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Lender
Rating by Finanso®
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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

Finanso.Multilogin™

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.

Reviews

FAQ

Interested in qualifying with Borrowell?

Borrowell needs to know about your financial situation before approving you for one of the products or services. 

For example, for a large personal loan, Borrowell will check definite financial elements, such as:

  • Employment history
  • Credit report
  • Credit score
  • Current and previous debts
  • Bank account transactions
  • Residency details (loan conditions can vary according to your province/territory)
  • Most recent Notices of Assessment, if you are self-employed, on maternity leave, living on disability, retired or working more than one job  

What products and services does Borrowell offer?

  • Credit cards
  • Personal banking
  • Mortgages
  • Insurance
  • Personal loans
  • Loans for small businesses
  • Debt consolidation
  • Car loans
  • Home improvement

What does the average Borrowell personal loan cost?

On the official website, you can roughly calculate the interest you will pay over the life of the loan. 

Borrowell charges:

  • A one-time origination fee of 1% - 5% of the final loan balance
  • APR 5.6% – 29.19%, the average rate is 11%-12%

What are the pros and cons of applying with Borrowell?

Pros

  • Free credit reports
  • No penalties for early repayment 
  • Diversity of credit products
  • The extensive network of partners

Cons

  • A commission of $25 - $54 for NSF
  • Only monthly payments are available
  • It is hard to get approval if you have a bad credit score, a low income, or recent debts

What type of borrowers does Borrowell accept?

To qualify for a loan, an applicant has to meet the following requirements:

  • Be a Canadian resident;
  • Age at least 18 years old;
  • Credit score of at least 660;
  • Have a bank account at a Canadian bank;
  • The minimal annual income of $20,000;
  • Permanent employment;
  • At least 12 months credit history;
  • Two recent pay stubs or two Notices of Assessment.

Why didn’t I qualify for a loan?

There are several reasons why Borrowel may reject your application. The common ones are: 

  • Inability to meet the requirements
  • Short or no credit history. 
  • Delinquency, bankruptcy, or collections on a credit file.

How important is my credit score when applying for a loan?

A good credit score indicates your ability to repay loans in time. Lenders prefer working with clients who have a good credit score. It can also help qualify for better mortgage rates and thus, save more money on mortgage payments. The interest rate on mortgage matters, as it can have a significant impact on the paid interest. 

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

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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$120-$1,500
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up to 62 days

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 18.08.2022
Loan amount
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Enter the desired loan amount

CAD
CAD
500 $
50000 $
Loan term
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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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All Borrowell’s reviews by August 2022
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