Refresh Financial – Innovative Financial Products

Last Updated: February 15, 2024

Founded in 2013, Refresh Financial offers Canadians a suite of financial tools and products to help rebuild credit and learn practical money skills. With more than 800 partner locations across Canada, the company provides affordable forms of credit and a financial training program to help customers build a solid future.

Financial Products

Customers are offered two financial products, the Refresh Secured Card and Credit Builder Loan, both of which are secured. Refresh also features tailored financial packages, along with credit monitoring services and a financial intelligence training program.

Credit Builder Loan

Unfortunately this loan has been discontinued! Unlike a standard loan, customers are asked to pay interest and a monthly fee which they can access in the future. The funds are deposited on a bi-weekly basis via pre-authorized payments which are reported to both Equifax and TransUnion. The loan amount that borrowers can access ranges between $1,250 and $25,000. Customers gain access to all of their savings once the loan is complete.

They can choose from four different payment options with terms of 36 or 60 months:

• $21.37 bi-weekly
• Interest rate: 19.99 percent
• Total savings: $1,250
• Total payment amount: $1,667
• Term: 36 months

• $42.74 bi-weekly
• Interest rate: 19.99 percent
• Total savings: $2,500
• Total payment amount: $3,333
• Term 36 months

• $60.97 bi-weekly
• Interest: 19.99 percent
• Total savings: $5,000
• Total payment amount: $7,926
• Term: 60 months

• $121.94 bi-weekly
• Interest rate: 19.99 percent
• Total savings: $10,000
• Total payment amount: $15,852
• Term: 60 months

The funds that customers deposit are available for withdrawal within 10 – 15 business days. In addition to the fact that customers save money, there are further benefits such as no credit check, guaranteed approval, no administrative fees, flexible loan terms, and no cash up front. Borrowers are also offered access to Refresh Financial educational portal and a wealth of money management resources. Users can learn how to manage credit responsibly, rebuild credit after bankruptcy or consumer proposal, get approved for a mortgage loan, and a lot more.

Refresh Financial loan is available to borrowers with poor or no credit history, those who have declared bankruptcy, and newcomers to Canada. Again, customers apply in three easy steps and qualify provided that they are of the age of majority in their territory or province. The Credit Builder Loan is not available in Saskatchewan and Quebec.

Refresh Financial Secured Card

Unfortunately this card has been discontinued! Ranked as one of the best secured cards in Canada, their card comes with credit limits as low as $200 and as high as $10,000. The security deposit or collateral that customers provide determines the credit limit. The deposit is refunded should they choose to close an account in good standing. Customers also enjoy fast approval, regardless of their credit score. Most applicants are approved without credit check which is why their card qualifies as guaranteed approval. Their payments are reported to the major Canadian bureaus much like a standard credit card, offering users the chance to improve their credit standing with responsible use. While the Refresh card charges interest, it only comes into play when a card payment is late.

Refresh Financial card is easy to apply for in three simple steps: customers open an account, select a pack, and provide the required documents and information, including address, banking information, and ID verification. Applicants qualify provided that they are able to provide collateral, reside in a territory or province where the card is available, and are of the age of majority.

• Interest rate: 17.99 percent
• Annual fee: $12.95
• Maintenance fee: $3.00/month

Additional fees to be aware of include:

• Over limit fee: $5.00
• Cash advance fee: $5.00
• Monthly inactivity fee: $2.00
• Paper statement fee: $2.50
• Chargeback investigation fee: $10.00

Financial Packages

Refresh Financial features three packages, Run, Jog, and Walk, depending on the customer’s budget and financial goals. The Walk pack, which is the basic package, includes a secured credit card and is best suited for borrowers with a more limited budget. The Jog pack includes a secured loan and credit monitoring and works well for those who want to build credit faster. The Sprint pack consists of the secured card and credit builder loan, both of which report to the main bureaus. This package is designed for customers who are looking to get a fast start and have some cash to invest into rebuilding credit.

How Long Does It Take to Rebuild Credit?

With responsible use and timely payments, customers can expect to see credit score improvement in about 30 – 90 days. Using a credit builder loan and a secured card can help build credit faster.

Financial Tools

As well as innovative financial products to build or rebuild credit, customers are offered a suite of helpful tools such as free cash, mortgage, and car loan simulators, guides, and infographics. Their mortgage simulator is easy to use and enables customers to find their monthly interest and payment based on their down payment, purchase price, and credit rating. There is also a car loan simulator to plug in loan term, trade in value, and borrowed amount and calculate the total interest and interest savings with better credit.

Customers who sign up for Black Tier enjoy a number of benefits such as fraud and credit protection alerts, credit score goal manager, and daily score updates. They are also offered access to the Refresh Academy and over 60 video lessons around credit, debt and money management, etc. After a 1-month free trial period, the program is offered to customers for $16.99 a month.

Also, Refresh Financial offers a wealth of useful information on topics such as tax refunds, credit rating after consumer proposal and bankruptcy, the cost of credit, and a lot more.