In this guide

  • Our verdict
  • Details
    • Product Details
    • Fees
    • Application Requirements
  • Your reviews
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Fresh Start Finance review

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Fresh Start Finance Personal Loans
Loan Amount
$500 - $15,000
Min. Credit Score
All information about Fresh Start Finance Personal Loans has been collected independently by Finder. Finder is not connected with Fresh Start Finance products, and this page is not sponsored, endorsed or administered by, or associated with, Fresh Start Finance. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Fresh Start Finance loans are no longer available in Canada.

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.

In this guide

  • Our verdict
  • Details
    • Product Details
    • Fees
    • Application Requirements
  • Your reviews


Product Details

Product Name Fresh Start Finance Personal Loans
Loan Amount $500 - $15,000
More Info


Fees No application fees or origination fees
More Info

Application Requirements

Serviced Provinces/Territories Across all Canada.
Min. Credit Score 300
Requirements Credit score, employment status, monthly income.
More Info

Alternatives to Fresh Start Finance

1 - 9 of 9
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
Customer Survey:
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
Customer Survey:
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
Customer Survey:
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
Customer Survey:
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
Customer Survey:
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fig Personal Loans
Finder Score:
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
SkyCap Financial Personal Loan
Finder Score:
Customer Survey:
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
Up to 36 months
Requirements: no min. income, min. credit score 560
goPeer Personal Loan
Finder Score:
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.

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.

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. 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.
  2. It will then ask you for your employment status, whether you’re employed, self-employed, retired, on employment insurance or unemployed.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

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