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Refresh Financial

Your credit score is probably one of the most important numbers in your life. The higher your credit score is, the lower your interest rates will be on your personal loans, car loans, and mortgages. Your credit score is a three-digit number ranging from 300 to 900, which is based on a formula that considers your payment history and the amount of debt you have.

Those who have a less than stellar credit score were considered “risky” and are typically denied credit. This was due to the fact that they had a higher likelihood of not being able to pay back the debt they were given. Traditional financial institutions like banks and credit unions are very strict in their lending practices and don’t want to take the risk of lending to people who might not be able to pay back their loans.

Refresh Financial aims to solve this problem by helping Canadians rebuild their credit scores by providing a number of credit building solutions. It’s important to note that they are not a lending company or a loan provider. Refresh Financial’s business model is geared towards helping people take control of their finances, develop healthy spending habits, and ultimately get out of debt.
In this article, we’ll take a closer look at Refresh Financial’s credit building services to help you better understand how they can help you build and maintain a good credit score.

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Written by: Piggyy

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Author

Loan Amount

1250 - 25 000$
4.3/5
4.3/5

Piggyy Rating

Refresh Financial

Loan Term

36 - 60 months

Est. APR

% 19.99

Loan Amount

1250 - 25 000$
Pros
  • Fast and easy
  • Get funding up front, right away
  • Many different financial options to choose from
Cons
  • Only works with some provinces, not all of them
  • You have to use your own money for some products

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:

  1. For $21.37 bi-weekly payments for 36 months
    1. Total Payment – $1,667
    2. Net Savings – $1,250
    3. APR – 19.99%
  2. For $42.74 bi-weekly payments for 36 months
    1. Total Payment – $3,333
    2. Net Savings – $2,500
    3. APR – 19.99%
  3. For $60.97 bi-weekly payments for for 60 months
    1. Total Payment – $7,926
    2. Net Savings – $5,000
    3. APR – 19.99%
  4. For $121.94 bi-weekly payments for 60 months
    1. Total Payment – $15,852
    2. Net Savings – $10,000
    3. 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?

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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.

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After clicking the “Get Started” button, simply provide some basic personal information.

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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.

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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.

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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.

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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

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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?

Refresh Financial is a non-traditional financial institution that offers credit building services for people with bad credit or no credit at all. If you are new to Canada or have been previously bankrupt, you can apply for any of its services – no rejection, no discrimination, and no hassle.

Is Refresh Financial a lender?

No. Refresh Financial has a different business model than traditional lenders. They are not a bank or credit union that offers loans or cash assistance. They are a credit building institution that helps Canadians build their credit score and manage their finances better.

How does it work?

Two of the most popular Refresh Financial’s services are the credit builder loan and the secured card.
The credit builder loan works like a special savings account where you can beef up both your savings and credit score for a small fee. All of your payment history will be reported to the credit bureaus, which reflects positively on your credit score.

 

Meanwhile Refresh Financial’s secured card works like a normal credit card but you’ll have to pre-pay before you can use it. If you have poor credit or no credit, you probably know how difficult it is to get approved for a credit card in Canada. Refresh Financial aims to solve this problem by providing a card where all your transactions are reported to the credit bureaus – allowing you to build credit in a short amount of time.

How safe is Refresh Financial's secured card?

The Refresh Financial secured card is powered by Visa, which is the most widely used credit card service in the world. This means that you can use your card in millions of businesses and establishments that accept visa cards.

Can I apply if I have bad credit?

Absolutely. Refresh Financial’s services are particularly designed for those who have poor credit, no credit, and people who have been previously bankrupt. Refresh Financial does not discriminate against applicants based on their financial situation.

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.

 

Piggyy

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

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