Many Canadians take out payday loans every day, thinking it’s a good idea, not realizing that the interest rates are exorbitant. If you’re considering getting a short-term loan from a payday lender, you should think twice because there are better options available.
Borrowell, an online lender, is one of them. Today, we’ll talk about Borrowell, the application process, and the most recent Borrowell reviews.
What Do I Need to Know about Borrowell?
Borrowell is one of Canada’s largest fintech companies, with over one million customers. It offers credit score coaching and monitoring services through a partnership with Equifax.
Borrowell operates on the following tenet:
Simply by signing up with Borrowell, you will receive a free credit score check directly from Equifax. Borrowell helps its users by providing smart financial decisions, assistance, and guidance with borrowing options such as credit cards or mortgages.
Borrowell’s financial products will assist you with any financial needs, such as banking accounts, personal loans, credit cards, mortgages, and insurance policies that may improve your credit scores.
We will include the following in this review:
✅ Borrowell’s services and features
✅Loan application procedure, terms, and Borrowell reviews and complaints
✅Pros and Cons
✅FAQ
Services Overview
Borrowell provides a variety of loans and services, such as free credit reports, credit monitoring, insurance programs, banking and investing, secured personal loans for mortgages, and unsecured personal loans. Personal loans can be used to fund a small business, consolidate debt, or improve one’s home. Borrowell’s interest rates are competitive and open to the public. Borrowell loan reviews indicate that this lender’s service is among the best in the country.
Let’s take a closer look at the services on offer.
Borrowell Credit Score Free Canada
Borrowell is the first company to strike a deal with Equifax and provide its customers with a free credit score. You will receive monthly credit score updates, which will be extremely useful if you want to keep track of your finances. According to Borrowell credit score reviews, this is the most popular feature, with over 200,000 Canadians using it.
Borrowell Financial Services
Borrowell maintains both checking and savings accounts. They combine expertise and technology to offer you the best account based on your financial situation.
Borrowell Mortgage – Guaranteed loan
Borrowell does not currently issue mortgages, but they do provide offers through third parties. They will assign you a mortgage expert to walk you through the process and provide you with all of the resources you need to help with your mortgage.
Borrowell Insurance Services, Inc.
Borrowell provides a variety of insurance products and makes recommendations based on your financial situation.
Personal Loans Features
- The minimum loan amount is $1,000, and the maximum is $35,000.
- The annual percentage rate (APR) ranges from 5.6% to 29.19% (the average is 11%-12%).
- Monthly payment depends on the loan.
- The loan term is 36-60 months.
- There is an origination fee of 1%-5% of the amount of the loan. There is no prepayment penalty or returned payment fee, but there is a late payment penalty of $25 to $54 and an additional $28 for the collection company.
- The payments are monthly, with an automatic withdrawal.
- Fine Prints are available on all products.
- Mobile App is available on Google Play.
- The typical approval time is 1-2 business days.
- The typical funding time is as little as 48 hours after you are approved.
Loan Eligibility Criteria
To be eligible for a loan, you should fulfil the following Borrowell loan requirements:
- Be a Canadian citizen or resident
- Have a Canadian bank account
- Minimum length of credit history of 12 months
- Minimum credit score of 660
- Clean credit history with no bankruptcy, consumer proposal, collections, or delinquency
- Minimum annual income threshold of $20,000
- At least two pay stubs for income verification or two notices of assessment in order to confirm your self-employment, business, pension, or investment income
How to Apply for a Personal Loan with Borrowell
1st step:
Go to www.borrowell.com, scroll down the page to the “Loans” section, and click on the yellow “Get a Loan Now” button. You must first register on the website, which requires your email address and password.
2 Step :
Create a user profile with personal information such as your first and last name, address, phone number, income, and financial goals for the year.
3 Step :
Once your credit score has been determined to be satisfactory, choose whether you want to apply for loans, credit cards, or mortgages. Then, fill out the necessary information and submit your application.
Borrowell Canada Reviews Pros & Cons
Pros
- User-friendly platform
- Free credit score check-up. If you’re stuck on a certain score, Borrowell will provide an explanation for it and also certain tips for improvement.
- Products and services that will fit your personal requirements
- Clear outline of the loan terms, as well as their approval chance
Cons
- Limited loan terms
- Payment can only be made on a monthly basis
Privacy & Security Policy
Borrowell is a lender that protects personal information to a high standard. They will not share your credit reports, credit scores, or personal information with third parties without your permission.
When applying for a loan through Borrowell, you must provide proof of income, Canadian bank account information, the purpose of the loan, and information about your employment, such as occupation, former and current employers, and so on.
You’ll also need to provide a transaction history, confirm that the income deposits match the submitted documents, and assess your loan eligibility. Borrowell requires personal questions to be answered as part of the identity verification process prior to the application process.
You have the right to access, update, and correct any inaccuracies in your personal information in Borrowell’s possession or control. You can do so by emailing Borrowell or updating information on their website or app.
Borrowell Reviews 2021 & Feedback
We were curious as to what people thought of Borrowell and their loans. So we looked at the most recent Borrowell user reviews:
- Out of 4 Borrowell credit reviews on Trustpilot, about 25% say that it is excellent, another 25% rate it as great, and up to 50% say that it is bad.
- Borrowell ratings on most of the other websites range from 4 to 4.8 stars. Most users are satisfied with their services.
- Borrowell BBB reviews are positive. The lender has 4.2 out of 5 stars, which is an average of 133 Borrowell Canada reviews.
Wrap Up
Borrowell is one of the best online lenders in Canada, as evidenced by the numerous Borrowell reviews. Borrowell is an excellent choice if you want a top personal loan from an accredited lender as well as a free credit score.
FAQ
Is Borrowell credit score legit?
Yes, the Borrowell credit score is legit, but it may slightly differ from the one that your bank will provide. The ways in which Borrowell credits differ from regular banks is in the fees, the eligibility criteria, and the services they offer as a bank.
Is Borrowell safe?
Borrowell uses 256-bit encryption for every data entry, meaning it’s very safe to use their services. They are also a part of the Canadian Lenders Association.
Does Borrowell affect your credit?
Borrowell does a soft credit inquiry, which doesn’t affect your credit score history.
What is the interest rate at Borrowell?
Borrowell charges an interest rate of 5.6% to 29.19%. The average rate is 11%-12%.
Can I apply online for a Borrowell loan?
Yes, you can apply online for a loan at Borrowell. According to the Borrowell reviews, the process is easy and straightforward. You have to sign up to see the available loans and the interest rates that are available to your credit profile, select what you need, and fill out an online application. You’ll get the funds you need in 48 hours.