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Borrowell
4.9 / 5
RATE THIS LENDER

111 Richmond St W
Suite 500
Toronto, Ontario
M5H 2G4

Borrowell is a trusted Canadian company that offers fast, fair, and friendly personal loans, and gives Equifax credit scores for free. Our affordable, fixed-rate loans give Canadians a smarter way to access credit. An online application instantly provides personalized loan quotes to Canadians with good credit who want better alternatives to expensive credit card debt.

Borrowell has partnered with Equifax to be the first in Canada to offer credit scores for free, without applying for credit, and over 200,000 Canadians are signed up to the service.

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Call center

Mon-Fri – 9:00 – 17:00
Saturday-Sunday – CLOSED

Help Center/Blog
Email Support
Years
in business

Since 2014

Number
of customers

Over 10,000

Total
funded

Over $10M

Availability:

All of Canada except Quebec, Saskatchewan, Northwest Territories, Nunavut or Yukon.

Borrowell Reviews
4.9 /5 (9 Reviews)
Expert reviews Sort by rating
Financial Literacy and Well-Being is a Year-Round Mission for Borrowell
Mashoka is a journalist for the London Press and the National Post, currently specializing in finance, business and technology.
One of the country’s leading fintech innovators, Borrowell is committed to helping their clients better understand their credit health by offering them the option to monitor their credit scores on a monthly basis – the first company in Canada to do so for free. They also provide free educational tools, such as a seven-week email course, to help customers learn and understand what they need to do to improve their score.
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Borrowell is Commited to Helping Canadians Improve Their Credit Health
Joseph is an experienced writer in the fields of Business, Technology and Finance in Canada. Joseph has been featured in Betakit, National Post, Montreal Gazette, Vancouver Sun, Regina Leader Post, Techvibes and BC Business Online.
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.
Read more...
Borrowell Finds Early Successes With All-Star Backers
Jared Lindzon is a regular contributor to top tier publications around the world, including Fortune Magazine, Fast Company, the Guardian, Rolling Stone, the Globe and Mail, and many more.
The startup’s star studded team of investors and advisors includes former Dragon on CBC’s Dragons’ Den and author of the Wealthy Barber David Chilton, former dean of the Rotman School of Management Roger Martin, and the president of the Ranson Group, Sharon Ranson. “They have to find the capital, and you know that anybody providing the capital, they have to be incredibly thorough in their due diligence to make sure the Borrowells of the world are well run, have the proper security in place, have a great management team and so on,” said Mr. Chilton. “They've done an excellent job in that and in establishing a lot of relationships.”
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Product Offering

Business Loan Apply now
Interest rate

5.6% – 25.5%

Amount

$1,000 – $35,000

Term

36 – 60 months

Who is eligible

Canadian citizen or resident
Age of majority in the province of residence
Valid account with a Canadian bank or financial institution
Valid email address
Credit score above 660
No bankruptcies or current delinquencies on file
$20,000 minimum income annually before taxes

What you need to provide

Proof of income: 2 paystubs or NOA from last 2 tax returns
Verify Identity: digital check through Equifax
Verify Bank Account: connect bank via VersaPay to complete verification

How fast can you get the money

1 day or more

Funding method

Direct bank deposit

How does repayment work

Monthly, automated payments

Personal Loan Apply now
Interest rate

5.6% – 25.5%

Amount

$1,000 – $35,000

Term

36 – 60 months

Who is eligible

Canadian citizen or resident
Age of majority in the province of residence
Valid account with a Canadian bank or financial institution
Valid email address
Credit score above 660
No bankruptcies or current delinquencies on file
$20,000 minimum income annually before taxes

What you need to provide

Proof of income: 2 paystubs or NOA from last 2 tax returns
Verify Identity: digital check through Equifax
Verify Bank Account: connect bank via VersaPay to complete verification

Respond to Offer within 7 days or must reapply

How fast can you get the money

1 day or more

Funding method

Direct bank deposit

How does repayment work

Monthly, automated payments

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