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Borrowell Review

When life throws you a curveball, you either adapt or you get crushed. The latter is not a very good option, so it is essential to be prepared for the unexpected. Knowing where to turn to in times of crisis is the first step in avoiding a devastating financial blow. Whether it’s for your car payment, an unexpected medical emergency, or a home repair, you should look for a reliable and trusted lender to provide you with the cash assistance you need. That’s where Borrowell comes in. Borrowell is one of Canada’s leading fintech companies that has helped millions of Canadians access non-traditional financial services with ease.

In this article, our team has done a thorough review of Borrowell to see what they have to offer and whether or not it’s a worthy choice for your financial needs. We have also listed some of the most important things and features to consider before signing up for their services.

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      Company Information

       

      Main Office: 1 University Ave, Toronto, ON M5J 2P1, Canada

      Business Hours: Monday to Friday, 9AM to 5PM (Closed on Saturday and Sunday)

      Email: [email protected]

      Phone: (416) 800-0950

       

      Andrew Graham founded Borrowell in 2014 with a simple goal in mind. He wanted to provide a safe and easy way for Canadians to manage their finances. Borrowell has grown to become one of the leading alternative financial institutions in Canada. The company has a wide array of services that are aimed at helping Canadians build a better financial future. They are the first in Canada to partner with Equifax, the country’s leading credit reporting agency, to offer free credit scores and credit monitoring services. Plus, they have also created Canada’s first ever AI-powered credit coach, Molly, which is designed to help Canadians improve their credit and make smarter financial decisions.

       

      In 2021, Borrowell acquired Refresh Financial, another Canadian company that is known for helping people manage their financial reputation. This recent acquisition has given Borrowell a head start in the rapidly growing digital credit and debt management industry.

       

      Borrowell’s team of financial experts is committed to helping Canadians make smarter financial decisions and live a debt-free life. They believe in providing a better experience for their clients and making it easy for them to access the services they need. Their dedication to their customers is what makes them stand out from other financial institutions.

       

      Borrowell has received millions of dollars of funding from some of the top-tier investors in Canada. In December 2014, they received a seed fund of $5.4 million given by Equitable Bank, Oak west Corporation Limited, and other solo investors. In February 2016, they received $6.4 million in debt financing from Equitable Bank, Hedge wood and Power Financial Corporation. Last but not the least, in July of 2017, they received a $57 million investment from Portag3 Ventures, Equitable Bank, White Star Capital, and First Ontario Credit Union. 

       

      With over 2 million Canadians having signed up for Borrowell’s financial services, it’s safe to say that Borrowell is one of the most trusted non-traditional financial institutions in Canada.

       

      Types of Loans

       

      Generally speaking, Borrowell offers four major finance-related services: credit score management, personal loans, credit cards, and mortgages. 

       

      Before you can avail any of their financial products, you’ll be required to create an account on Borrowell’s website. Borrowell only caters to Canadians in the following provinces and territories:

      • Alberta
      • British Columbia
      • Manitoba
      • New Brunswick
      • Newfoundland
      • Nova Scotia
      • Ontario
      • Prince Edward Island
      • Saskatchewan
      • Barrie
      • Brampton
      • Calgary
      • Edmonton
      • Halifax
      • London
      • Mississauga
      • Ottawa
      • Toronto
      • Vancouver
      • Winnipeg

       

      If you live outside of Borrowell’s service area, it is best to contact the company directly for more information.

       

      Borrowell Personal Loans

      Whether you are looking to consolidate debt, pay off high-interest credit cards, or get a loan for home renovation, Borrowell has the perfect financial product for you. Borrowell partners with some of the most reputable lenders in Canada like Symple Loans, Consumer Capital, SkyCap Financial, Lend Direct, Refresh Financial, and more to bring you a wide array of personal loan options. 

       

      Below is a quick overview of Borrowell’s personal loan products:

      • You can apply for personal loans ranging from $500 to $50,000.
      • Borrowell’s loan maturity dates range from 9 months to 7 years. One of their partners, Lend Direct, offers an open-end loan which means that you can negotiate your loan’s terms to fit your personal situation.
      • They offer interest rates between 5.75% and 39.99%.
      • Their personal loans are available in Alberta, Manitoba, Newfoundland, Ontario, Saskatchewan, British Columbia, New Brunswick, Nova Scotia, and Prince Edward Island. 
      • They are also available in major Canadian cities such as Barrie, Brampton, Calgary, Edmonton, Halifax, London, Mississauga, Ottawa, Toronto, Vancouver, and Winnipeg.

       

      Borrowell Debt Consolidation

      Debt consolidation is a financial service that allows you to combine all of your debts into a single loan to help you better manage your finances. Borrowell partners with some of the top lenders in Canada, meaning they can help you find the best debt consolidation loan for your financial situation.

       

      Here’s what you can expect from Borrowell’s debt consolidation loan:

      • Borrowell offers debt consolidation loans from $500 to $15,000.
      • Their repayment term ranges from 9 months to 60 months for Consumer Capital & SkyCap Financial, and open-end for Lend Direct. 
      • Interest rates range from 12.99% to 39.99%.
      • This loan is available in Alberta, British Columbia, Nova Scotia, Ontario, Calgary, Edmonton, Halifax, and Toronto. 

       

      Borrowell Major Purchase Loan

      Borrowell offers personal loans for major expenses and purchases such as home improvements, vehicles, and furniture. The loan amount, term, and interest rate will vary depending on your credit profile. Simply log into your Borrowell account, get your credit score for free, check rates, and choose the loan that best suits your needs. 

       

      Borrowell Pay Off Credit Card Loan

      Those who are struggling to pay off their high-interest credit cards can take advantage of Borrowell’s Pay Off Credit Card Loan. Borrowell promises to offer loans that are lower than Canada’s average credit card interest rates of 19.99% to 29.99%. The loan amount, term, and interest rate will also vary depending on your credit score. 

       

      Borrowell Business Loan

      Are you planning on starting a new business? Borrowell offers a variety of business loans to help you get the financing you need. Borrowell will match your credit score with a business loan that you can use to buy equipment, renovate your office, or build a new facility. 

       

      Borrowell Home Improvement Loan

      If you need some cash to finance a home renovation project, Borrowell’s Home Improvement Loan is perfect for you. Based on your credit rating, Borrowell can provide you with a loan that you can use to buy appliances, build a deck, or make repairs. 

       

      Borrowell Car Loan

      According to Borrowell, 630 is the typical credit score to qualify for the best auto loan rates in Canada. The good news is, Borrowell can still find you a car loan even if you have a low credit score. Based on your current financial standing, Borrowell will help you choose an auto loan that fits your needs and budget.

       

      Borrowell Mortgage 

      If you are in the process of buying a new house, Borrowell can help you finance your new home. They offer a variety of mortgages, including fixed and variable rates. The loan amount, term, and interest rate will also vary depending on your credit score. One of the best features of Borrowell’s mortgage is they offer a mortgage coach to help you make the best decision for your financial situation.

       

      Here are the details of Borrowell’s home loans:

      • You can borrow up to 55% of your home value. 
      • Enjoy a loan repayment term between 6 months and 60 months. 
      • Borrowell offers an APR of 4.34% to 5.76%.
      • This loan is available for Canadians in Alberta, Manitoba, Newfoundland, Ontario, Saskatchewan, British Columbia, New Brunswick, Nova Scotia, and Prince Edward Island. 
      • Those who live in Barrie, Brampton, Calgary, Edmonton, Halifax, London, Mississauga, Ottawa, Toronto, Vancouver, and Winnipeg can also apply for a Borrowell home loan.

       

      Why Choose This Provider

       

      Since its foundation in 2014, Borrowell has helped more than 2 million Canadians with their financial needs. Here are the top reasons why Borrowell is at the forefront of the financial services industry:

       

      Innovative 

      Having developed the first ever AI-powered credit coach, Molly, Borrowell aims to deliver innovative and personalized solutions for their clients. 

       

      Extensive Network

      Borrowell’s network of partners and affiliates are in the best position to provide a wide range of financial services to Canadians. They partner with industry giants like Oak west Corporation Limited, Concentra Bank, Equitable Bank, First Ontario Credit Union, and so much more. 

       

      Industry Leader 

      Borrowell’s recent acquisition of Refresh Financial cemented its position as one of the leading providers of non-traditional loans in Canada. 

       

      Free Credit Check

      Borrowell’s partnership with Equifax has made it possible for them to offer free credit checks to their clients. This provides loan applicants with a better understanding of their financial situation and helps them make better decisions.

       

      Free Bill Tracking

      To help you monitor your finances and avoid surprises, Borrowell offers free bill tracking and payment reminders. This feature allows you to view your bills, track your payments, and receive alerts when it’s time to make a payment. Borrowell’s free bill tracking app is available for both iOS and Android operating systems. 

       

      Additional Services

      Borrowell also lets you compare credit cards, bank accounts, and insurance policies in Canada to help you get the best financial products. Their website is also full of useful information on how to better manage your finances, and how to improve your credit score. 

       

      How to Sign Up

       

      Signing up for a Borrowell account is free and easy. In fact, you can finish the registration process in just a few minutes. Here’s a step-by-step guide to create a Borrowell account:

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      Register for a Borrowell Account

      Before you can access any of Borrowell’s services, go to its website and look at the upper right hand corner of the screen to see the “Sign Up Button.”

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      Click the Sign Up button and you’ll find an online registration form that will ask for a valid email address. Simply fill out the form and click the “Create Account” button. By clicking the button, you’re agreeing to Borrowell’s terms and conditions.

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      After submitting the online form, just go to your email inbox, validate your Borrowell’s account, and you are good to go.

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      Complete the Registration Process

      Once you are inside your Borrowell account, you need to provide your personal particulars such as your full name, your current home address, and your financial goals. These data and information will help Borrowell to determine which products and services are perfect for your needs.

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      Get Your Credit Score Checked for Free and Choose a Loan Offer

      Borrowell has a very straightforward loan application process. Each application starts with a free credit score check through Equifax, followed by a loan offer recommendation. Borrowell matches your credit score and personal profile with the best loan offer available.

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      Once you are satisfied with the loan amount, repayment term, and interest rate, you can approve the offer and proceed to the next step.

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      Wait for the Funds to Arrive

      Borrowell will then send the fund directly to your bank account. It will take no more than two business days or 48 hours for the funds to be transferred. You can monitor the progress of your funds by checking your account statement online.

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      Frequently asked questions

      What is Borrowell?

      Borrowell is a non-traditional lender that offers a wide variety of financial products and services. Its mission is to provide Canadians with affordable, reliable, and easy-to-use financial products and services.

      What is a non-traditional lender?

      A non-traditional lender is a company that specializes in providing loans to Canadians who may have limited or no access to traditional banking products. These loans are often called alternative financing products.

      How extensive is Borrowell's network of lending partners?

      As of this writing, Borrowell has 75 lending partners in Canada, including banks, credit unions, lenders, insurance companies, mortgage providers, and more.

      Who is the founder of Borrowell?

      Andrew Graham is the founder and CEO of Borrowell. He previously worked at PC Financial, another non-traditional financial institution, where he saw the need for a better way to help Canadians improve their financial situations.

      Is Borrowell's credit score accurate?

      Indeed, it is. Borrowell uses Equifax’s credit score to determine the amount of financing you qualify for. Equifax is one of the leading credit reporting agencies in Canada.

      Who are Borrowell's competitors?

      Borrowell competes with the likes of Lending Loop, Mogo Finance Technology, and Lendful Financial.

      How stable and reputable is Borrowell?

      Borrowell is backed up by a lot of individual investors, banks, and credit unions, making it one of the most stable and reputable financial institutions in Canada. Plus, with over 2 million users, Borrowell is also one of the most used financial services in Canada.

      How do I get started?

      You can start your loan application process by filling out Borrowell’s online registration form. It takes no more than just a few minutes to complete the whole process.

      Is Borrowell safe and secure?

      Borrowell takes pride in its security measures. They use a bank-level 256-bit encryption security technology to protect all of their clients’ sensitive information. In addition, Borrowell has a strict privacy policy that will not share your personal information with third parties.

      Conclusion

       

      Since 2014, Borrowell has helped more than 2 million Canadians improve their financial situations. With a team of professionals and an impressive network of lending partners, Borrowell has a proven track record of success.

       

      With its easy-to-use online platform, affordable rates, and convenient services, Borrowell is the perfect solution for anyone who needs a little extra help in improving their financial situation.

       

      Borrowell’s dedication to incorporating technology to make financial products and services more accessible and convenient for Canadians has helped it to become one of the leading alternative financing providers in Canada.

       

      While there are plenty of fintech companies in Canada that promise to change the way Canadians manage their finances, Borrowell is one of the few that actually delivers on its promises. There is no doubt that Borrowell has become a leader in Canada’s alternative financing industry.

      Piggyy

      ״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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