About lender
Borrowell is one of the largest fintech companies in Canada with innovative digital tools, which is a natural and more affordable alternative to banks.
The online lender from Toronto has offered lower interest rates on loans up to $50,000 since 2014 on the Canadian market. These loans are often used to consolidate high-interest debts. The lender also provides customers with credit cards, mortgages and can offer free credit scores, personal banking, and other services.
Borrowell has already been appreciated by more than a million members from all provinces of Canada. The company is dedicated to financial stability for its clients and has won numerous awards.
Features
Typically, an online credit score check can cost a borrower over $20. Perhaps this is one of the reasons why many Canadians do not know the current state of their credit score, and besides, most have no idea how it can be improved.
Since 2016 Borrowell has given the borrowers access to Equifax free credit reports, which do not impact their credit scores in any way. To see a credit report, you need to register on the website of Borrowell. In addition, every customer can get weekly credit monitoring.
But it is worth understanding that the credit score data you obtain for free gives a general idea of your financial situation. This report is not enough to apply for a mortgage or a bank loan.
At Borrowell, you can use the company's financial products to your advantage, and a free credit score check will not impact your credit score.
Borrowell provides the following types of lending:
Credit cards;
Personal banking;
Mortgages;
Insurance;
Personal loans;
Loans for small businesses;
Debt consolidation;
Car loans;
Home improvement.
Advantages
When dealing with Borrowell, you can receive the required loan. It is possible due to the innovative digital tools and the cooperation of Borrowell with more than 50 lending companies across Canada. In addition, after registering, you can get a free credit report and acknowledge the chances of being approved for certain types of financial products.
Borrowell has developed Molly, an AI-powered Credit Coach. This program helps borrowers determine the best lending option based on the needs and characteristics of the credit status. In addition, Molly provides Canadian consumers with personalized credit coaching.
Consumers can learn suggestions from dozens of lending companies in Canada through the automatic AI recommendation algorithms. This engine matches the specific credit profile with loans from these lending institutions. As a result, clients get personalized financial product recommendations for the best loan options. It also helps save time, as only a couple of clicks are needed to apply for the required financing.
Loan conditions
Personal loan conditions depend on an applicant's credit score and a specific type of loan. In general, these can be loans from $500 to 50,000, with the term of 6 months to 7 years. Interest rates vary from 4.34% to 39.99%.
Methods of a loan granting
You can get a loan to the bank account or credit card you specified. Funds are usually transferred within the next 48 hours after the approval receipt.
