Renfi Renovation Loan for Canadian Homeowners with Fast Online Approval and Up to $150,000

Fast, flexible financing for Canadian homeowners

Renfi renovation loan delivers fast online approval and funding designed for homeowners across Canada who need cash quickly to improve their property. With loans from CAD 15,000 up to CAD 150,000 and a streamlined 3-minute application, Renfi makes financing kitchen, bathroom or yard upgrades straightforward and accessible from any province or territory.

Applying from Ontario, British Columbia, Alberta or the Maritimes is the same simple process, and the product language and requirements reflect Canadian norms like Social Insurance Number verification and use of home equity. Homeowners get clarity on amounts and timelines, making it easier to plan contractor schedules and material purchases.

How the Renfi renovation loan works

The Renfi renovation loan is fully online: a quick form, income verification through Inverite, and pre-approval often within an hour. Once identity and income are confirmed, funds can arrive in as little as 72 hours, allowing you to start renovations without lengthy bank delays or in-person appraisals.

Renfi uses your home equity as collateral, offers a 12-month term with a monthly interest rate around 1%, and expects borrowers to refinance at term end. The loan is flexible in use, so long as the work adds value to your home, and Renfi loan specialists like Ava guide you through contractor info, amounts and expected monthly payments.

Costs, risks and security to consider

Costs are transparent but important to review: the typical monthly interest is 1% during the 12-month period, which means a CAD 50,000 loan carries roughly CAD 500 in interest per month. There can also be legal fees or other charges when registering the mortgage charge, so factor those into your renovation budget.

Risks include using your home as collateral and the need to refinance after 12 months, so ensure you qualify for a follow-up mortgage or have a clear refinance plan. Renfi secures personal data with strong encryption and Inverite’s end-to-end income verification, and the company operates from a head office in downtown Toronto with phone and email support.

Eligibility, application and after-approval steps

To qualify you must be a Canadian resident at the age of majority in your province or territory, have established home equity, proof of employment and income, and active online banking with direct deposit. Renfi asks for personal information including SIN and contractor details to assess your project and determine loan suitability.

Applying is simple: select your renovation type, enter the loan amount and contractor information, verify income and submit. If approved, Renfi disburses funds quickly so you can hire trades and order materials, while their team stays available to answer questions and assist with refinancing options when the 12-month term ends.