Build your credit score

Improve your credit rating and build your savings at the same time! Get the financial re-start you deserve with a Fresh Start Loan.

  • Get your approval in one business day!

Build your credit score

Mobile phone displaying credit score meter on Innovation app screen.

Discover the benefits!

  • Build your credit rating
  • Get the cash you need
  • Start your savings
  • Earn cash dividends

Get your dream home

How does it work?

  1. We’ll lend you money and put it into a GIC.
  2. Your loan payments will help build your credit PLUS you'll earn investment income.
  3. When your loan is paid off, you'll have cash you can keep invested OR money for a major purchase.

Improve your credit score

Making loan payments on time and successfully paying off a loan both help to build your credit score. Your Fresh Start Loan will lead to easier borrowing in the future!

Make that major purchase

Once you’re finished paying off your loan, you can use the money in your GIC any way you choose. You can keep saving or make that purchase you’ve been waiting for.

Easily save money

A Fresh Start Loan will also jump start your savings. When your loan is paid off, you’ll have an investment that you can continue to build and grow.

Earn cash dividends

You earn cash dividends by having a mortgage with us. With our Member Rewards program, the more you bank with us, the more you benefit.

Additional Information

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..


Our No-Fee Bank Account has no monthly fees and no minimum balance requirements. Save ~$11/month in fees!


Earn cash dividends simply by doing your everyday banking with us. The more you bank with us, the more you benefit.


Your business helps us support your community. We allocate 2% to 4% of pre-tax profits/year to our communities.

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You can borrow $2,000 up to $5,000. The interest rate is fixed at 14.99%* and the maximum term length is two years.

Here are some tips that will help you improve your overall credit score.

Bill Payments

  • Make your bill payments on time
  • If you can't pay the full amount, make the minimum payment
  • Contact the business if you think you'll have trouble paying a bill on time
  • Don't skip a payment

Credit Cards & Loans

The bill payment tips above also apply to credit cards and loans. Plus...

  • Try and use less than 35% of the credit available to you. For example, if your credit card limit is $5,000, try to keep your balance below $1,750.
  • Limit the number of your credit checks. If you're often applying for credit, lenders might think you're spending more than you're making. Your credit score may then go down.
  • Use different types of credit. For example, a credit card, car loan, line of credit. If you pay them off, or make minimum payments each month, lenders will see you can manage credit in a responsible way.

For more information visit the Government of Canada website

Source of tips: "Improving Your Credit Score." Government of Canada, 13 May 2020.

Improve your life

Get the credit score you deserve for easier future borrowing. You can even jump start your savings! 

Need more help choosing your loan?

Try our loan selection tool!

Learn more about our accounts and services. Review our Account and Fee Information (pdf).

Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.

Rates subject to change without notice.

Loans and mortgages can be approved in one business day if you have submitted all required paperwork  OR, you will be able to book an appointment in one business day and be approved in two businesses days if you have submitted all required paperwork.