FreshStartFinance.ca Review Is It a Scam?

FreshStartFinance.ca better known to most people as Canada Drives based on my reviews is not a scam, I would call them legit but in no way would I recommend anyone use them especially in this low interest rate environment  Canada is experiencing in 2017. The Bank of Canada has interest rates at 0.50% that’s than 1%. In decimals where 1% is written like this 0.01, the bank of Canada has interest rates at 0.005.  What this means to you is FreshStartFinance.ca is making a killing on the spread. On their website they explain their loans like this:

Loans up to $15,000.
APR: 29.99%-46.96%.
Terms from 9-60 Months.

Example: $1,000 borrowed for 12 months at 46.96% APR.
Bi-Weekly payment = $48.51, total repayment with
interest: $1,261.17. Total cost of the loan $261.17.

The reason I pointed out that in 2017 the Bank of Canada (BoC) charged finance companies only 0.5% is because FreshStartFinance.ca is charging you by their own admission 46.96% APR. By the way APR means annual percentage rate. In case you’re wondering why Canadians are getting deeper and deeper into debt well you’re seeing an example of it here. Unfortunately FreshStartFinance.ca is appealing to those of us who are in dire straights and looking for a quick way out. I’ve been there myself and when I was in that position I can honestly say that I was not thinking with a clear head. My road of getting out of debt was based on frugality. Listening to Dave Ramsey was very helpful for me when I was in debt. Loan sharks on the other hand were not.
With that said, No FreshStartFinance.ca is not a scam. Yes I’m aware of some of the negative comments Fresh Start Finance received on BBB. However if you read most of the negative better business bureau comments they’re not related to Fresh Start Finance not honouring their commitments. The negativity is usually based on advertising that some people felt was inappropriate.

I most certainly don’t recommend FreshStartFinance.ca but it’s definitely not a scam in my book. If you’re having trouble with debt and you want a real wake up call I highly recommend that you subscribe to The Dave Ramsey Show on Youtube.
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