Last Updated on 8 months by Anoob P T
Are you looking for Borrowell Reviews? In this post, we are going to look at Borrowell Products, Benefits & Reviews for Borrowell Personal Loan.
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Table of Contents
What is Borrowell?
Borrowell is a Canadian company that acts as a low-interest digital lender to people looking for credit, either personal loans or loans for debt consolidation.
Borrowell is a Toronto-based business and began its operations in 2014.
Official Website of Borrowell: https://borrowell.com/
Borrowell has a team of competent and hardworking professionals as well as partnerships with some of the most well-known business names in Canada such as the National Bank of Canada, MBNA, BMO, Capital One, Scotiabank, Wealthsimple, EQ Bank, and so on.
In 2016, Borrowell, in partnership with Equifax (the biggest credit bureau in Canada), launched its revolutionary free credit score service.
So far, over a million Canadian citizens have opted for Borrowell’s free credit score service to know their credit score.
You should also know that Borrowell is the first company in Canada to provide a free credit score and report.
Usually other financial companies charge somwhere around $20 for a single report.
Borrowell is also a pioneer in providing credit advice through the AI medium.
Borrowell’s AI-powered credit expert, Molly, helps users upgrade their credit score by sharing with them useful, practical tips.
Here you will find complete information about the various products and services Borrowell has to offer and will also be provided with an honest Borrowell review at the end:
Borrowell Products
Besides offering personal loans, Borrrowell provides its customer with a range of products:
Credit Score & Credit Report
Borrowell partnered with Equifax in 2016 and offered customers a service to know their credit score for free for the first time.
Later, they also began issuing credit reports free of cost and thus providing customers the efficient service of obtaining their credit score and credit report simultaneously.
Borrowell marks your credit score based on the Equifax Risk Score 2.0 and your score is between the range of 300-900.
Your score reflects your creditworthiness: the lowest score meaning poor creditworthiness and the highest meaning excellent creditworthiness
Borrowell also provides its customers with the service of credit monitoring.
This means that they regularly update your credit score and credit report every month so that you can easily check your records for signs of any inaccuracies or fraudulent affairs.
Borrowell is safe, secure, and efficient service.
How to get your Borrowell Credit Report
Obtaining your credit score and credit report from Borrowell is easy, just follow these steps:
- Make your account on Borrowell here and fill in the online form with your complete details (name, date of birth, address, email ID, etc.)
- Answer few simple questions to verify your identity. You will not be required to enter your credit card number or Social Insurance Number (SIN).
- Complete the above steps carefully and obtain your free credit score and credit report.
Borrowell Fixed Rate Personal Loans
Borrowell provides personal loans at low-interest rates to its customers, especially those who wish for quickly available and unsecured loans or those who require credit from substitute lenders for debt consolidation reasons.
The interest rate of your loan is decided by your creditworthiness i.e. your credit score and credit history.
Customers can secure over $35,000 as loans with fixed interest rates ranging between 5.6% and 29.19%.
The term of the loans is between 3 to 5 years, though loans can be repaid without the imposition of any prepayment charges.
Most importantly, loans are speedily processed so that your time is not wasted.
Borrowell offers loans to:
- Canadian residents or citizens
- Those with a credit score of above 600
- Those who are neither bankrupt nor in collections and nor have filed for a consumer proposal
- Those with a credit history of minimum 1 year
- Those with a bank account in Canada
Borrowell offers a variety of loans to its customers, such as loans or debt consolidation, loans for major purchases, business loans, loans for home improvement, car loans, and so on.
The process to get Borrowell Personal Loans
You can obtain a personal loan from Borrowell by following the steps given below:
- Make your account on Borrowell here (you can forego this step if you already created your account while obtaining your credit score).
- Go to your account dashboard and ask for a quote. It will not take even 2 minutes. The quote for the free loan rate does not decide your credit score.
- Confirm your identity (bank details and proof of income).
- If you are an eligible candidate, you will have the credit money transferred to your account within two days.
Borrowell Average Interest Rates
Borrowell’s interest rates on loans average between 11-12%.
Some banks charge interest rates as high as 29.99% on credit cards. In comparison, Borrowell is a more affordable and efficient alternative.
Its low-interest-rate loans may be used to consolidate high-interest loans and pay off credit card debts without the demand for collateral.
According to the team at Borrowell, an average customer saves $4,812 by choosing Borrowell over credit cards.
Borrowell Fees
You are required to pay an origination fee of 1-5% of the total amount of loan borrowed.
The origination fee is included in the annual percentage rate (APR) stated for your loan.
Additionally, in case a failure of payment takes place, a $25 non-sufficient funds (NSF) fee applies.
Borrowell Credit Cards
Borrowell offers a platform through which to contrast different credit cards options like:
- Low-interest Cards
- Balance Transfer Cards
- Cash-back Cards
- Rewards Cards
- Travel Cards
On Borrowell, you can do a side-by-side analysis of the benefits and uses as well as annual charges, interest rates of each type of card.
Apart from these products, Borrowell also has lot of useful information such as blogs and other resources like a course known as “Free 7-Week Email Course” to help you improve your credit score.
Borrowell Mortgage
Borrowell also has a portal for comparing mortgage rates and different financing alternatives.
They also provide essential tools like mortgage calculators to help make your house hunt process less demanding.
And on top of it all, you get access to your credit report and get to analyze your credit situation to help you make better credit decisions.
Borrowell Customer Support
As per Borrowell official website, you can reach customer support by writing to info@borrowell.com (Monday – Friday from 9am – 5pm EST)
You can reach Borrowell Customer Support by dialling 1-866-828-5961
You can also fill form on this page. and Borrowell Customer Support member will reach out to you.
https://borrowell.com/contact-us
Borrowell Review
Borrowell is like a one-stop solution for people looking to acquire credit as well as wanting help with their credit decisions.
Borrowell’s unique free credit score service is an absolute boon to the average Canadian citizen and helps make the process of getting loans seem less intimidating.
Besides, the system employed by Borrowell is transparent, simple to use & efficient. They also keep user information safe and secure.
Overall, highly satisfactory and worthy of praise and recommendation.
Borrowell Customer Reviews
We are sharing few customer reviews from BBB (Better Business Bureau), you can check full reviews here
Easy and quick to use. Doesn’t take long to see your credit score- Linda.
I love being able to go and see my credit score at know cost to me after all it is mine. I have improved my credit since I have been able to monitor the way I see my credit.- Karen M.
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