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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Borrowell

Advertiser Disclosure

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:

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:

  1. Click the icon of a person​​ located in the top right corner of the screen.
  2. Hit the "Refer your friends" button.
  3. If you are using a web browser or mobile web browser via your computer, laptop, or cell phone:
    1. 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);
    2. 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.

    Borrowell

    Reviews

    FAQ

    What is Borrowell?

    Borrowell is one of the largest Canadian fintech companies, with more than one and a half million members trusting it. It is dedicated to making financial prosperity available to every Canadian citizen. Its work is focused on its client's credit health by providing materials on credit education and reaching financial goals, access to various credit products from a network of lenders, cutting-edge digital tools, and customized experiences. In general, it is a financial education company that offers free credit scores and free credit inquiries into your file.

    It also has an AI financial coach, Molly, who will help its users reach good credit score levels faster, thus, improving their credit history.

    With Borrowell, you can perform a credit inquiry and, within minutes, get a free report from Equifax.

    Who owns Borrowell?

    It's a private corporation established founded in 2014 by Andrew Graham and Eva Wong in Toronto, Ontario. It is based in Toronto.

    How do you qualify for Borrowell?

    Each credit company partnered with Borrowell has its own 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:

    • Canadian residence;
    • 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.

    Some lenders cooperating with Borrowel can require you to have no consumer proposal/bankruptcy on your file or provide more information about your situation.

    How much can you borrow from Borrowell?

    As you cannot borrow directly from Borrowell, the limit depends on the direct lender you choose. Borrowell partners with over 50 financial organizations in Canada to find credit products that match your request. Still, the maximum loan transaction amount handled by Borrowell for you does not exceed $50,000.

    Is Borrowell a legitimate company?

    Borrowell is a legitimate Canadian company cooperating with a major credit reporting agency, Equifax. This company has served more than a million clients. Its official address is 1 University Ave, Toronto, ON M5J 2P1, Canada.

    Borrowell is a Better Business Bureau-rated and accredited A+ company.

    Company documents

    Terms of Use
    Privacy Policy

    At Borrowell, we're proud to be globally recognized as one of Canada's leading financial technology companies.

    © Borrowell

    Borrowell service available provinces

    • Ontario
    • Quebec
    • Nova Scotia
    • New Brunswick
    • Manitoba
    • British Columbia
    • Prince Edward Island
    • Saskatchewan
    • Alberta
    • Newfoundland and Labrador
    • Northwest Territories
    • Yukon
    • Nunavut
    Borrowell service available provinces

    Financial products

    Borrowell
    Personal loan
    Rating by Finanso®
    i

    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Recommended FinScore™
    0
    300
    650
    1000
    $500-$50,000
    Rate
    i

    Effective interest rate on the product

    up to 39.99%
    Term
    i

    Loan term for the financial product

    up to 84 months
    Borrowell
    Business loan
    Rating by Finanso®
    i

    The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

    Recommended FinScore™
    0
    300
    650
    1000
    $500-$50,000
    Rate
    i

    Effective interest rate on the product

    up to 39.99%
    Term
    i

    Loan term for the financial product

    up to 84 months

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    Loan term for the financial product

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    Calculate loan payments in Borrowell

    Borrowell calculator will allow you to calculate an approximate payment schedule for the loan

    Borrowell calculator
    Interest rates are given in accordance with the rates of the bank in Ottawa as of 05.02.2023
    Loan amount
    i

    Enter the desired loan amount

    CAD
    CAD
    USD
    500 C$
    50000 C$
    Loan term
    i

    Specify the loan term for the calculation

    months
    days
    6
    84
    Province

    What to pay attention to when applying for a loan from Borrowell

    1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
    2. You can check the availability of the relevant license (copy) at the branch of the lending company.
    3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
    4. Availability of lending policies.
    5. The procedure for applying for a loan.
    6. The procedure for concluding the loan agreement and receiving the payment schedule.
    7. Other conditions for granting loans.

    We recommend

    1. To check out the interest rates and frequency. 
    2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
    3. Check whether the loan agreement contains information about the total cost of borrowing.
    4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
    5. Speed of loan processing.
    6. Accessibility – alternative lenders often operate where there are no bank branches.
    7. For the borrower - high interest on the loan.
    8. For an investor, the safety of funds is not guaranteed by the state.

    What distinguishes Borrowell from banks:

    1. Simplicity - loan processing is less formalized than in a bank.
    2. Fast loan processing.
    3. Accessibility.
    4. For the borrower - high interest on the loan.
    5. For an investor, the safety of funds is not guaranteed by the state.
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