Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Refresh Financial Credit Builder Loan

Last updated:  

Apply for the Refresh Financial Credit Builder Loan and focus on building your credit score – no credit check required.

With no credit check, the Refresh Financial Credit Builder Loan has a high approval rate, helping Canadians across the nation get more affordable financing through improving their credit scores.


Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameRefresh Financial Credit Builder Loan
Benefit DescriptionMin. credit score: 300
Interest Rate19.99%
Min. Loan Amount$1,250
Max. Loan Amount$25,000
Loan Term3-5 years
Turnaround TimeSame day
Go to site
More Info

The Refresh Financial Credit Builder 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 premise of this Refresh Financial secured loan is to help you build your credit score. 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

Name Product Interest Rate Loan Amount Loan Term Fees Credit Score Link
Refresh Financial Credit Builder Loan
$1,250 - $25,000
3-5 years
No administration or origination fees.
Min. credit score: 300
Go to site
More Info
No funds are provided by Refresh upfront. Instead, funds are placed into a secured account to be accessed later. Your payments are reported to the credit bureaus, potentially impacting your credit score.

Compare up to 4 providers

How does borrowing from Refresh Financial work?

The Refresh Financial Credit Builder 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 kind of Refresh Financial secured 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.

Loans can be borrowed in increments ranging from $1,250 to $25,000 (excluding Saskatchewan residents) with terms of 3 years or 5 years. Interest rates are as low as 19.99%.

One factor to take into account is the Better Business Bureau score that Refresh Financial currently has: 3/5 stars, as of May 2021.

Features of a personal loan from Refresh Financial

The Refresh Financial Credit Builder Loan includes the following features:

  • Low interest rate. Receive a low interest rate of 19.99%.
  • Flexible borrowing amount. Canadians (excluding Saskatchewan residents) can borrow amounts ranging from $1,250 to $25,000.
  • Flexible loan terms. Borrowing terms range from 3-5 years.
  • 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 Credit Builder 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 19.99% (excluding Saskatchewan), the APR of the loan ranges from 19.99% to 19.99% once you take both fees and the interest rate into account.

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
Go to Refresh Financial 's website

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.

Bottom line

The Refresh Financial Credit Builder Loan is a secured loan designed to help you build your credit by reporting your payments to the major credit bureaus. No credit check is required. Learn more about building your credit with our guide to improving your credit score.

Go to site