Borrowell is a Canadian financial technology company that provides personal loans, credit
reports, and credit scores to its customers. It was founded in 2014 by Andrew Graham and Eva
Wong, and has since grown to become one of the largest online lending platforms in Canada.
In this review, we will examine the various services offered by Borrowell, their benefits, and
how they compare to other lending options available in Canada.
Personal Loans
One of the core services offered by Borrowell is personal loans. These loans are designed to
help customers consolidate high-interest debt, pay for home renovations, or cover unexpected
expenses. Borrowell offers loans ranging from $1,000 to $35,000, with repayment terms of between
3 and 5 years.
One of the key benefits of Borrowell’s personal loans is the speed at which they can be
processed. The company claims that loan applications can be completed in as little as 5 minutes,
and that funds can be deposited into a customer’s bank account within 48 hours. This can be
particularly appealing to customers who need access to funds quickly.
Another benefit of Borrowell’s personal loans is the competitive interest rates they offer.
Borrowell’s interest rates start at 5.99%, which is lower than the rates offered by many
traditional banks. Additionally, Borrowell does not charge any origination fees, prepayment
penalties, or other hidden fees, which can make their loans a more cost-effective option than
other lenders.
Credit Reports and Credit Scores
In addition to personal loans, Borrowell also provides customers with free credit reports and
credit scores. These reports are updated on a monthly basis and provide customers with valuable
information about their credit history, including their credit utilization rate, payment history,
and length of credit history.
One of the key benefits of Borrowell’s credit reports and credit scores is that they are free
to access. Customers do not need to pay any fees or sign up for any subscriptions to access
their credit information. This can be particularly beneficial for customers who are looking to
improve their credit score, as it allows them to monitor their progress without incurring any
additional costs.
Another benefit of Borrowell’s credit reports and credit scores is the level of detail they
provide. Borrowell’s reports include information from both Equifax and TransUnion, which are
the two major credit bureaus in Canada. This provides customers with a more comprehensive view
of their credit history, and can help them identify any areas that may need improvement.
Comparison to Other Lending Options
While Borrowell’s personal loans and credit reports have many benefits, it is important to
compare them to other lending options that are available in Canada.
Traditional Banks
One of the primary alternatives to Borrowell’s personal loans is traditional banks. While banks
may offer lower interest rates to customers with excellent credit scores, their application
processes can be more time-consuming and bureaucratic. Additionally, many banks charge
origination fees, prepayment penalties, and other fees that can make their loans more expensive
than Borrowell’s.
Credit Unions
Another alternative to Borrowell’s personal loans is credit unions. Credit unions are
member-owned financial cooperatives that offer loans, mortgages, and other financial products
to their members. While credit unions may offer competitive interest rates, their eligibility
requirements can be more restrictive than Borrowell’s. Additionally, credit unions may not offer the same level of convenience and speed as Borrowell, as their application processes can be more involved.
Conclusion
Overall, Borrowell is a strong option for Canadians who are looking for personal loans and
credit reports. Their loans offer competitive interest rates, quick processing times, and no
hidden fees, while their credit reports and credit scores provide valuable insights into
customers’ credit histories. While there may be other lending options available in Canada,
Borrowell’s services provide a convenient and cost-effective option for many.
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