Borrowell Canada has entered the personal loans market over the past few years, offering a variety of unsecured loans to Canadians with varying interest rates, terms, and amounts.
Borrowell offers personal loans ranging from $500 to $35,000, for a variety of terms. Interest rates vary, based on factors like credit history and income. Along with this, of course, you’ll get access to Borrowell's free credit score monitoring service, which you are actually required to sign up for in order to apply for a loan.
Borrowell Canada personal loans features
Let’s take a look at what Borrowell offers.
Why You Want It
Free credit score monitoring + Get funds quickly with reasonable rates.
Special Features
- Free credit score monitoring
- Usually get your money within just a few days
Eligibility
- Canadian citizen
- Age of majority
Provinces
AB, BC, MB, NB, NL, NS, ON, PE, SK
Features
Pre-approval
Flexible Terms
Loan Amounts
See Issuer for Details
APR Range
See Issuer for Details
Term Range
6-120 months
Minimum Credit Score
600
Secured Available
Borrowell Canada personal loans rating: 4.9 stars
We’ve given Borrowell Canada this rating for its personal loan offerings for a few reasons. It does offer reasonable interest rates, along with flexible terms, and no early payment penalties.
Borrowell loses points for having few other special features compared to some of its competitors, and the requirement that you sign up for their free credit score monitoring. It can also be more difficult to qualify for a loan at Borrowell than with some of its competitors.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Borrowell Canada personal loans
What’s the good side of Borrowell’s personal loan offerings?
Pros
Free credit score monitoring
Borrowell’s credit score monitoring is a core feature, powered by Equifax, that can help you better understand your current financial situation. You can get access to an updated score and report once a month. There is a downside to this, however, which we’ll discuss below.
Flexible repayment options
There is no penalty for paying your Borrowell loans off early, giving you added flexibility and a chance to save on unnecessary interest payments.
Funds within a few days
Once approved for a loan, you’ll have your money deposited directly into your bank account, usually within just a few business days – which we take to mean just one or two days, but this isn't specificed on the site. If you’re in need of some emergency cash, this is a pretty great turnaround.
Good option to pay off high-interest debt
If you’re currently saddled with outstanding high interest credit card debt, getting a personal loan through Borrowell may give you a chance to cut your interest payments down significantly.
The cons of Borrowell Canada personal loans
On the flip side, however, there are some things to watch out for.
Cons
Free credit score monitoring is required
If you want to apply for a Borrowell personal loan, you MUST sign up for their free credit score monitoring service. This is not optional. And by doing this, you are giving them a load of sensitive personal information that they can use to market their other products and services to you. You also run the risk of having someone steal your data, should Borrowell’s security be breached. Credit score monitoring is great, but very little in life is truly “free.”
Credit score and history options can be too high for some
Even if you have a full time job and an excellent credit score, Borrowell Canada may not approve you for a personal loan. In fact, since they have your credit history before you even try to look at loans, they may not even let you apply. This can happen for a few reasons, including having what looks like a high debt-service ratio (this is when you’re currently using a higher percentage of your available credit than they like). And you’re being judged by an algorithm rather than a human, so there’s no way for them to look at your situation subjectively.
Borrowell Canada personal loans alternatives
Here are some of Borrowell’s competitors in the personal loan space.
 |  |  |  | |
|---|---|---|---|---|
| Account | Borrowell Personal Loans | LoanConnect | MogoMoney | Fig personal loans |
| Genius Rating | ||||
| Why You Want It | Free credit score monitoring + Get funds quickly with reasonable rates. | Flexible loan options from $500 to $60,000 + Interest rates start at 8.99%. |  $100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes. | Pay for your next reno, trip, or car with low rates + No prepayment penalties |
| Pre-approval | | | | |
| Flexible Terms | | | | |
| Loan Amounts | See Issuer for Details | Up to 60,000 | $300-$5,000 | $2,000 - $35,000 |
| APR Range | See Issuer for Details | 8.99%-46.96% | 34.37% | 8.99% - 29.49% |
| Term Range | 6-120 months | 3-120 months | Open line of credit | 2 to 5 years |
Show More | ||||
| Find a loan See more Borrowell products Compare | Find a loan See more Loanconnect products Compare | I Want This Deal See more Mogo products Compare | Learn More See more Fig Financial products Compare |
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Borrowell Canada personal loans FAQ
Have a question? Let us know in the comments. Here are some we’ve already received.
Is Borrowell Canada safe?
Borrowell is safe to use. They’ve been around since 2014, and have a solid track record for security and protecting user data. All online systems like this are vulnerable to attack, however, as demonstrated by the Equifax hack in 2017. So the short answer is, yes, Borrowell is safe. The long answer is that it’s really up to you whether you want to share your data with third party companies. Learn more about Borrowell Canada here.
Is Borrowell Canada legit?
It is. Borrowell currently has an A+ rating from the Better Business Bureau, and they are a relatively long standing digital direct financial products and services company.
What other services does Borrowell Canada offer?
In addition to personal loans, Borrowell offers free credit score monitoring, and recommendations for credit cards, mortgages, personal banking, investing, and insurance.
Is my Borrowell credit score accurate?
Yes, Borrowell’s credit score monitoring is powered by Equifax, one of the 2 main credit bureaus in Canada.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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