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Borrowell Personal Loans Review
19 Aug 2018

Borrowell Personal Loans

  • Borrowell

    Lender: Borrowell
    Our take: Innovative Canadian financial services company providing free credit scores, financial recommendations, and fair personal loans. Show more
    Lender: Borrowell
    Credit ScoreLoan Size/AmountLoan TermAPROrigination Fee
    660 - 850$1,000 - $35,00036 - 605,99% - 29,19%1,0% - 5,0%
    Credit Score660 - 850
    Loan Size/Amount$1,000 - $35,000
    Loan Term36 - 60
    APR5,99% - 29,19%
    Origination Fee1,0% - 5,0%
    Our take: Innovative Canadian financial services company providing free credit scores, financial recommendations, and fair personal loans.Show more

Need a loan that’s easy to get, fairly substantial, and won’t take forever to reach you? You could be one of the thousands of Canadians to benefit from Borrowell personal loans.

Get a loan for up to $35,000 easily, all online.

You are interested if

You are a consumer seeking a small- to mid-range loan and have a decent credit score (at least 660). You want a loan that is proportional (in both total amounts and interest rates) to your credit history and ability to pay it off.


Key Points

Brief Description Borrowell personal loans allow applicants easy access to both low- and high-interest loans depending on the individual’s verifiable credit history.
Limits and Deadlines Applicants can borrow anywhere between $1,000 and $35,000, and they will be asked to pay back that sum over the span on 36 to 60 months.
Urgency If all documentation, credit checks and identity checks are promptly filed, most applicants will receive their funds in as little as a single day. Some cases may experience some slight delays.
APR Range Between 5.60% and 29.19%, with credit score usually being the key determinant as to how good a rate you’ll be offered.
Closing/Origination Fees Origination fees are charged at a rate between 1% and 5% of your total loan, depending on the length of your repayment period and the complexity of your credit profile.
Early Payment Fees None; pay back your debt as early as you’d like.
How to Contract the Product Head to Borrowell’s website and fill out a simple online form, then submit your online credit and identity checks as instructed. You’ll be informed of your final success or failure via email.
Main requirements To apply, you must have an income of at least $20,000 per year, have a valid Canadian bank account able to take direct deposits, be free of bankruptcies or delinquencies, and have a current credit score of 660 or above. You must also submit either two pay stubs or two Notice of Assessment tax documents as proof of income and submit to online credit and identity checks through Borrowell’s trusted partners Equifax and VersaPay.

About Borrowell Personal Loans

Main Features

Tailored for neither the poor nor the elite, Borrowell personal loans are perhaps best described as being aimed at the middle class (a cohort which finds itself more in need of loans these days than it has in the past). This lender carries an extensive range of loan options in terms of both amounts and interest rates, letting just about any potential applicant find a solution that will deliver what they need from it. Few lenders have the capacity to work productively with so many people of such diverse financial backgrounds, making Borrowell loans a strong general contender in the market.

In spite of all these good qualities, however, these products still have some drawbacks that make it tricky to issue a blanket recommendation for them. For one thing, applicants need to have a relatively strong credit score to even be considered. This puts the best deals out of reach of anyone who has had a spell of bad luck that shows up in their credit, even if they have more than enough income to suggest that they won’t have any problems making payments. While your credit will likely improve fairly quickly in such a situation, this will still delay your ability to get any use out of Borrowell personal loans now.

The required method of repayment may also cause difficulties for some. Borrowell requires that you make your loan payments from your bank account using an automated setting over which you will have no direct control. This stipulation allows them to ensure that they will not fail to be paid due to forgetfulness or user error, and it can be helpful if you have the money but not necessarily the mental bandwidth to remember to make your payments on time. However, the more pressing concern is that it may backfire on certain more vulnerable applicants. If you anticipate a potential need to make late payments from time to time, you should be aware that the structure of these loans may make you vulnerable to an additional $25 fee every time you lack the funds on your scheduled payment date.

Additionally, Borrowell has a few distinct features that set them apart from other lenders. For one thing, they offer applicants and non-applicants alike a chance to check on the current status of their credit score through a partnership with credit agency Equifax, something which few of their competitors can claim. With this added service, you shouldn’t incur any extra fees when gathering the necessary information for your application, even if you don’t know your credit score. Further, they also offer a personal loan referral program that allows you to earn $200 per funded loan that comes in through the personal link you receive after joining, so if you have a good experience borrowing from them, you may be able to earn a little money by recommending the service to others.

How Does It Work?

Borrowell personal loans make obtaining an online loan look like a quicker version of a typical bank loan. Simply fill out the online application forms, send in your documentation and complete the required online identity and credit checks; this can all be done in as little as a few minutes in some cases. Your application will be processed as soon as possible and you will usually receive your funds within 48 hours of sending everything in. You never have to leave the house or speak directly to a person during the entire process if you don’t want to.


Borrowell personal loans are dependable, comprehensive and relatively painless solutions to most of the money problems encountered by the average Canadian. Their rates can be some of the lowest available from online lenders if you qualify for their best possibilities. Those rates are also highly transparent and hide no extra fees, so you’ll have all the necessary information to make a smart decision about whether to take the loan when you receive your free quote. The entire process is very user-friendly and for the most part mimics what you might find in a typical bank’s lending process.

Borrowell’s added credit score check service also gives them a unique selling point in the lending market. This additional venture, provided free of charge even to people who choose not to get a loan from them, proves that they are particularly serious about being a true contender in the financial products market.

Even those with lower credit scores who will not be granted access to the best of what Borrowell has to offer may find it easier to work toward better credit with the company’s support and resources behind them. However, those starting from a truly vulnerable credit position will have to start their financial transformation elsewhere due to the credit score restrictions on loans.

Borrowell: A Front-Runner in the Loan Market

Since the company first opened in 2014, Borrowell personal loans and other products offered by them have helped over 10,000 Canadians meet their financial goals and obligations. Aside from lending, their main focus is on establishing themselves as an authority on credit – they aim to make it easy to not only check your credit score, but also learn how to improve it over time. Now that they have a solid foothold in Canada’s lending landscape, they will have the freedom to push their horizons even further. They continue to have a forward-thinking vision and will likely try to expand even further over the years.

What We Think

Borrowell is an established and well-known presence in the credit industry, so if name recognition is important to you, they can be a particularly good choice of lender. They can also accommodate a huge range of loan requests that you might otherwise have to look to several different lenders to match. If you think you might like to borrow again in the future, it may be worth choosing Borrowell purely to build familiarity with their terms and processes as their loans will likely be helpful to you in most other situations as well.

That said, as much as they shine in terms of offering generic loans, they may struggle to address the needs of certain applicants. Since they as an institution are tightly focused on credit and believe strongly in its value as an indicator of financial responsibility, they may be a poor choice for those whose credit history is not on par with that of their peers. Some may also prefer not to have to open and coordinate three separate accounts in order to fulfill the application requirements.

Overall, Borrowell is an extremely solid middle-of-the-road option that most applicants would benefit from considering provided they meet the requirements. They are also a nice option if you’re looking for a little more than just a loan from the financial institution you’re dealing with.