Company information
Main Office: Kelowna, British Columbia
Business Hours: Monday to Friday, 7AM to 6PM (Closed on Saturday and Sunday)
Email: [email protected] / [email protected] / [email protected]
Phone: 1-800-746-4840
Founded in 2013, Refresh Financial is a fintech company that provides credit repair services to Canadians with poor credit. Their mission is to help Canadians rebuild their credit and improve their financial situation by providing credit building solutions. In addition to providing these services, Refresh Financial also offers a mobile app and a credit score monitoring service courtesy of its parent company, Borrowell.
Borrowell acquired Refresh Financial in February 2021, which further solidifies the company’s position as a leading fintech company in the Canadian credit repair space. Borrowell is a leading provider of digital lending and payment services to the Canadian consumer credit market, and is one of the top fintech companies in the country.
Refresh Financial’s unique business model was built around the idea that there are two main problems facing Canadians with poor or no credit. First, they don’t know what their credit score is, and second, they have no idea how to improve it. With Borrowell’s free credit score check and Refresh Financial’s credit rebuilding solutions, those who are struggling with poor credit can finally have the tools they need to build and maintain a good credit rating.
Instead of giving a Band-Aid solution, Refresh Financial takes a holistic approach to solving the root cause of the problem: bad spending and poor financial habits. By helping people take control of their finances and develop a better understanding of how to manage their money, they can rebuild their credit scores and finally improve their financial situation.
Types of Credit Building Services
In addition to free credit score checks, Refresh Financial offers three types of credit building solutions: Refresh Financial Credit Builder Loan, Refresh Financial Secured Card, and Refresh Financial Black Tier Service.
Refresh Financial Credit Builder Loan
Refresh Financial Credit Builder Loan is not a loan but a special kind of savings account that lets you save money for future purchases. For as little as $22 per month, you can get started on your journey to building and maintaining a good credit score.
All the deposit transactions you make in your Credit Builder Loan account are reported to the leading credit bureaus including TransUnion and Equifax. This means that your payment history will be reflected in your credit report, which can have a positive impact on your credit score. The best thing about the Refresh Financial Credit Builder Loan is you can access your money at any time, so if you need to use it for an emergency or unexpected expense, you can do so without any hassle.
There are currently four plans under the Refresh Financial Credit Builder Loan:
- For $21.37 bi-weekly payments for 36 months
- Total Payment – $1,667
- Net Savings – $1,250
- APR – 19.99%
- For $42.74 bi-weekly payments for 36 months
- Total Payment – $3,333
- Net Savings – $2,500
- APR – 19.99%
- For $60.97 bi-weekly payments for for 60 months
- Total Payment – $7,926
- Net Savings – $5,000
- APR – 19.99%
- For $121.94 bi-weekly payments for 60 months
- Total Payment – $15,852
- Net Savings – $10,000
- APR – $19.99%
The Refresh Financial Credit Builder Loan is available for everyone even those who have bad credit or no credit at all. Refresh Financial even offers this service to those who are recovering from bankruptcy.
Refresh Financial Secured Card
If you want to build your credit while spending money, then the Refresh Financial Secured Card is the perfect option for you. It works just like a credit card with the exception that you need to cash into your account before you can use it. You can use the Refresh Financial Secured Card any way you want, including for in-store and online purchases.
Below is a quick overview of the Refresh Financial Secured Card:
- Credit Limit – $200 – $10,000
- Annual Fee – $12.95
- Maintenance Fee – $3.00/month
- Interest rate -17.99%
- Credit Requirement – No Credit Check
Your payment history will be reflected in your credit report, which can have a positive impact on your credit score. This is one of the easiest ways to build and maintain a good credit score. If you are new in Canada, and looking to beef up your credit, the Refresh Financial Secured Card can help you do so.
Refresh Financial Black Tier Service
The Refresh Financial Black Tier Service is a monthly fee-based service that provides you with the ultimate credit building tools such as:
- Credit Report
- Credit Alerts
- Credit Simulator
- Goal Manager
For only $16.95/month, you’ll have access to the best tools in the industry to help you build and maintain a good credit score. Refresh Financial and Borrowell work with Equifax and TransUnion, two of the major credit bureaus in Canada.
Why Choose This Provider
In addition to having a straightforward and simple application process, here are the top reasons why you should trust Refresh Financial:
Subsidiary of Borrowell
Borrowell’s recent acquisition of Refresh Financial cemented its position as one of the top alternative financial institutions in Canada. Borrowell, together with Refresh Financial, offers some of the best and most innovative credit building and financial products and services in the country.
Free Credit Score
Knowing your credit score is the first step to a better financial future. When you sign up with Refresh Financial, you can get a free credit report from TransUnion. Alternatively, you can also check out Borrowell, if you want a copy of your credit report from Equifax.
Guaranteed Approval
Whether you are bankrupt, have bad credit, or no credit at all, Refresh Financial makes it easy for you to apply for any of its services – no rejection, no discrimination, and no hassle. Refresh Financial is a 100% guaranteed service, so you can rest assured that you will be approved for your credit builder loan or secured card.
Easy Online Application
You can apply for your credit builder loan or secured card from the comfort of your home or office. Simply provide your basic personal information, such as your name, address, and date of birth, and then answer a few simple questions about your financial situation. You can finish the application process in just a few minutes.
Visa Card
The Refresh Financial Secured Card is powered by Visa, one of the world’s largest and most trusted credit card providers. You can use the Refresh Financial Secured Card for all your in-store and online purchases, and it is accepted at millions of establishments and businesses worldwide.
Transparent
On its website, Refresh Financial has laid out all the fees and charges associated with its services in a clear and transparent manner. The fees are displayed on the website, so you can easily see what you are paying for and what you will be receiving in return. They also have a comprehensive FAQ section to help you better understand their financial products and services.
How to Avail Refresh Financial’s Services?
Those who are interested in any of Refresh Financial services simply need to go on its website, click on the “Get Started” button on the upper right hand corner of the screen, and follow the prompts. The entire application process is very straightforward and completely online.
After clicking the “Get Started” button, simply provide some basic personal information.
You’ll be asked to provide the following data:
Legal Name
Birthday
Location
Email Address
Phone Number
You will then be asked for a password to complete the registration process.
Afterwards, you’ll be asked to select the package that you want to avail. Simply choose the package that you wish to purchase and click the “Select Package” button to proceed.
In the next few windows, you’ll be asked to select your payment plan and credit limit. You’ll be able to see the required deposit amount, your APR, annual fee, and other associated fees.
To finalize your application, you just need to provide a few documents, sign the agreement, and you are good to go. You need to provide the following information:
Identification Card
Banking Information
Client Information / Profile
Address
The entire application process won’t take you more than 10 minutes, and you can avail any of Refresh Financial’s services from the comfort of your home or office. Simply prepare all the necessary documents and fill out the online application form, and you are all set.
Frequently asked questions
What is Refresh Financial?
Is Refresh Financial a lender?
How does it work?
How safe is Refresh Financial's secured card?
Can I apply if I have bad credit?
Conclusion
At Refresh Financial, you can build credit, get approved for a secured card, and still get a reasonable APR. All you need is a few documents and a few minutes of your time. You don’t have to go through hoops and red tape to build your credit score and manage your finances better. If you are looking for the best way to build credit in Canada, you can apply for any of Refresh Financial’s services today.