The Fresh Start Loan Program is to help people establish credit or reestablish their credit rating. The program will lend to members and put their loan proceeds into a redeemable term deposit which will secure the loan. 

Program Eligibility

•  No credit score or a minimum of 541 or higher 
• Exceptions ONLY if credit score is between 520-540 and Gross Debt Service Ratio (GDS) is 35% or less and Total Debt Service Ratio (TDS) is 38% or less. Learn more about GDS and TDS.
• Maximum GDS 35% 
• Maximum TDS 45% 
• No prior write offs held with Innovation
• Collections on record must be paid
• Consumer proposals/bankruptcy must be discharged
• Loan is bundled with a No-Fee Account for new members or a deposit account for existing and a pre-authorized transfer will be set up from that account for loan payment. 
• Member share ($5) must be funded for new members. 

Personal Loan

• Available for personal use only
• Minimum credit limit - $2,000 
• Maximum credit limit - $5,000 
• Minimum term length – 6 months
• Maximum term length – 2 years (24 months) 
• Fixed interest rate of 14.99%
• Fresh Start letter requiring signature as part of loan documentation
• A redeemable term investment is held as security. The loan hold on the investment is for the balance of the loan. Loan proceeds are disbursed to the redeemable term investment. 
• The redeemable term investment is not registered as security. 
• Loan application fee is waived. 
• Third party fees are applied. Fees may be added to the loan or paid by the member. 
• Insurance is optional. Insurance may be added to the loan or paid by the member.
• Income verification is required as per lending guidelines.
• A pre-authorized transfer is set up from the Innovation deposit account for payments.
• Skip payments are not allowed. 
• If the loan has three late payments over the term, or the loan reaches 31 days in arrears the term deposit will be collapsed, and loan paid out in full. A refund from cancelled creditor insurance premiums to the loan is applied (where applicable). 

Redeemable Term

• The length of the term will be 12 months
• Auto renew for a like term only. A transfer to a deposit account will be initiated by the member and may ONLY occur if the loan that is held is paid out in full.
• Interest paid annually and/or at maturity to term investment or deposit account 
• See current rates
• Additional deposits are permitted in any amount at any time during the investment length
• Minimum deposit - $2,000 
• Minimum partial withdrawal - $1,000 and may only be processed after 7 days from the last loan payment date.
• Minimum balance of $1,000 must be maintained 
• Permitted only one withdrawal during the term with no early or partial withdrawal penalties. The remaining balance of the term after the withdrawal must be no less than the remaining balance of the loan. 
• An additional withdrawal will result in collapsing the term and paying out the loan in full.