Borrowell Loan Service
Updated: Jun 1, 2022
What is Borrowell!
Borrowell is a Canadian digital (online) lender that provides low-interest personal loans to individuals who are in the market for a general loan or those who need a loan for debt consolidation purposes.
The company has been in business since 2014 and is based out of Toronto. In addition to a management team of well-versed and experienced people, Borrowell also has the backing and partnership of several well-known brands including CIBC, BMO, EQ Bank, Scotiabank, National Bank of Canada, Capital One, Wealthsimple, and MBNA.
Since introducing their free credit score service in 2016, over 1.5 million Canadians have used the platform to access free credit scores.
Borrowell was the first company to offer free credit scores in Canada and they also created Canada’s first AI-powered Credit Coach, Molly, who shares tips with Borrowell users, helping them to improve their credit.
What They offer!
Borrowell is known as a one-stop-shop for personal loans, mortgages, credit cards, insurance, banking products, and more.
Free Credit Score and Credit Report
Borrowell is one of the most popular free credit score sites in Canada. The free credit score they provide is the Equifax Risk Score 2.0 and ranges from 300 to 900. The free credit report you get is also your full Equifax credit report.
Credit Monitoring: Borrowell updates your credit score and reports on a weekly basis, so you can easily monitor your credit profile for any errors or fraudulent activity.
This saves you the money you would otherwise have to pay for this service when it is provided by a credit bureau such as TransUnion. You can also print or download your credit report whenever you want to.
Competitive Fixed-Rate Personal Loans
Borrowell offers a “low-interest” personal loan to Canadians who want quick access to an unsecured loan, or who need to source loans from alternative lenders for debt consolidation purposes.
It has several lending partners and you can compare rates to see what works best for your situation. In general, the rate you qualify for depends on your creditworthiness (credit score and history).
You can borrow up to $35,000, with fixed rates ranging from 12.99% to 46.96%, and loan terms are from 6 months to 60 months.
Borrowell also offers a portal to compare different kinds of credit cards including:
Balance Transfer Cards
On their comparison site, you can compare credit card annual fees, interest rates, card features, etc.
If you are in the process of buying a home and are looking for the best mortgage rates available, Borrowell offers a platform to compare rates and financing options.
They also offer mortgage calculators and other tools to make your home purchase less stressful. In addition, you get access to your credit score and tips on how to improve it.
Insurance and More
If you need auto or home insurance, you can compare rates online via Borrowell. They also offer various banking products from leading financial institutions including savings, chequing, and investments.
The company recently introduced two products that members can use to stay ahead of their finances.
How to Get Started!
It is pretty easy and should take you less than 3 minutes. Open an account with Borrowell HERE and complete the online form (name, email, address, date of birth, etc.)