Refresh Financial Cash Secured Savings Loan
Apply for the Refresh Financial Cash Secured Savings Loan and focus on building your credit score - no credit check required.
The Cash Secured Savings Loan isn’t your typical loan. You don’t actually get the loan funds upfront, instead the funds are placed into a secured loan account which can be accessed once you pay off the loan. The remise of this loan is to help you build your credit score. With no credit check, the Cash Secured Savings Loan has a high approval rate, helping Canadians across the nation get more affordable financing through improving their credit scores.
Refresh Financial was founded in British Columbia in 2010. The financial provider operates in Canada only and strives to help Canadians live a stress-free financial future.
Compare personal loans from Refresh Financial
How does borrowing from Refresh Financial work?
Refresh Financial offer a Cash Secured Savings Loan. This loan is unique, where you don’t actually receive the funds upfront. Instead, the loan funds are placed into a secure account which can be accessed later. The idea is that you pay off your loan before you receive access to it, and your loan repayments are reported to the credit bureaus: Equifax and TransUnion.
This type of loan gives you the opportunity to increase your credit score if you make timely repayments. On the other hand, if you fail to make on-time repayments, your credit score will be negatively impacted.
Loan amounts range from $1,600 to $25,000 (excluding Saskatchewan residents) with terms of 3 years or 5 years. Interest rates sit between 5.95% to 7.95%, depending on the loan amount and term you decide on. Quebec residents can borrow either $1,200 or $2,300 for 36 months at a rate of 29.95%, while rates are not listed for Saskatchewan.
Although Refresh Financial offer low interest rates, an origination fee of $250 - $1,000 depending on loan size is charged. Taking into account the fees and interest rates, the APR for loans is between 9.47% and 19.9% (excluding Quebec). Another factor to take into account is the Better Business Bureau score that Refresh Financial currently has: 3/5 stars, as of November 2019.
Features of a personal loan from Refresh Financial
The Refresh Financial Cash Secured Savings Loan includes the following features:
- Low interest rate. Receive a low interest rate of 5.95% to 7.95%, depending on the loan amount and term. This interest rate does not apply to residents of Saskatchewan. Residents of Quebec will face a rate of 29.95%, while there is no rate listed for residents of Saskatchewan.
- Flexible borrowing amount. Canadians (excluding Saskatchewan residents) can borrow amounts ranging from $1,600 to $25,000. Quebec residents can take out a loan of either $1,200 or $2,300. Borrowing amounts are not listed for Saskatchewan.
- Flexible loan terms. Borrowing terms range from 3-5 years, depending on the loan amount you borrow. Residents of Quebec can borrow for 3 years only, while terms are not listed for residents of Saskatchewan.
- No credit check. Since these loans help Canadians build up their credit scores, no credit check is required. However, there is some basic eligibility criteria that must be met including meeting a minimum income requirement.
- Access to an educational portal. Refresh f.i.t is an online educational tool that provides you with free access to money management tips and tricks, including information on finances and money, as well as ideas on how to increase your credit score.
How much will a Refresh Financial personal loan cost?
It’s free to apply for the Refresh Financial Cash Secured Savings Loan. The overall cost of your loan will depend on the amount of your loan and the length of your loan term. Although interest rates are listed from 5.95% to 7.95% (excluding Saskatchewan), the APR of the loan ranges from 9.47% to 19.9% (excluding Quebec) once you take both fees and the interest rate into account.
Additional fees include:
- A loan origination fee of $250 - $1,000 depending on loan size, which is deducted from the loan amount.
Ready to apply? Here’s how.
In order to be eligible for a Refresh Financial loan, you must at a minimum:
- Be a resident of Canada
- Be at least 18 years old, or the age of majority in your province or territory
- Have a Canadian bank account
- Minimum monthly income of $1,000/month
You’ll need the following details and documents to complete your application:
- Personal details including name, email address, Social Insurance Number, phone number and current address
- Employment information and proof of income
- Banking details and bank statements
You will need to enter basic details such as your name, email address and phone number. You will be contacted by a Refresh Financial representative, where you can discuss your needs and continue the application process. Have your employment and financial details handy in order to speed up the application process.