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Borrowell Loan Review 2023: Get Personal Loans in Canada

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

It also compares Borrowell to other personal loan comparison sites and providers, such as Loan Connect and Mogo.

Who is Borrowell?

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 also 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.

Borrowell Personal Loans

Borrowell loans range from $500 to $35,000, and they can be obtained for the following purposes:

Debt Consolidation: If you are carrying multiple high-interest debts, you can use a Borrowell loan to consolidate them into one simple and 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: 3-5 years (36-60 months)
  • Loan interest rate: 19.99% to 46.96% APR
  • Minimum loan amount: $500
  • Maximum loan amount: $35,000
  • 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.

How Much Does a Borrowell Loan Cost?

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 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 5.7% 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: 1.90% to 46.96%.

Loan term: 12-60 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%5.7% – 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

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:

Have a question about personal loans in Canada? Leave them in the comments.

Top Loan Offer 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%.

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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