About lender
Borrowell is considered one of the largest fintech companies in Canada. It can boast innovative digital tools, which is an attractive and more affordable alternative to traditional financial organizations.
This online matching service from Toronto has offered lowered interest rates on loans up to $50,000 since 2014 on the Canadian market. These loans are often used to consolidate high-interest debts. Borrowell also provides customers with credit cards and mortgages and can offer free credit scores, personal banking, and other services, such as credit education aimed at putting your finances back on track. For example, according to Borrowells's internal data, one missed payment could reduce your credit score by 150 points, significantly affecting your ability to take out a mortgage loan.
Borrowell collaborates with over 50 Canadian financial entities to find loans that fit your credit profile. Borrowell has already been appreciated by more than a million members from all provinces of Canada. The company is dedicated to making financial stability possible for its clients. It has won numerous awards, including making it to the Deloitte Technology Fast 50 list of fastest-growing companies in Canada and App Annie's list of breakout finance apps.
Borrowell reviews
On the internet, one can find many reviews on Borrowell, which is a good sign of its legitimacy. However, not all of them are positive. For example, on Trustpilot, some clients highlight system bugs that prevent Borrowell from timely payment detection, which leads to annoying customers with irrelevant notifications. Others mention inaccurate credit reporting. Still, positive reviews talk about such benefits as excellent service, good advice on debt control, and building credit.
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 insufficient to apply for a mortgage or a bank loan. Borrowell uses 256-bit encryption, which suggests it’s pretty safe to use its company's services. It is also a Canadian Lenders Association member.
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 financial solutions:
- Credit cards;
- Personal banking;
- Mortgages;
- Insurance;
- Personal loans;
- Loans for small businesses;
- Debt consolidation;
- Car loans;
- Home improvement.
Borrowell's Refer-a-Friend program
Borrowell designed the Refer-a-Friend program that allows you to receive a gift of your choice or a $5 Amazon or Starbucks gift card sent to you within five-ten business days for every friend you refer using a referral link. To participate in the Refer-a-Friend program, you have to share your referral link with someone and have them register using your link. This person must register an account and get verified to receive their free credit score report.
How can I find my unique referral link?
If you are using the Borrowell mobile app:
- Click the icon of a person located in the top right corner of the screen.
- Hit the "Refer your friends" button.
- If you are using a web browser or mobile web browser via your computer, laptop, or cell phone:
- Click your name in the top right corner of the page in a computer or laptop web browser or click the three horizontal lines in the top left or right corner of the page if you are doing if through a mobile web browser);
- Select "Refer a friend, get $5" from the drop-down menu.
Pros and cons of Borrowell
Pros
- 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 their credit status. In addition, Molly provides Canadian consumers with personalized credit coaching.
- Through automatic AI recommendation algorithms, consumers can learn suggestions from dozens of lending companies in Canada. 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.
Cons
- Loan term options depend on the lenders, not on the Borrowell itself. So there is no single list of offers and eligibility requirements.
- The interest rates are relatively high; one might be aware of the inability to pay off a loan plus accumulated interest rate charges.
- There are multiple negative reviews on the internet regarding the real value of the score provided by this company.
Loan conditions
Personal loan conditions depend on an applicant's credit score and a specific type of loan, as well as on the lender you choose, as Borrowell is partnered with more than 50 financial organizations granting different types of loans. These can generally be loans from $500 to 50,000, with a term of 6 months to 7 years. Interest rates vary from 4.34% to 39.99%.
Methods of loan granting
You can get your money deposited to the specified bank account or credit card. Funds are usually transferred within the next 48 hours after the approval receipt.
Requirements
Each credit company can set its requirements for borrowers to qualify for lending, evaluating it according to different criteria. But, at the same time, there are specific basic requirements. Here are the requirements of Borrowell:
- Residence permit in Canada;
- Age at least 18 years old;
- A certain level of credit score;
- Have a bank account at a Canadian bank;
- Proof of income or permanent employment.
