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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's app

Finanso.Multilogin™

How to download?

The Borrowell mobile app is available for download on Google Play and App Store. If you live in Canada and your device is compatible, you can download this app and use it on your device.

It requires less than 100 MB on your mobile device. When you install it, you need to give the app the appropriate permissions, and then it will work properly.

Borrowell at Google Play

Download

Borrowell at App Store

Download

How to use?

In order to use this app, you will have to create an account and enter information for identification and access to your credit history. You can choose the needed date and see your Equifax credit score report. It will give you a chart and calendar where you will see dates of successful loan repayments and missed ones. In the payment history, you will get is like:

  • paid;

  • missed payment;

  • information is not available for the date.

Molly, your personal credit assistant, would give you tips about your current credit score, the opportunities it gives you, and ways how to improve it. In this section, you will be given information about the dynamics of your credit score compared to the last week.

The product approval chances section gives an idea about your perspectives to get a loan approved. It includes:

  • loans;

  • credit cards;

  • car loans;

  • mortgages, etc.

In each category you will be given information about annual fee, APR and your chances for approval, plus you can get more detailed information in each section.

It takes only 3 minutes to get information about your credit score. You can see collections on your file, bankruptcies . You can monitor if you have any forgotten outstanding payments which harm your credit score and can settle this before trying to apply for a bank loan. In addition all your enquiries via Borrowell as considered to be soft enquiries and unlike hard enquiries when the lender is doing the check on your file it does not reduce your score.

Using this app allows you to find whether your credit report is correct an if no, errors can be reported and corrected.

How to sign in?

When registering, you must enter your valid email address, which will be used as an identifier for your account.

Features

This app is useful for all ages. Young people are able to monitor their perspectives on loan and credit score dynamics. Besides, it is possible to stop fraudulent activity with your credit score and prevent damage.

It shows bankruptcies, collections, payments, and missed payments on your loans. Using such a tool you basically eliminate the chances to forget about some outstanding payments which could cost you approval of an important loan under a good interest rate.

This app is free and gives you dynamics weekly. All your inquiries though Borrowell is considered to be soft ones unlike the ones done by the lenders. Inquiries done via the app do not reduce your credit score.

You are not pressured to buy any financial product.

The app is using bank-level data encryption

You get personalized recommendations from a robotic financial assistant.

FAQ

How to extend a loan?

Since the company uses direct debit from your account which you provided to get the loan amount credited you have to make sure that the lender is informed in advance about your issues with repayment. Otherwise, you will increase your expenses by NSF fee.

How to pay Borrowell in the app?

Your account is "attached" in the app thus instalment payments are automatically debited.

How to restore access to the app?

If you need your access to be restored enter your registration e-mail and hit "Forgot my password."

If both password and registration e-mail are forgotten contact customer support.

How to delete the app?

The quickest way is to tap on the screen on this App and then hit remove or uninstall the app buttons. Make sure it was uninstalled and not just removed from your main screen.

This method works for Android and Apple.

Android allows to remove the app from Google App by tapping the right top corner and then finding unneeded app which have to be removed.

There is a similar procedure foe iOS devices: you have to tap on the icon and then proceed with deleting the app.

How to delete the app?

The quickest way is to tap on the screen on this App and then hit remove or uninstall the app buttons. Make sure it was uninstalled and not just removed from your main screen.

This method works for Android and Apple.

Android allows to remove the app from Google App by tapping the right top corner and then finding unneeded app which have to be removed.

There is a similar procedure foe iOS devices: you have to tap on the icon and then proceed with deleting the app.

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

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 03.10.2022
Loan amount
i

Enter the desired loan amount

CAD
CAD
USD
500 $
50000 $
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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