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Borrowell Loan Review 2024: Get Personal Loans in Canada


Fact Checked

Looking for a personal loan in Canada? Borrowell offers access to one of the best personal loan services in the country.

If you meet their basic requirements, you can borrow up to $35,000 at a competitive rate to finance your car purchase, consolidate debt, or pay off your credit card.

This Borrowell personal loans review covers how to apply, the cost of a Borrowell loan, and how to get a free credit score and report.

Borrowell Personal Loans


Partnered with Equifax to check your credit score for free, Borrowell compares the top personal loan providers in Canada and matches you with the best loan options. Once approved, you can access funds in as little as 48 hours.

Interest rate: Up to 46.96%.

Loan term: 6 months to 7 years.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada, be 18+ years old, have a credit score within a specific range (660+), credit history, a Canadian bank account, and proof of income.


On Borrowell’s website

  • Get a free Equifax credit score and instantly get matched with lenders who are right for you.
  • Borrowell searches through 50+ lenders in Canada to find you the best options.
  • Top lenders include Fairstone, SympleLoans, SkyCap Financial, LendDirect, and Refresh Financial.
  • Borrowell offers loans for debt consolidation, major purchases, home improvements, business, and car loans.
  • Keep track of your credit health weekly and get personalized tips to build your credit score.
  • Apply in just a few minutes. Once approved, you can access funds in 48 hours.
  • Pay off your loan monthly with automatic withdrawals.
  • There are no penalties for early repayments.

Check your credit score for free with Equifax

Borrowell searches through dozens of lenders

Get personalized tips and advice to help build your credit score

Origination fee of 1% to 5% of the loan

Payments can only be made monthly

Limited lender options

Borrowell makes it easy to find a personal loan tailored for you based on your credit score, which they check for free. They search through various lenders to find the best loan options, give you personalized tips to help build your credit score, and help you keep track of your credit health.

Borrowell loans range from $500 to $50,000, and they can be obtained for the following purposes:

Debt Consolidation: If you carry multiple high-interest debts, you can use a Borrowell loan to consolidate them into one simple, less costly monthly payment.

Car Loan: This loan can be used to purchase a brand-new or pre-owned vehicle.

Business Loan: Small business owners can use a Borrowell loan to fund day-to-day business operations.

Credit Card Payoff: A personal loan can be used to quickly pay down your credit card balance. If you qualify for a lower rate than you are paying on your card balance, you could save on interest fees.

Other purposes: This personal loan can also pay for a wedding, home improvement, and more. Some features of a Borrowell loan you should note are:

  • Loan term: Up to 7 years
  • Loan interest rate: 19.99% to 46.96% APR
  • Minimum loan amount: $500
  • Maximum loan amount: $50,000
  • Prepayment: Yes, without penalty

How To Apply for a Borrowell Loan

The application process for a Borrowell loan is relatively straightforward. The approval process is fast at 1-2 days, and you can have funds deposited into your bank account within 48 hours.

Here’s how to apply:

  • Visit Borrowell to create a free account and check your free credit score.
  • Complete the profile questionnaire, including your date of birth, phone number, income, and financial goals.
  • Borrowell verifies your identity and obtains your credit file (soft check), and makes you an offer.
  • You can accept the offer and send your bank details and Notice of Assessment from the past two years. A hard credit check occurs after you accept the loan offer.
  • They verify your bank account using VersaPay.

After you have received your loan deposit, you are required to make fixed monthly repayments that include principal and interest. You can choose the day of the month that works best for your finances.

To qualify for a Borrowell loan, you must meet the following eligibility criteria:

  • Be at least the age of the majority, i.e. 18/19 years or older, depending on your province of residence
  • Have at least 12 months of credit history. A thin credit file makes it difficult to become approved
  • Have a credit score greater than 660
  • Must not have active delinquencies on your credit report
  • Have a credit utilization that is lower than 80%
  • Have a debt service ratio that is lower than 48%
  • Must earn a minimum of $20,000 per year
  • Must not have a bankruptcy, unpaid collections, or consumer proposal on your credit file

A Borrowell loan can be paid off before maturity without penalty.

Cost of a Borrowell Loan

The loan interest rates for these loans range from 19.99% to 46.96%. You also pay an origination fee of 1-5% of your loan amount. The origination fee paid depends on your loan term and the strength of your credit profile.

The interest rate includes the loan APR and the origination fee.

In addition, you may be levied a fee of $25 to $54 if your loan repayment bounces. This is also referred to as a Non-Sufficient Fund Fee (NSF).

Personal Loan Payoff Calculator

Is a Borrowell Loan Safe?

Borrowell is a legitimate company that utilizes bank-level security, i.e. 256-bit encryption, to secure your account.

They are partnered with more than 50 top financial institutions in Canada, including EQ Bank, Scotia Bank, Capital One, and BMO.

Lastly, Borrowell has an A+ rating with the Better Business Bureau.

Pros and Cons of a Borrowell Loan

There are benefits and downsides to taking a Borrowell loan. The benefits include:

  • Fast approval in as little as two days if you meet the basic requirements.
  • No prepayment penalties, and you can choose to make additional lump sum payments at any time.
  • Competitive loan interest rate compared to payday loans and other loans for bad credit.
  • Free credit score, so you don’t have to pay $19.99 to Equifax or TransUnion to get it.
  • Access to free credit tips and education on how to improve your credit score.

The downsides of this loan are:

  • Loan terms are limited to 3 or 5 years. While you can pay off your loan at any time (i.e. sooner), some other loan providers offer shorter-term options.
  • The loan eligibility requirements are stiff and require you to have a good credit score of 660 or higher.
  • Regular loan repayments are paid monthly. They do not offer weekly or biweekly payment options.
  • A loan application requires a hard inquiry into your credit file, which can lower your credit score in the short term.

Borrowell vs. LoanConnect vs Mogo Personal Loans

Other companies offering personal loans in Canada are Mogo and LoanConnect.

LoanConnect: This is a loan comparison site where you can compare the rates being offered by various lenders in Canada. Loan rates range from 6.99% APR to 46.96% APR, and you can borrow up to $50,000. Learn more about what they offer in this LoanConnect review.


LoanConnect is a search engine for finding personal loans online from various lenders. You can use it to find a loan that works for your situation regardless of your credit score.

Interest rate: 6.99% to 46.9%.

Loan term: 3-120 months.

Maximum loan amount: Up to $50,000.

Mogo: This is a financial technology company offering free credit scores, personal loans, mortgage loans, and more. MogoLiquid loans are from 9.9% to 46.96%, and you can borrow up to $35,000.


Mogo is a financial technology company that provides personal loans through its lending partners and access to mortgages, investment products, and prepaid cards.

Interest rate: 9.9% to 46.9%.

Loan term: 12-60 months.

Maximum loan amount: Up to $35,000.

Here’s how the three loan services compare:

Borrowell LoanLoanConnect LoanMogo Liquid Loan
Loan amount$500 – $35,000$1,000 – $50,000$500 – $35,000
Interest rate19.99% – 46.96%6.99% – 46.96%9.9% – 46.96%
Loan term6-60 months6 – 60 months9 months – 5 years
Penalty-free prepaymentsYesYesYes
Credit score and reportFree; updated monthlyN/AFree; updated monthly
Other offeringsMortgages, credit cards, insuranceBad credit and cash loansMortgage loans, cryptocurrency, prepaid card
ApplyLearn MoreLearn More

Borrowell Overview

Borrowell is a Canadian financial technology company founded in 2014. It was the first to offer free credit score checks via its partnership with Equifax, and it later extended that offering to include free credit reports.

In addition to a free credit check, Borrowell provides personal loans and recommendations for credit cards, mortgages, insurance, and other banking products.

As of this writing, more than 1.5 million Canadians use the platform’s free credit education, personal finance calculators, and tools.

Frequently Asked Questions

Does Borrowell hurt your credit score?

When you apply to check your free credit score, they conduct a ‘soft check,’ which does not affect your credit score. If you apply for a loan and accept the interest rate offered, a ‘hard inquiry’ occurs, which may affect your credit score, similar to when you apply for a new credit card. When you are shopping for rates on a loan or mortgage, try to limit it to a 30-day window.

What is Borrowell’s contact information?

You can email them at [email protected] for general inquiries. They also have a contact form you can use on the “Contact Us” page on their website. To submit loan documents, email them to [email protected]. Borrowell has not provided a phone number to call them at.

Is Credit Karma or Borrowell more accurate?

Credit Karma offers credit services provided by TransUnion, while Borrowell credit scores are provided through Equifax. The credit scores from different credit bureaus may differ due to the different algorithms they use to compute your score. Here’s the deal on TransUnion vs. Equifax credit scores.

Related reading:

Top Loan Offers this month

Compare the best loans for good and bad credit in Canada

Get the best loan rates from lenders regardless of credit score.

Quick online application from the comfort of your home.

Borrow up to $50,000 for 3 months to 60 months.

Loans for any reason with rates from 2.99% to 46.96%.

Check your credit score for free online in 3 minutes or less

Get access to your Transunion credit score for free.

It takes only a few minutes online, and no credit card is required.

Access free identity monitoring and protection.

Includes your credit report updated monthly.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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