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Fresh Start Personal Loans Review
13 Aug 2018

Fresh Start Personal Loans

Needing money you don’t currently have is bad enough, but it’s even worse when a low credit score keeps you from getting a loan to fix that problem. Fresh Start personal loans can give you the opportunity to get your hands on that money after all and restart your financial trajectory while doing it.

Start improving your credit with one easy loan.

You are interested if

You either need a loan for a substantial amount of money but have poor credit, or you want to start building or rebuilding your credit score by borrowing.

 

Key Points

Brief Description Fresh Start personal loans let you borrow small to moderate amounts of money even with shaky credit. People who are poor candidates for standard personal loans may find success here.
Limits and Deadlines You can borrow up to $15,000 at one time and pay the sum back over anywhere between 9 and 60 months.
Urgency A 24-hour turnaround time is typical assuming all documentation is sent in on time.
APR Range APR on all loans ranges between 29.99% and 46.96%.
Closing/Origination Fees None; all initial costs are already built into the stated APR.
Early Payment Fees None, as they realize that early repayment would be an impressive feat for much of their client base.
How to Contract the Product This will be followed by a text message or phone call to confirm the acceptance of the loan (which is used depends on the user’s indicated preference).
Main requirements As long as you are of legal age (18+) and you have some sort of income, you are eligible for consideration for a loan. What amount you are offered, and under what terms, depends on the exact parameters of your case. In accordance with Fresh Start’s commitment to serving people with poor credit, your credit score will not have much of an impact on your assessment, but it will be checked as part of the process.

About Fresh Start Personal Loans

Main Features

People take out loans all the time, but lending is a little different when an applicant has bad credit. Due to the red flags that lenders perceive in a lackluster credit score, people with poor credit often struggle to secure any new loans. This can cause difficulties making ends meet in an emergency situation, but it’s actually even more of a problem than that. The trouble is that without borrowing again, a person with bad credit will never recover from the impact of their past banking blunders. What they need a second chance to show that they can do better.

Fresh Start explicitly aims to help people out of this predicament. They aim to help people with poor credit get the loans they want and help build their credit back up while they do it. This, naturally, means that the company will almost completely ignore your credit score during your application. They will still ask to check your credit, but it will usually only impact the amount they are willing to lend you, not their willingness to lend you anything at all. This means that you have a better chance of getting the loan you’re after than you would with other lenders. Plus, even small loans can bump your credit score up by a respectable amount over time; this can be very helpful when you’re in a fragile credit state.

The trade-off for such open-minded lending is that the interest rates of all the loans are quite high, especially on the upper end of the scale. A loan with an APR of nearly 50% can become unaffordable rather quickly, so if you take on one of these loans, make sure to have a solid budget in place that will allow you to keep on top of your payments with room to spare. On the upside, they do make sure to publicize the full cost up-front and include no hidden fees in the loan agreement, so each customer knows exactly what they’re getting into when they sign up.

How Does It Work?

Fresh Start personal loans can be applied for and obtained entirely online, beginning with filling out a form accessible through their website. Your case should be reviewed and a decision reached on that same day. Assuming you are approved, you will then receive a phone call or text message to inform you of your success and confirm that you are accepting the loan before any money changes hands. All told, applicants can expect to be approved and have the money deposited to their bank account in just 24 hours. Afterwards. you’ll be expected to make your regular repayment installments on a bi-weekly basis.

Conclusions

The greatest distinguishing feature of Fresh Start personal loans is their accessibility. Most applicants can count on being approved for some sort of loan, regardless of their present income or credit standing. These loans may not always come with the most favourable terms, but they are there for you to tap into should you really need them. They also offer larger total loan amounts than is common for lenders who deal with individuals with poor credit, which will be of utmost importance to some people. One of their larger loans could go a long way toward improving a person’s life, allowing for costly things like a car, dental intervention or home repair to be purchased even with sub-par credit.

Additionally, Fresh Start gives you more opportunities to interact with a real live customer service agent than most online lending agencies do. In addition to the standard email support, they offer live customer support via telephone 7 days a week, making it easy for you to contact them with any concerns you might have. This is important for disability accommodation purposes and caters to those who prefer to do things the old-fashioned way. If the human touch matters to you, you know you can count on them to provide it for you.

They should still be approached with caution, however: their APR range is quite high compared to other online lenders. Their willingness to take a chance on even the most risky of clients can make up for this if you really can’t get your loan any other way; you’ll either have to pay their price or do without that money. On the other hand, if you have any other prospects at all, those are likely to give you a better deal in terms of affordability.

Fresh Start: Providing a Clean Slate for Canadians

As their name suggests, Fresh Start Finance is a company focused on serving Canadians who are most in need of second chance in the realm of credit, as well as those who have yet to get started forging a credit score at all. From their office in Vancouver, this company offers unsecured personal loans to virtually all Canadians who want one. They put special emphasis on customer support as well, and can be reached every day of the week to discuss your applications, loans or financial concerns. Fresh Start is also a member of the Canada Drives Group, which include fellow lenders Canada Drives Auto Finance and Spring Financial.

What We Think

Fresh Start personal loans are a niche product serving a very specific population: people who will not easily get a loan anywhere else. This is an important facet of the credit market that some lenders are too skittish to address, and it’s always good to see a company willing to work with people recovering from some rough financial circumstances. Without these kinds of avenues, people with poor credit would be left with no recourse during emergencies and very few ways to rebuild their credit – lenders who open their doors to this population are performing a necessary and critical service.

Despite this, applicants like this should always be very careful to read all stipulations and thoroughly calculate the affordability of their loan before they sign up for anything. Fresh Start personal loans may help those lacking good credit be able to borrow at all, but this generosity comes at a high price. Their high interest rates can quickly cause a loan to become very expensive, and this problem will only snowball further out of control if you happen to miss a monthly payment or two.

In the end, Fresh Start personal loans are a compromise that you might have to make if find yourself in a bind. When you truly have few options and must depend on products like these, it’s best to use them as part of a more comprehensive credit-building plan that will allow you access to more desirable loans in the future. Never take out such a high-interest loan without seriously considering what it will take to pay it back and what you stand to gain by doing so.