Borrowell personal loans review

Our verdict

Our verdict

Borrowell may be best known for providing free access to credit scores, but it also allows you to compare loan options from its network of 50-plus financial partners. Loans of up to $50,000 are available, with terms generally ranging from 6 to 60 months. Borrowell makes it easy to compare loans from multiple lenders, but you'll need to watch out for high rates if you have bad credit.

Pros

• Large network of lenders
• Easy to compare loans
• Find loans that match your credit profile

Cons

• High rates for bad credit
• Not a direct lender
• No phone customer service

Borrowell Personal Loan is not currently available on Finder

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• Low interest rates starting at 6.99% for secured loans
• Easy online application process
• Quick deposits within 24 hours of applying
• High loan amounts of up to $50,000 for secured loans
• Lenders can provide bad credit loans

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Loan Amount

$1,000 - $50,000

Loan Term

6 - 60 months

Interest Rate

Varies

Borrowell was a winner in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 76.45%

What is Borrowell?

Borrowell is a digital finance platform where Canadians can access their credit score for free. Once you’ve signed up for an account, you can review your credit score and credit report to find out where you stand and access resources to help you improve your credit score.

You can also use your Borrowell account to find out what financial products your credit profile allows you to qualify for from Borrowell’s network of over 50 partners. You can compare quotes for personal loans, bank accounts, credit cards and more from Borrowell’s partners, allowing you to shop around for a host of financial products in one place.

Is Borrowell legit?

Borrowell was founded in 2014 and is headquartered in Toronto. It’s accredited by the Better Business Bureau with an A+ rating, and over two million Canadians have joined the platform.

Borrowell teamed up with credit bureau Equifax in 2016 to allow Canadians to access their credit score for free. It also acquired Refresh Financial in 2021, has been featured in major media outlets like the CBC and the Toronto Star, and has earned hundreds of positive customer reviews.

Features of Borrowell personal loans

What are Borrowell’s interest rates?

The interest rate you’ll get when you apply for a Borrowell personal loan varies based on a number of factors, including:

• Your credit score
• Your income
• Your existing debt
• The lender

You may also need to pay a loan origination fee to the lender. This ranges from 1-5% and is included in the APR, so remember to check the APR when comparing loan options.

What we like about Borrowell loans

• Large network of lenders. Borrowell provides access to personal loans from a network of over 50 lenders.
• Easy to use. It’s quick and easy to sign up for Borrowell and compare loan products from multiple lenders on one platform.
• Loans that meet your needs. You’re only shown loans that match your credit profile, so you don’t have to waste time comparing options that you are unable to qualify for.
• Fast access to funds. Once your application has been approved, Borrowell says you can get access to your loan amount in a matter of days.

What to watch out for

• Not a direct lender. When you apply for a loan through Borrowell, keep in mind that the loan will be offered by a third-party lender, not Borrowell.
• High rates for bad credit. Poor credit history can make it harder to qualify for a loan and will also mean loan offers with higher interest rates. Check the APR before deciding if a loan is right for you.
• Limited to Borrowell’s partner network. Although Borrowell does have a large network of lenders, it’s worth mentioning the fact that you may be able to find a better deal by considering a lender that is not part of the network.
• No phone customer service. While Borrowell offers online help centres and an email contact, there’s no phone number listed on the provider’s contact page.

Alternatives to Borrowell personal loans

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Loans Canada Personal Loan Loans Canada Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$300 - $50,000	3 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Spring Financial Personal Loan Spring Financial Personal Loan		Customer Survey: ★★★★★	9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
LoanConnect Personal Loan LoanConnect Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$500 - $50,000	3 - 120 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Aim Finance Personal Loan Aim Finance Personal Loan		Not yet rated	46%	$1,000 - $5,000	9 - 24 months	Requirements: min. credit score 580	Go to site View details	Compare	loading Fetching your data...
Mogo Personal Loan Mogo Personal Loan		Customer Survey: ★★★★★	9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
Fat Cat Loans Personal Loan Fat Cat Loans Personal Loan		Not yet rated	6.99% - 46.96%	$300 - $50,000	3 - 120 months	Requirements: min. income $1,000/month, min. credit score 300	Go to site View details	Compare	loading Fetching your data...

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What do Borrowell reviews have to say?

Borrowell reviews are generally positive, but there is some mixed feedback. Those who left positive reviews commented on factors such as Borrowell providing an easy-to-use service and making it simple to track and improve your credit score. Those who left negative reviews often complained about the lack of phone customer service.

Summary of Borrowell reviews

Borrowell reviews from Finder survey

Streamlined, quick response times on queries and there is support to guide you throughout the loan process.

Borrowell Customer from Vancouver, BC

It is a very good comparison site: very easy to use and to finds the best loan option for you. It offers a multitude of services, and has personalized tips and product recommendations for your specific needs. It is well thought out.

Borrowell Customer from North York, Ontario

An easy-to-use online loan application system, with a quick application process so you can get started quickly.

Borrowell Customer from Hamilton, Ontario

It has high interest on all options for those of us with questionable credit.

Borrowell Customer from Logan Lake, BC

What types of loans does Borrowell offer?

You can compare a few different loan types with Borrowell:

• Unsecured personal loans. You can use your Borrowell account to compare personal loans from dozens of lenders. Loan amounts, rates, terms and eligibility criteria vary between lenders.
• Car loans. Borrowell can also help you find a car loan from its network of lending partners. Learn more about the best car loans.
• Small business loans. If you’re looking for small business financing, you can compare loans from Borrowell’s partner lenders. Learn more about the best business loans.
• Credit Builder Program. Offered by Refresh Financial, this program allows you to make regular bi-weekly payments that are reported to the credit bureaus to boost your credit score.

What are the eligibility requirements of Borrowell personal loans?

The eligibility criteria you’ll need to satisfy vary from one lender to another. However, you may need to meet the following requirements:

• Age of majority in your province or territory
• Canadian citizen or permanent resident
• Minimum credit score requirement
• Be in steady employment and provide proof of income
• Have minimal NSF transactions on your account

How to get a Borrowell personal loan

To get a personal loan through Borrowell, you’ll first need to sign up for a free Borrowell account by entering your email address and creating a password. The next step is to get a copy of your credit score and report by providing:

• Your full name
• Your address
• Your date of birth
• Details of your financial goals

You’ll then be able to compare loans that you qualify for from Borrowell’s network of lending partners. This can be done from your account dashboard, and if you find a loan you like, you can apply by providing any information requested by the lender, such as:

• Proof of ID
• Your Social Insurance Number
• Your bank account details
• Details of your income and employment

Bottom line

If you’re searching for an unsecured personal loan, Borrowell makes it easy to compare loans from a wide range of lenders in one place. You’re matched with loans you’re eligible for based on your credit history, but make sure to compare loan APRs and terms before deciding where to apply.

Frequently asked questions

• How does Borrowell find loans that suit me?

  Borrowell uses an automated system, known as a "recommendation engine", to find loans from its lending partners that match your credit profile. You can then compare these loans to find one that meets your needs.

• How long does it take to check my credit score with Borrowell?

  You can create an account and access your credit score within a few minutes. You simply need to provide your email address and some basic personal information to see your score.

• Does Borrowell offer debt consolidation loans?

  Yes, you can use an unsecured personal loan from one of Borrowell's financial partners to consolidate unsecured debt. This allows you to make a single monthly payment rather than separate payments for multiple debts, and if you find a loan that suits your needs, you'll also pay less interest to get out of debt. Learn more about the best debt consolidation loans.