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FreshStartFinance.ca Review

FreshStartFinance.ca has a simplistic view of the process of borrowing money. Operating entirely online and available to all Canadians. They offer a simple way to borrow through an interactive application unique to every applicant’s circumstance.

With no hidden fees and a direct offer, applicants can review the loan offer and accept it or reject it. The convenient personal loan quoted to you; is custom designed by an authorized FreshStartFinance.ca agent. It is calculated with your income and monthly debt ratio in mind. The agent presents the best possible solution to your request for funds.

Their service is geared towards low-income households, lower credit score applicants, or clients with debt management issues.

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Written by: Piggyy

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Author

Loan Amount

$500 - $15,000
4.3/5
4.3/5

Piggyy Rating

FreshStartFinance

Loan Term

9 - 60 months

Est. APR

% 29.99 - 46.96

Loan Amount

$500 - $15,000
Pros
  • Fast and easy application and approval process
  • Quick approval within minutes
  • Funding within 24 hours
Cons
  • Only works with specific provinces, not all of them
  • APR rates are somewhat higher than others

 

 

Their main office is strictly for operations and does not accept any walk-ins. Therefore, they are unable to provide any services from the location. 

 

Main Office located at:

600, Two Bentall Center

555 Burrard Street

Vancouver, BC V7X 1M8

 

Toll-Free 1-888-556-6441

Live customer support 7 days a week. 

Questionnaire form on site: Www.FreshStartFinance.ca

 

There are no contact emails for any departments on the site. They suggest contacting them through their toll-free number. The mobile number and valid email you provide during your application will be used to contact you if necessary. When sending an inquiry, be sure to leave a contact number so an authorized representative from FreshStartFinance.ca can call you back.

 

Personal Loans

The only type of loan that FreshStartFinance.ca offers is a personal installment loan. The limits and terms of the loan will change based on the applicant’s information. A potential borrower can apply online from anywhere in Canada. A straightforward process: 

 

  1. Apply
  2. Review loan document
  3. Provide banking information
  4. Receive loan direct deposit
  5. Receive a quote
  6. Get funded

 

FreshStartFinance.ca states that all credit scores are approved. Although, it is required that your score is examined as part of the approval process. The risk assessment is done to limit any loss to the company. You are designated a risk rating based on your credit history, and the loan you are presented with will reflect those calculations. 

 

The interactive application will vary with every result as the answer changes per person. However, the ease of the application process allows potential borrowers to explore the borrowing possibilities relevant to them. 

 

 

Fees

FreshStartFinance.ca does not disclose any fees regularly included in their loan agreements as the terms are subject to each individual’s risk assessment and income. The site does not detail the initial costs for loan processing and dispersal. They do, however, provide examples and a breakdown of the fees and interest combined. 

 

Loans applicants can select from ranges from $100-$15000, with an APR ranging from 29.99% to 46.96%. The APR will be based on your risk assessment rating from the team. Selected repayment terms offered range from 9 months to 60 months. Offering clients the option of lowering their payments and staggering them out over a more extended period. 

 

Example:

$1000 borrowed for 12 months at a 46.96% APR. (The maximum interest charged by FreshStartFinance.ca)

Applicants bi-weekly payments will be $48.51

The total repaid with interest is $1261.77

The total cost of the loan is $261.17

 

This example provides the information that a potential borrower might be the deciding factor—a relatively lower rate than most installment loan companies servicing Canada. 

 

The site states that there are no application fees, no maintenance fees, no hidden costs. The rate quoted by the FreshStartFinance.ca agent when your initial application was accepted is the same rate you will pay on the last day of your loan. Providing you have maintained your repayment schedule and have not defaulted on any of the terms. 

The Criteria

FreshStartFinance.ca requires very minimal criteria for the eligibility of their applicants. 

 

Applicants must provide: 

  • Proof of age
  • Proof of income
  • Proof of active bank account
  • Credit report and credit score to examine for final decision. Supposing that an applicant has a lower than average credit score, FreshStartFinancial.ca does not base their decision on that. 

 

Classified as an installment loan company, FreshStartFinance.ca reports payments made on their loans to the credit bureau. So, applicants that acquire their service are still committing to credit rebuilding. 

 

They account for the efforts you have made towards your credit building. They also empathize with circumstances that perhaps you may be experiencing. Finally, they say yes; they intend to help struggling Canadians who need access to extra funds. 

 

If you’ve had a bankruptcy, poor credit, going through collections, going through a divorce, or gone through one recently, are new to credit, paying back student loans, the application is 100% tailored to you. 

 

Funding For ..?

The question of what you require the funds for is not part of the approval process at all. However, FreshStartFinance.ca understands that different circumstances arise that we may not want to disclose, or perhaps we do not think it should be mentioned. 

 

They don’t discriminate against your reasons for wanting to acquire funds. Many people have different reasons. Their service is simple, fast cash for any reason. Pay off your bills or educational expenses. Have some vehicle repairs that need to be made? Are you planning on making a purchase and require extra cash? 

 

FreshStartFinance.ca is not concerned with your intentions of the money; they are only worried about your ability to maintain your commitments with their company. 

 

 

 

General Terms and Conditions

As funds are typically directly deposited within 24 hours, most of the verification process must be completed online for the quality control measures the team at FreshStartFinance.ca offers as their special terms of service. 

 

Their online terms and conditions advise applicants that they do not store or disclose any of their details to any third parties. In addition, your information is encrypted through bank-level security software. 

 

Part of the verification process involves the applicant using the BVS (Bank Verification System) to verify their income and provide the FreshStartFinancial.ca agent a detailed account of their finances. 

 

They need this information to calculate your risk assessment to the company. They try to approve everyone, but they may suggest a traditional lender or other debt management institution if they cannot find a suitable arrangement for you.

 

Rave Reviews

Their site has a widget provided by both Trustpilot and Feefo. Customers have given FreshStartFinance.ca an excellent rating through both platforms. 

 

Trustpilot 4.6 Stars (out of 2066 reviews)

Feefo 5 Star Service Rating (out of 84 reviews)

 

The Application

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Click the “Apply now” button below, a new window will open, click Apply now in the top right corner.

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Select the amount you would like to apply for.

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Select your credit rating. (Your knowledge of the score, although not required to be accurate as FreshStartFinance.ca will also obtain your credit rating from the credit bureau.

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Select your employment status.

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Enter in your address

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Your date of birth.

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Enter your name.

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Enter in your valid email to initiate the consent process and begin the required BVS.  Using the BVS (Bank Verification System) to authenticate your information, validate your income, and bank account. This step is crucial to the approval process. Applicants are required to complete this step before any funding can be dispensed.

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Receive a quote from an authorized FreshStartFinance.ca agent; with all the terms, amounts, and conditions; within 24 hours. The agent will contact you via the mobile number you provided on your application. Therefore, it is necessary to have a valid mobile number.

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Accept the offer the agent has presented to you for your consideration; and e-sign the loan documents through the company’s online portal.

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Funds are then directly deposited into your bank all within 24 hours after finalizing your approval. 

Frequently asked questions

What will my interest rate be?

As FreshStartFinance.ca agents create a custom loan offer for you, the rates are calculated on the risk assessment of your application. You can expect that as a high-interest rate loan company, FreshStartFinance.ca will comply fully with all federal and provincial regulations in Canada.

 

As each province has its limits and restrictions in place, the APR will be from 29.99% to the maximum of 46.96% and will be completely dependent on your lending risk for the company. 

Can I select my own terms for repayment?

No, the terms are decided by the FreshStartFinance.ca representative that is working with you through your loan application. You can expect that the terms will be from 9 months to 60 months. The loan offer that they create for you, is meant to help ease your financial burden and not cause you any distress by forcing you to commit to terms that are not feasible for you to maintain. 

How do I find out if I am approved?

When you finalize your application, you are asked how you would like to be notified. You can select by phone call or SMS. Once you accept the approval from the authorized FreshStartFinance.ca agent, your funds are directly deposited into your bank within 24 hours of signing. 

Can I change my payment dates?

The site has limited information about payment rescheduling, they do state in their terms that conditions are binding. Meaning, no, you cannot change your payment scheduling. Although, the added benefit of working with a live agent from FreshStartFinance.ca is the ability to resolve any matters you may have with payments.

 

They do report to the credit bureaus monthly so it is advised that if you cannot keep your payment commitment you contact them to prevent a negative impact on your credit score. 

What do I need to apply?

As FreshStartFinance.ca offers a simplistic interactive application, the minimal requirements are proof of age, proof of income, and your bank’s verification. As you proceed through the application process, and when your bank verification is completed; you can expect a response from an agent within 24 hours; with a quote.

 

The quote will detail all the terms and conditions required for you to receive the funding. Should you accept those terms and e-sign the proposal. Your funds could be in your bank within 24 hours. 

Best Choice

Self-described as cheaper than a payday loan company; FreshStartFinance.ca is offering eligible Canadians access to funding that perhaps a more traditional lender would not have offered to the client. 

 

Offering almost same-day funding in most cases. Making them a quick and easy service for interested applicants. With flexible terms ranging from 9 months to 60 months. They can help you get the funding you need; while offering installment repayment terms on their personal loans. 

 

With your approval preference sent by your selection when you finalized your initial application; you can choose to be notified by either email or SMS, you will receive instant communication from an authorized agent with a personalized quote for you to consider. 

 

If you do prefer; the entire application process can be done both online and through real-live support; for another unique duo service. 

 

FreshStartFinance.ca is a great choice for Canadians who may require a large loan amount than other companies offer. Their minimal requirements and lenient terms make them an excellent candidate for a great lender. 

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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