Borrowell Review : Get Your Free Credit Score and Report

Who is Borrowell?

Borrowell is a Canadian digital (online) lender that provides low-interest personal loans to individuals who are in the market for a general loan or those who need a loan for debt consolidation purposes. The company has been in business since 2014 and is based in Toronto.

In addition to a management team of well-versed and experienced people, Borrowell has the backing and partnership of several well-known brands, including CIBC, BMO, EQ Bank, Scotiabank, National Bank of Canada, Capital One, Wealthsimple, and MBNA.

Since introducing its free credit score service in 2016, over 2 million Canadians have used the platform to access free credit scores.

Borrowell was the first company to offer free credit scores in Canada, and they also created Canadas first AI-powered Credit Coach, Molly, who shares tips with Borrowell users, helping them to improve their credit.

Product Offerings by Borrowell

Borrowell is known as a one-stop shop for personal loans, mortgages, credit cards, insurance, banking products, and more. The free credit score they provide is the Equifax Risk Score 2.0, which ranges from 300 to 900. The free credit report you get is also your full Equifax credit report.

Credit Monitoring: Borrowell updates your credit score and reports weekly, so you can easily monitor your credit profile for any errors or fraudulent activity.

This saves you the money you would otherwise have to pay for this service when it is provided by a credit bureau such as TransUnion. You can also print or download your credit report whenever you want to.

How to Obtain Your Free Credit Score and Report

It is pretty easy and should take you less than 3 minutes:

• Open an account with Borrowell here and complete the online form (name, email, address, date of birth, etc.)
• Verify your identity by answering a few questions. You will not need to enter your SIN or credit card number.
• Get your free credit score.

Competitive Fixed-Rate Personal Loans

Borrowell offers a low-interest personal loan to Canadians who want quick access to an unsecured loan, or who need to source loans from alternative lenders for debt consolidation purposes.

It has several lending partners, and you can compare rates to see what works best for your situation. Generally, the rate you qualify for depends on your creditworthiness (credit score and history).

You can borrow up to $50,000, with fixed rates ranging from 6.99% to 39.99%, and loan terms are from 6 months to 7 years.

In general, they offer loans to individuals who:

• Are Canadian citizens or residents
• Have a credit score above 660
• Are not bankrupt, in collections, or have filed for a consumer proposal
• Have a credit history of at least 1 year
• Have a bank account in Canada

You can obtain various loan types from Borrowell, including car loans, business loans, loans for debt consolidation, major purchases, home improvement, and more.

Are There Any Other Fees?

You will pay Borrowell an origination fee of 1-5% of your loan amount. This amount is included in the annual percentage rate (APR) quoted for your loan. Also, if your payments bounce, a $25 NSF fee applies.

Insurance and More

If you need auto or home insurance, you can compare rates online via Borrowell. They also offer various banking products from leading financial institutions, including savings, chequing, and investments.

The company recently introduced two products that members can use to stay ahead of their finances, including:

Bill Tracking: This free tool helps you to monitor up to 15 bills and sends you reminders so you can pay your bills on time.
Rent Advantage: This subscription service reports your rent payment to credit bureaus and can help improve your credit score.
Credit Building: You can use the Credit Building product to grow your credit score. It costs $10 monthly, and after 36 months, you get $240 back in savings.

Privacy & Security Policy

Borrowell is a lender that provides a high level of personal information protection. They won’t share your credit reports or credit scores with third parties or your personal information without consent.

When applying for a loan at Borrowell, you’ll need to submit proof of income, Canadian bank account details, the purpose of the loan, and information that revolves around your employment information, including occupation, former and current employers, etc.

You’ll also need to provide a transaction history and verify that the income deposits match the submitted documents and access the suitability for the loan. Prior to the application process, Borrowell requires personal questions to be answered as part of the identity verification process.

You have the right to access, update, and correct any personal information inaccuracies in Borrowell’s custody or under their control. You can do that by emailing Borrowell or updating info on their website or application.

Is Borrowell Safe and Legit?

As per their website, they use the same level of encryption as the big banks to ensure your information stays safe. They use 256-encryption to protect your private information.

The personal information they collect when you sign up is used to provide you with other personalized financial product recommendations, such as credit cards, mortgages, etc. Your permission is always required to share any of your information with other providers.

Alternatives to Borrowell

Perhaps you’re considering looking into other companies at this point in my Borrowell Review. The good news is there are plenty of alternatives to Borrowell.

Borrowell pioneered the concept of providing free credit scores to Canadians, and numerous companies followed suit. As a result, getting your credit score for free is no longer such a novel concept.

While Borrowell’s nearest competitors also provide credit monitoring, the credit bureaus they work with differ. They also offer a more diverse range of products compared to Borrowell.

If Borrowell doesn’t seem to be a good fit for you, here are some alternatives to explore.

Borrowell FAQs

Some of the frequently asked questions people have about their credit scores and Borrowell include:

Is the Borrowell credit score accurate?

The credit score you receive when you sign up with them is based on Equifaxs proprietary model (Equifax is one of two major credit bureaus in Canada). Other third parties may calculate your credit score differently.

Will checking my credit score affect it?

No, checking your credit score does not affect it one way or the other. When you look at your score, it is considered a soft inquiry and does not impact your score or show up on your credit report.

How long does it take to obtain my score?

You will create your account and have your credit score in 2 minutes…literally!

Is Borrowell secure?

Borrowell is just as secure as your traditional bank since they use similar technology to protect your personal details.

What does my credit score number mean?

Your score is ranked between 300 and 900, which represents your creditworthiness ranging from poor to excellent. A very good to excellent credit score means that you can qualify for loans and other credit at competitive interest rates.

Conclusion

While Borrowell is a leader in the online lending space, they are not alone. Their competitors include LoanConnect and Mogo.

The free credit score and report offered by Borrowell can save you hundreds of dollars per year in credit monitoring fees, and you also get peace of mind knowing that you are staying on top of your finances.

Knowing where your credit profile stands is not only good for your overall financial health, but it can also save you from falling victim to fraudulent activities, including identity theft.