Loans and credit scores go hand in hand. It’s really important to have a good credit score to get a loan. And, to get a loan one must find a secure and seamless loan provider. What if you get all the indispensable financial products and services under one roof? Borrowell is one the leading and largest fintech firms in Canada offering a versatile range of loans and financial services such as free credit reports, insurance programs, credit monitoring, investment products, and more. The brand gives a versatile range of financial products and services within a few clicks through it’s website and mobile app.
About Borrowell
Borrowell started it’s journey in 2014. It’s now a prominent online loan and financial services provider. It offers instant loans and financial products and services to people who want them quickly. Initially, it started as a debt refinance platform where one can get instant personal loans. Within a few years, the brand expanded it’s umbrella of services by offering free credit scores in collaboration with Equifax.
One can now easily get access to the online marketplace to apply and compare for loans, insurance, banking products, credit cards, etc right upon successful signup.
Last year, Borrowell acquired one of the biggest financial companies, Refresh Financial. It helped Borrowell to offer secured and safe credit-building loans along with credit cards. Currently, it has over 2 million Canadian customers.
The company has a team of financial experts who have years of experience. In fact, it has also the backing of various prominent brands such as CIBC, EQ Bank, National Bank of Canada, Wealthsimple, Scotiabank, BMO, etc.
In fact, Borrowell was also the first company in 2016 to give free credit scores to Canadians. The company introduced the first of it’s kind AI-backed software Credit Coach and Molly to help Canadians to improve their credit scores.
PROS
- A user-friendly and eye-catching website
- Seamless mobile app
- Offers debt-free options to improve the credit profile
- Free credit score checkup
- variety of financial products and services
- Quick and clear terms and conditions of loans
CONS
- Restricted loan terms
- Only the monthly payment option
- All credit scores and reports restricted to Equifax
- Extra fee for credit builder products and rent advantage
- A lot of marketing and promotion communication in the free services
Products & Services Offered by Borrowell
Free Credit Scores & Reports
In Canada, one can quickly get free credit scores and reports through Borrowell. It is basically the Equifax Score 2.0 ranging between 300 and 900. It is equivalent to a full Equifax credit report. The best part is that Borrowell consistently monitors and updates credit scores and shares weekly reports. Hence, it helps customers to monitor their credit profile consistently and effortlessly. It also updates you about mistakes or fraudulent activities. One can easily take a printout of a credit score report. To get it, one has to:
– Signup and open an account
– Complete the form
– verify your identity
– Access your credit score
Low-Interest Personal Loans
Borrowell is a specialist in offering low-interest personal loans quickly. The company has multiple lending partners and one can check and compare rates to get the best one for them. However, the minimum amount for a personal loan should be $1000 and the maximum up to $35000. The loan term ranges from 36 to 60 months. Most personal loans are approved within 2 business days and dispersed into the account in 48 hours after the approval.
However, to get a personal loan one must be having Canadian citizenship and a bank account followed by a credit score of 660 and a credit history of 12 months. It usually charges an origination fee of 1 to 5% on the total loan amount.
Banking Services
Borrowell also offers savings and checking accounts. Either of the two is provided on the basis of the customer’s financial profile.
Mortgage loan
Right now, Borrowell doesn’t offer mortgage loans. However, it offers a secured and technology-driven platform to compare the best mortgage rates from other financial firms and institutions. One also gets a dedicated mortgage expert who will guide you through the process.
Insurance
Borrowell also offers home and auto insurance. One can also compare and check through it’s website. Along with that, it also gives various banking products and services through multiple financial institutions.
Credit building
The company has recently introduced a Credit Building product in order to improve the credit score of customers. It charges $10 per month to get $240 in return right after 36 months.
Rent Advantage
It is also a recently introduced product that is available to only select users. It is created to get timely rent payments that are reported to Equifax. It helps to improve customers’ credit scores to a great extent. It can be canceled or set up online at any time with a subscription fee of $5. All you need to furnish is your lease documents and collaborate your credit card or account used to pay rent. There is no approval required from your landlord.
Bill Tracking
It is a brand new tool introduced to monitor over 15 bills through a mobile app. It shows transaction history and reminders to pay bills on time without delay.
Credit Cards
Borrowell also has a service to offer various credit cards for customers, including:
– Cashback cards
– Low-interest cards
– Travel cards
– Rewards cards
– Balance transfer cards
Customers can easily compare multiple credit cards and their fees, interest, features, etc.
Who Should Rely On Borrowell?
– If you are a Canadian citizen who wants to monitor your credit score or get a report online then it’s meant for you.
– If you want to build your credit profile then it’s meant for you
– If you want instant personal loans at low-interest rates without facing any hassles then it’s meant for you.
– If you want some exciting shopping products such as credit cards, etc then you can come to Borrowell website or an app to get the best one for your usage.
What About Borrowell’s Security and Privacy Policy?
– Borrowell leaves no stone unturned to offer the highest level of personal information security.
– The platform doesn’t share credit scores or reports with any 3rd party agent or platform without having customers’ consent.
– Customers get a right to update, access, and correct their personal information in the profile registered on Borrowell’s website.
Borrowell Alternatives
Mogo
Mogo is one of the alternatives of Borrowell that also offers free credit reports via Equifax. However, one also gets some more services such as offering loans to customers with bad credit. Most Canadian who don’t get a loan from other lenders often visit Mogo.
Credit Karma
It also offers free credit reports online. However, it offers credit reports via TransUnion, not Equifax. Overall, Borrowell offers more services than Credit Karma.
FAQs
Does it offer a reliable credit score?
Yes. It offers reliable and accurate credit scores and reports. However, it is perhaps slightly different from one’s bank.
Is it safe to use Borrowell?
Yes, it’s completely safe to use Borrowell without thinking twice. The platform uses 256-bit encryption for all transactions and data entries. Moreover, Borrowell is a part of the Canadian Lenders Association.
What’s the Interest rate offered?
It usually charges 5.6% to 29.19% interest. However, the average rate lies between 11% to 12%.
Can one apply for a loan online?
Yes, one can easily apply for a loan online. The process to apply for a loan is simple and straight. You just need to signup, browse the available loans, compare them on the basis of interest rate, etc. Once you have selected the loan you want, just fill out an online application to get the funds within 48 hours.
Can one quite Borrowell?
There are two options offered by Borrowell.
– Deactivation: If you will choose deactivation then it pauses credit monitoring service, emails, credit report updates, etc. However, it gives you the option to reactivate your account whenever you want in the future.
– Deletion: When you choose to delete your account, it will permanently shut your account and stop all types of communications with Borrowell. There is no option to revive your account in any scenario.
How to contact Borrowell?
If you want to reach it’s customer support then send an email to [email protected]. You can also reach out to their customer care support Monday to Friday between 9 am and 5 pm EST.
Final Thoughts
Borrowell saves a lot of dollars every customer for almost every customer by generating free credit scores and reports. Otherwise, one has to pay a good amount of money in credit monitoring fees. On top of it, it’s a secure platform where one can get to know about various financial products and services. It’s an accredited and popular lender in Canada with good reviews. Hence, Borrowell is highly recommended for all Canadians wanting to create a good credit profile and have instant access to various financial products and services within a few clicks.