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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 application

Finanso.Multilogin™

How to apply for a loan?

To apply for a loan, you need to register with Borrowell and receive a weekly free credit report from Equifax, the largest credit bureau in Canada. It takes up to 3 minutes and does not cause any harm to the credit profile.

The next step is to get customized with the offers from lenders and choose the best one. These offers are automatically selected by artificial intelligence.

How long are applications considered?

After you register and enter all the required data, you need to select the loan type, amount and submit an application. Within a few minutes, you will receive a preliminary consumer proposal.

How quickly can funds be received?

If your loan application is approved, the borrowed funds will be transferred within 48 hours or even sooner. It depends on the particular lender and the operating of the banking system that processes the transactions; in some cases can take 2-3 days.

Reasons for rejection

You risk being rejected to receive credit products when having a bad credit report. A low credit score, short, negative, or no credit history are factors that make it difficult to get approval from lenders. If managed responsibly, a personal loan can help you build a solid payment history, which is the most significant factor in determining your credit score. However, Borrowell offers particular loans to improve credit history for people with low credit scores.

FAQ

How long are applications considered?

After you register and enter all the required data, you need to select the loan type, amount and submit an application. Within a few minutes, you will receive a preliminary consumer proposal.

How quickly can funds be received?

If your loan application is approved, the borrowed funds will be transferred within 48 hours or even sooner. It depends on the particular lender and the operating of the banking system that processes the transactions; in some cases can take 2-3 days.

Reasons for rejection

You risk being rejected to receive credit products when having a bad credit report. A low credit score, short, negative, or no credit history are factors that make it difficult to get approval from lenders. If managed responsibly, a personal loan can help you build a solid payment history, which is the most significant factor in determining your credit score. However, Borrowell offers particular loans to improve credit history for people with low credit scores.

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 25.09.2022
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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