PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
Borrowell Can Help You
1 Apr 2019

Borrowell Can Help You Stay On Top of Your Credit

Part of being an adult is caring about your credit score. That’s why it’s such a shame that it’s so hard to find that information on your own without outside help. Borrowell will not only help you demystify your credit score, but they may also hook you up with some loans suited exactly for people like you.

The Main Draw: Your Credit Score

Not everyone checks their credit score as often as they should, or even at all. That one little number can affect so much in your life, from ability to get certain credit cards or qualify for good rates on loans to your prospects of getting hired for certain jobs. Few people have a score that is as high as they would like it to be.

Credit scores aren’t set in stone, however, and one of the best ways to drive yours higher is to routinely check up on it. If you know where you stand right now, you can more easily understand if you need big or small changes to your financial behaviour in order to boost your credit up to where it needs to be. Checking up on it over time lets you confirm that what you’re doing is working. Doing this also gives you the chance to spot any irregularities in your credit score that might indicate that you have become a victim of credit fraud, and the earlier you are able to identify that in such cases, the sooner you will be able to intervene and minimize the damage caused to both your credit and your finances. In general, one simple rule applies to everyone: if you’re not monitoring your credit on a regular and consistent basis, you should be, because you may be missing chances to both preserve and improve your credit.

In order to check your credit, all you need to do is either create a Borrowell account or sign in to an existing one you have. With the information you give during this process, the company is able to issue a soft pull on your credit report from Equifax (one of the two pillars of the Canadian credit bureau landscape) and display it for you. If you repeat this process over time, you can track changes that are happening within it. Borrowell also shows you some free credit tips if it sees that you might need them, including suggesting ways you might build your credit score in the near future. Separately to this, they also suggest loans and other credit products to you, as we’ll get into below.

Accuracy You Can Count On

Your Borrowell credit score is just as accurate as the one you might get from any credit monitoring site like them, so you can feel comfortable depending on it to show you where you are in your credit journey. If you want to feel even more secure, however, you always have the option of examining your Borrowell credit score alongside that which you get from another site and averaging the two out to get a more balanced picture of where you stand. These credit reports are generally completely free and will cause no damage to your credit if you request them (at least, this is certainly the case for Borrowell), so you there is no harm in seeing where you stand at least every few months or so. In fact, if you don’t do it very frequently, you run the risk of missing red flags that are cropping up before you can intervene as necessary to get rid of them. Keeping an eye on how your score is evolving is just one more aspect of maintaining good credit that you should be doing regularly.

Can You Trust This Company?

When using a website requires you to give some sensitive financial information over to another entity, you’re right to be a little apprehensive about the idea. Even if you trust Borrowell themselves to do right by you in this regard, there’s no telling what could happen if your data was leaked. Not only could you be at risk of fraud if a dishonest person were to gain access to it, but it could also be sold to other companies who would then use it to market products to you – sometimes rather aggressively. No one wants to fall victim to either of these issues, especially since their impact could continue to pursue you for a long time to come.

Borrowell is a reputable company that knows what is needed to keep your credit information private, as it should be. They use heavy encryption techniques backed by regular professional inspections to ensure that your data cannot be intercepted on its way between you and the company. Your information is never stored by the site for any reason beyond your login credentials, and even then, all it retains is your username and password so you can get into your account. This means that there is no chance whatsoever of a problematic data breach that would put your credit information at risk. Your credit score results will, however, be run through an algorithm on the spot for advertising purposes, as you’ll see in a moment. This is not a permanent release of information – the details are not handed over to any other companies, simply analyzed by Borrowell’s own systems before they are discarded – and you don’t have to worry about any of the companies for whom you receive credit card or loan offers continuing to hound you once you leave.

Credit Scores With a Side of Loans

Before you become a user of Borrowell, it’s important to be aware of the fact that this company makes its money through affiliate advertising. Each time you check your credit score, it exposes you to another round of this marketing attempt. You’ll notice the ads for financial products peppered around your credit report – that’s what those are. Most of the time, these will be loan and credit card offers from partner lenders whose products match your specific credit profile very well. They are chosen by an internal algorithm specifically because many people with similar credit profiles to you have successfully secured them and found them useful to their lives. If you were to apply for one as well, you would be very likely to be approved for it. Borrowell does receive a small referral payment when you choose to apply for one of these products and successfully obtain it, but they make a point of never accepting such an affiliate offer unless they are confident that the product is good and they will not be harming their users by implicitly recommending it.

Sometimes, though, Borrowell presents you with an extra option that is not available to all users. As it happens, they also lend money on top of providing credit monitoring services, and they display offers for their own loans amid the others if you manage to qualify for them. If you do (and you were looking for a loan in the first place, which isn’t a guarantee), you probably want to choose them. With an APR that can be as low as 5.99% in the best cases, they are usually much cheaper than what you’ll find elsewhere, and you’ll see that right away with the other ads displayed next to the Borrowell one. Even if you don’t qualify for that deal and end up paying their very highest rates, you’ll still only be subject to 29.19% interest, which is close to what many lenders offer as their starting rates. Considering that these noted APR figures also include the 1-5% origination fee that the company charges for setting up your loan, it’s clear that you’re getting a pretty good deal.

You can borrow up to $35,000 through this company’s unsecured loans if you meet certain criteria, and you can choose to repay that money within either 3 years or 5 years depending on what fits into your budget better. If this is an option for you, the loan offer will show up right next to all the loans available from other providers that also match your profile. Borrowell does not push or promote their own products in any way, but simply lets them sit next to your other possibilities and speak for itself with their competitive rates and terms. You also cannot even apply for these loans at all without checking your credit score with them first, so these products are only offered to those who statistically fit the profile of someone who could get them and put them to good use. You’re unlikely to be turned down for them, so you can be pretty confident about their results. Remember, though, that being offered a good rate on a loan does not constitute a valid reason for taking it alone; just because you can borrow money cheaply doesn’t mean you should. You’ll always be better off passing such an offer up than taking a lender up on it on a whim, so consider that before you make your move.

What’s the General Consensus on Borrowell?

As a general rule, Borrowell reviews are mostly very positive and appreciative of what the service has to offer. Although it won’t do the work of improving your credit score for you, this company’s dedication to their customers will at least allow you to track and measure it as you work toward that goal yourself. Without the chance to check your credit score regularly like this, it would be much harder to make any meaningful improvements in your credit. If your score started to slide, it could continue to do so and leave you in a bad situation before you ever realized that you were doing something wrong. Instead, people are using Borrowell’s services to set themselves up for a better future by improving their credit, and many have achieved great goals like qualifying for a better mortgage on a house they would otherwise have to stretch their budget a bit to afford. Their service is valuable, reliable, empowering, and best of all, completely free – it’s no wonder that it’s so popular.

That’s not all you’ll find in reviews of this company, though; there is a more maligned side of their dealings that is worth looking at too. Borrowell reviews that center on the personal loans that they offer through their recommendations services are noticeably less positive than those that discuss the credit monitoring part of their business alone. However, the difference between the two is slight, and it’s only to be expected if you consider the context of the complaints. Very few people will ever criticize a free service that it practically universally useful because there is no conceivable reason to do so. In contrast, many people make the decision to borrow money only to become unsatisfied with the terms of their loan.

It is easy to imagine that many of the people who leave this company poor reviews are upset because they accidentally took on more than they could handle financially and were upset when there was no easy way out. This is very common in lending and definitely seems to be the case here, because at least on paper, Borrowell’s loans compare very favourably to those of their competitors. The rates are lower, the terms are less strict, and the company vets candidates fairly intensely before approving them for any funds at all. All of these things should add up to an excellent experience if you are able to be approved for these products.

Should You Try It?

Using Borrowell’s services comes with many advantages and very few risks (as long as you know your own limits and keep them in mind). The simple fact that you have access to your credit score on a regular basis can be game-changing for many people’s financial lives. Some may be unable to let go of their suspicions surrounding the product recommendations that come with your credit report, but if you’re one of those people, you can take comfort in knowing that you can completely ignore those offers if you want to. All in all, you’re better off using than you are passing them by, but be careful of taking them or their partners up on the lending offers they present you with – it’s not always a good idea to give in to the temptation.