In early May, Toronto was the latest of a host of municipalities to crack down on payday lenders. They imposed bylaws to restrict business activities by limiting the number of physical locations and requiring operators to be licensed. Meanwhile, the Ontario government had already decreased the cost of a payday loan from $21 to $15 this year.
Borrowell is a fintech startup based in Toronto that uses technology to make financial services fast, fair and friendly. Along with offering Canadians access to their credit scores for free, Borrowell believes Canadians deserve more choice and more transparency when it comes to their personal finances.