Common Questions about Credit l Refresh Financial
Refresh Financial FAQs
  1. Do I have to pay any upfront fees?

    There are no out of pocket fees when you sign up. In order to service your Cash Secured Savings Loan and report to the credit bureau for you each month, there is an administration fee for each credit building program. But rather than getting you to pay it straight away, we’ve built it into your regular payments, so you’ll have paid this fee off before you know it.

  2. Can I change my payment date?

    Yes, you sure can! As our fancy electronic payment system processes thousands of clients’ payments, it does need a little time to make changes.

    If you get in touch 5 business days before your next payment, we can definitely move it for you. To change a payment, call us at 1.800.746.4840.

  3. I’m in bankruptcy or consumer proposal, can I sign up for the credit builder program?

    If you are going through bankruptcy or consumer proposal in Canada, our programs are practically designed for you, as long you have enough cash to make your payments! We designed our credit builder programs so they could benefit everyone, and those that aren’t able to apply for traditional loan products are still able to get on board, and start rebuilding their credit.

  4. Do you provide services across Canada?

    Refresh Financial provides credit builder programs across Canada, excluding Saskatchewan (but we’re working on that).

  5. I signed up for the credit builder program with your partner company, who should I call?

    We want to help in any way we can, so if you have any general questions about our Cash Secured Savings Loan, or Refresh Secured Credit Card – give us a call! You can catch us at 1.800.746.4840.

  6. How are payments made?

    Payments are taken via direct debit, so you don’t have to take time out of your busy day to make your scheduled payments. We set it all up, so you don’t have to worry – it’s all taken care of by our high-tech electronic payment system!

  7. Can I pay off all of my Cash Secured Loan early?

    Yes, you can repay your outstanding balance at any time, with no early payout fees. Once you’ve paid off everything owing, we send you your available funds and mark your credit builder program as paid off in full to the credit bureau.

    Note – Fewer payments you make = less improvement to your credit score. Each payment made on time and in full, improves your credit score, so paying out early means you won’t get the best benefit (and won’t get the highest credit score!)

  8. I got approved for a car loan, do I still need to build credit?

    First, congratulations! Now that’s out of the way, the short answer is, you most likely still do. Car loans have collateral (security) in the form of your car. If you don’t make your payments, it’s simple — the lender will repossess the car. Because this loan is fairly risk-free for the lender, they’ll only give you small kudos for making your payments, and your credit score will not suddenly sky rocket. So if you’re serious about getting your credit in shape, our credit builder programs are your best bet.

Still have questions?

We’d love to hear from you.

I've done pay day loans in the past but didn't know a whole lot about credit until recently. So I checked into my credit score. I was very disappointed to find that I had a 0 credit score as I have never had or needed any credit cards or lines of credit. I knew I wanted to buy the house I live in so I knew work was needed, but I never thought it would be as easy as purchasing REFRESH!!! I bought it in June of this year, waited or 2 months and was approved for my first credit card. I was so excited. It gets better!!! Then I waited 5 months, and would you believe it. Only 5 months after purchasing refresh my credit score was strong enough to finally get approved for my first brand new car with no down payment, low biweekly payments, no cosigner, and no car trade in. My bank also tells me if everything stays good I will own my home within a year. After years of thinking there was no hope I am only months away from owning my home. THANKS REFRESH!!!! Please share this story with everyone you can! ”

Emily, Truro, NS