Refresh Financial Review 2023: Building Your Credit Score the Right Way in Canada

Updated: Mar 14, 2023

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Refreshing Your Financial Future. How a Fintech Company Puts Customers First with Its Unique Approach to Building Credit in Canada

In today’s world, having a good score is crucial, especially if you’re looking to buy a house, a car, or even rent an apartment. A good credit rating can save you thousands of dollars over the life of a loan or mortgage, as lenders typically offer lower interest rates to borrowers with higher credit scores. However, building a good credit score in Canada isn’t always easy, especially if you’re starting from scratch or have had some credit problems in the past. That’s where Refresh Financial comes in.

Refresh Financial Inc. is a Canadian fintech company that offers credit-building solutions to Canadians of all credit types. Whether you have bad credit or no credit, it can help you build your score and achieve your financial goals. In this article, Refresh Financial Review, we’ll take a closer look at Refresh credit builder loans and programs, so you can decide whether it’s the right solution for you.

Refresh Financial: A Fintech Company with a Customer-Oriented Approach

Unlike traditional financial institutions and banks in Canada, Refresh Financial is a fintech company that focuses on helping Canadians improve their credit scores. Banks often require you to have a good credit score to build it even more, but Refresh Financial has other things in mind. The company provides everyone a chance to improve their financial health, creating different programs for all credit users.

Various Ways

Refresh Financial offers various credit-building solutions, including secured Visa card, credit builder loans, and personal loans with no credit check. Regardless of the program you choose, Refresh Financial charges a fixed interest rate of 19.99%, making it easy to plan and budget for your payments.

Customer Oriented

The company’s black tier customer-oriented approach is another thing that sets it apart from traditional financial institutions. Refresh Financial understands that building your credit can be challenging, so it has designed its programs to be flexible and tailored to your needs. You can choose how often you want to make payments and whether you want to pay bi-weekly or monthly. You can also choose the amount you want to deposit, which ranges from $1,250 up to $25,000.

Digital Banking

Refresh Financial also offers digital banking1, allowing you to keep track of your balance and credit score from anywhere, at any time. The company’s app provides you with professional personal finance advice, helping you save and spend your money responsibly. You can also set financial goals within the app and track your progress over time.

Refresh Financial’s Unique System

One of the things that make Refresh Financial different from traditional financial institutions is its unique credit-building system. Instead of lending you money and charging you interest, Refresh Financial requires you to deposit money into an account. You can then use this money to help improve your credit.

The amount you deposit serves as collateral, which means you can’t withdraw it until you’ve paid off the full amount of your credit-builder loan. You won’t be charged interest on the loan, but you will be charged an annual administration fee of 19.99% of the amount you deposit.

While this may seem like a strange way to build credit, it’s actually quite effective. Refresh Financial reports your account activity to national credit bureaus each month, allowing you to build credit over time. And because you’re not borrowing money, you’re not accumulating debt or paying interest.

Pros and Cons of Refresh Financial Products

Offers credit-building solutions to Canadians of all credit typesMonthly fees for digital banking services and credit-building programs
Unique credit-building system that doesn’t involve borrowing moneyLimited options for the amount of money that can be deposited for credit-building
Fixed interest rates for builder loansCan’t skip payments, and missing payments results in a fee
Secured visa card is a great option that helps build your creditLimited credit limit on Refresh secured card
Digital banking services, including a mobile app for easy account access and financial adviceNot a traditional bank, so not all financial services are available
Reports account activity to credit bureaus each month to help rebuild your credit scoreRefresh Financial does not have chat option
Customer-oriented approach, with customizable solutions to fit individual needsNo cash-back or rewards programs on secured visa card
Provides an opportunity for individuals with bad credit or no credit to build their credit scoreMay not be the best option for individuals who need to borrow money. Some may find the fees to be too expensive

Fees and Other Considerations

It’s worth noting that Refresh Financial’s credit-building programs are not free of charge. For example, the company charges a monthly fee of $16.95 for its digital banking services. Additionally, all of its credit-building programs require some payment, depending on the amount of money you deposit and the solution you choose.

However, many users find Refresh Financial’s programs to be well worth the cost. Not only do they offer an effective way to help you improve your credit score, but they also provide you with access to professional financial advice, and help you manage your finances more effectively.

If you’re considering using Refresh Financial to increase your credit score, there are a few other things to keep in mind. For example, if you need to withdraw your money before the loan term ends, you’ll be charged a fee of $20. Additionally, if you miss a payment, you’ll be charged a fee of $25. However, you can change the frequency of your payments if you need to, and Refresh Financial’s customer support team is always available to help.

It’s also worth noting that Refresh Financial’s credit-builder loans are not a quick fix for a poor credit score. Building your credit score takes time, and you’ll need to make regular payments and use credit responsibly to see results. However, if you’re committed to improving your credit score, Refresh Financial’s programs can be an excellent tool to help you achieve your goals.

Comparing Refresh Financial to Similar Services in Canada

Refresh Financial is not the only credit-building service available in Canada. There are several other options, including secured cards, credit building loans, and personal loans from traditional financial institutions. Let’s take a closer look at how this Company compares to some of these services.

Secured Credit Card

Secured credit cards require you to put down a deposit, which serves as collateral for the credit amount on the card. This can be a good option if you’re just starting to build your credit, but the credit limit is typically quite low, and you’ll need to pay an annual fee. Additionally, secured credit cards don’t report your account activity to credit bureaus as frequently as Refresh, so it may take longer to see results.

e.g. Neo Secured Card, Plastk Secured Visa

Credit-Builder Loans from Banks

Banks also offer credit-builder loans, but they typically require you to have good credit to qualify. Additionally, the interest rates on these loans can be quite high, making it difficult to make regular payments and build up your credit. Refresh Financial’s fixed interest rate of 19.99% makes it easier to budget and plan for your payments.

Personal Loans from Banks

Personal loans from banks can be used to build credit, but they also require a good score to qualify. Additionally, the interest rates on these loans can be quite high, making it difficult to make regular payments and build your score. Refresh Financial Credit Builder loans are specifically designed to help people with bad credit or no credit build their credit history.

e.g. LoanConnect


Refresh Financial is a fintech company that offers guaranteed approval credit-building solutions to Canadians of all credit types. Its unique credit-building system requires you to deposit money into an account, which serves as collateral for a credit-builder loan. You can then use this money to raise your credit score, and Refresh Financial reports your account activity to Bureaus each month.

Refresh Financial’s customer-oriented approach, digital banking services, and fixed interest rates make it an attractive option for people looking to build their credit scores. While its programs are not free of charge, many users find them well worth the cost, and Refresh Financial’s customer service team is always available to help.

If you’re looking for a way to build your credit in Canada, this company is definitely worth considering. Its unique credit-building system, customer-oriented approach, and digital banking services make it a standout option in the market. However, it’s important to remember that building your credit score takes time and effort, so be prepared to make regular payments and use credit responsibly to see results.

Reference Index

  1. “5 Benefits Of Digital Banking”, Forbes


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