment insurance or unemployed.
  4. Next, it will ask you to provide your annual salary, hourly wage or monthly income and how long you’ve been receiving this salary for.
  5. The application shifts into your personal details, including asking for your current address, date of birth, first and last name, phone number and email address.
  6. Once you’ve done everything on your end, Fresh Start Finance will then review your application and will contact you within the next 24 hours regarding the approval process, your loan quote and next steps.
  7. After you review and approve your loan agreement, you can provide your banking information and your loan will be deposited into your account within two to three business days.

Is Fresh Start Finance legitimate?

It is. Fresh Start Finance has its headquarters in the heart of the financial district in Vancouver on Burrard Street. It also provides live customer support seven days a week to its customers or anyone curious about taking out a personal finance loan.

It’s worth noting that Fresh Start Finance is a member of Canada Drives Group, which provides auto loans across Canada. The wider company was established in 2010 and has since received more than one million completed applications and has partnered with over 350 car dealers. Canada Drives placed 188th on the Globe and Mail’s 2020 Report on Business ranking of Canada’s Top Growing Companies, which is based on three-year revenue growth. Canada Drives earned its spot with a three-year growth of 228%. It shares the same office space as Fresh Start Finance.

How much will a Fresh Start Finance personal loan cost me?

Depending on how much you want to borrow and the length of time you wish to pay back the loan, Fresh Start Finance offers loans of up to $15,000, which can be repaid in terms of 9 months–60 months. The APR, which is the cost to borrow the money expressed as a rate, ranges between 29.99% and 46.96%.

On its website, Fresh Start Finance uses this example: If you borrowed $1,000 over 12 months at a 46.96% APR, your bi-weekly payments would be $48.51 with a total repayment of $1,261.17. You would have paid $261.17 in interest.

I got a Fresh Start Finance loan. Now what?

Use your loan wisely. Ideally, you applied for this loan for a specific reason, whether it was to consolidate your debts, pay for a home renovation or cover other important expenses you didn’t have the upfront cash for.

Your repayment options will be outlined in your contract with Fresh Start Finance. You’ll pay your loan back traditionally in bi-monthly or monthly instalments. Make sure you fit this loan repayment into your budget. This is a plum opportunity to show lenders that you are a trustworthy client and rebuild your credit if it’s in less-than-perfect condition.

You may be eligible to pay off your loan early without any penalties if you’re interested in getting out of debt faster. Check with Fresh Start Finance before you agree to your loan’s terms in case this is an important option for you.

Bottom line

If banks are turning down your personal loan application, an online lender such as Fresh Start Finance may be the best option to help you secure your loan. Fresh Start Finance aims to make the personal loans process straightforward, through a quick and easy to use online application. It emphasizes that it will work with people who have bad credit, no credit at all or who have had to file for bankruptcy so don’t be dissuaded by your past financial history.

As always, compare your loan options before choosing Fresh Start Finance. While conventional lenders like banks may not offer you funding, shop around with online lenders to make sure you’re getting the lowest interest rates and best terms that fit your needs. Fresh Start Finance doesn’t charge application fees, administrative fees or any other hidden fees with its loans.

You can also consider the wider range of personal loan options available to you.

Frequently asked questions

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