• TIME IN BUSINESS: Since 2014
  • CUSTOMERS BASE: Over one million
  • LOANS OFFERED: Personal loans, small-business loans, debt consolidation loans, home improvement loans and vehicle purchase loans
  • LOAN TERMS: 36 to 60 months
  • APR: 5.6% - 29.19%
  • BBB RATING: A+ and Accredited by BBB

Borrowell Review (Features, Pros & Cons for 2024)

  • TIME IN BUSINESS: Since 2014
  • CUSTOMERS BASE: Over one million
  • LOANS OFFERED: Personal loans, small-business loans, debt consolidation loans, home improvement loans and vehicle purchase loans
  • LOAN TERMS: 36 to 60 months
  • APR: 5.6% - 29.19%
  • BBB RATING: A+ and Accredited by BBB

Best For

Getting an unsecured, lump-sum loan with a relatively short repayment term


  • Free credit score reports
  • User-friendly and intuitive
  • Great for paying off credit cards


  • Unavailable payback option twice a week
  • Insufficient fund penalties from $25 to $54

Many Canadians get payday loans every day, thinking it’s a good idea without realizing that those loans come with extremely high interest rates. If you’re thinking of getting short-term loans from a payday lender, you should reconsider because there are other, better available options. 

One of them is the online lender Borrowell. Today, we’ll introduce you to Borrowell, the application process, and the latest Borrowell reviews.

What Do I Need to Know about Borrowell?

With over one million customers, Borrowell is one of the largest fintech companies in Canada. Having partnered with Equifax, it provides credit score coaching and monitoring services.

Borrowell works on the following principle: 

You’ll get a free credit score check directly from Equifax just by signing up with Borrowell. Some of the ways in which Borrowell serves its users is by offering smart financial decisions, assistance, and guidance with borrowing options, such as credit cards or mortgages.

Borrowell’s financial products will help you with any financial needs, such as banking accounts, personal loans, credit cards, mortgages, and insurance policies that will have the potential to improve your credit scores.

In this review, we will provide:

✅Borrowell’s services and features
✅Loan application procedure, terms, and Borrowell reviews and complaints
✅Pros and Cons

Services Overview 

Borrowell offers a wide range of loans and services, including free credit reports, credit monitoring, insurance programs, banking and investing, secured personal loans for mortgages, and unsecured personal loans. The personal loans can be used for funding a small business, consolidating debt, or home improvement. Borrowell interest rates are competitive and transparent. According to the Borrowell loan reviews, this lender’s service is one of the best in the country. 

Let’s take a more detailed look at the services on offer.

Free Borrowell Credit Score Canada

Borrowell is the first company to make a deal with Equifax and offer a free credit score to its customers. You get monthly credit score updates, which can be very helpful if you want to keep track of your finances. According to the Borrowell credit score reviews, this is the most popular feature, used by more than 200,000 Canadians.  

Borrowell Banking

Borrowell has checking and savings accounts. They combine expertise and technology to provide you with the best account based on your financial profile.

Borrowell Mortgage – Secured loan

Currently, Borrowell doesn’t issue mortgages, but they provide offers through third parties. They will assign you a mortgage expert to guide you through the process and give you all the necessary resources to help with your mortgage.

Borrowell Insurance

Borrowell offers a range of insurance programs and makes recommendations based on your financial profile.

Personal Loans Features

  • The minimum loan amount is $1,000, and the maximum is $35,000.
  • The annual percentage rate (APR) ranges from 5.6% to 29.19% (the average is 11%-12%).
  • Monthly payment depends on the loan.
  • The loan term is 36-60 months.
  • There is an origination fee of 1%-5% of the amount of the loan. There is no prepayment penalty or returned payment fee, but there is a late payment penalty of $25 to $54 and an additional $28 for the collection company.
  • The payments are monthly, with an automatic withdrawal.
  • Fine Prints are available on all products.
  • Mobile App is available on Google Play.
  • The typical approval time is 1-2 business days.
  • The typical funding time is as little as 48 hours after you are approved.

Loan Eligibility Criteria

To be eligible for a loan, you should fulfil the following Borrowell loan requirements

  • Be a Canadian citizen or resident
  • Have a Canadian bank account 
  • Minimum length of credit history of 12 months
  • Minimum credit score of 660
  • Clean credit history with no bankruptcy, consumer proposal, collections, or delinquency
  • Minimum annual income threshold of $20,000 
  • At least two pay stubs for income verification or two notices of assessment in order to confirm your self-employment, business, pension, or investment income

How to Apply for a Personal Loan with Borrowell 

Step 1: 

Head over to www.borrowell.com, go to the field down on the page in the “Loans” section, and click on the yellow button “Get a Loan Now.” You’ll need to sign up to the website, which requires your email address and password. 

Borrowell reviews

Step 2: 

Create a user profile with personal information, including First Name, Last Name, Address, Phone Number, Your Income, and Your Financial Goals for the Year. 

Step 3: 

Once your credit score is found satisfactory, select the type of loan you’d like to apply for loans, credit cards, or mortgages. Then, proceed to fill out the relevant information and submit your application.

 Borrowell Canada Reviews Pros & Cons


  • User-friendly platform 
  • Free credit score check-up. If you’re stuck on a certain score, Borrowell will provide an explanation for it and also certain tips for improvement. 
  • Products and services that will fit your personal requirements
  • Clear outline of the loan terms, as well as their approval chance


  • Limited loan terms
  • Payment can only be made on a monthly basis

Privacy & Security Policy

Borrowell is a lender that provides a high level of personal information protection. They won’t share your credit reports or credit scores with third parties or your personal information without consent. 

When applying for a loan at Borrowell, you’ll need to submit proof of income, Canadian bank account details, the purpose of the loan, and information that revolves around your employment information, including occupation, former and current employers, etc. 

You’ll also need to provide a transaction history and verify that the income deposits match the submitted documents and access the suitability for the loan. Prior to the application process, Borrowell requires personal questions to be answered as part of the identity verification process. 

You have the right to access, update, and correct any personal information inaccuracies in Borrowell’s custody or under their control. You can do that by emailing Borrowell or updating info on their website or application.

Borrowell Reviews 2021 & Feedback

We wanted to know what people have to say about Borrowell and their loans. So, we looked into the latest Borrowell user reviews:

  • Out of 4 Borrowell credit reviews on Trustpilot, about 25% say that it is excellent, another 25% rate it as great, and up to 50% say that it is bad. 
  • Borrowell ratings on most of the other websites range from 4 to 4.8 stars. Most users are satisfied with their services. 
  • Borrowell BBB reviews are positive. The lender has 4.2 out of 5 stars, which is an average of 133 Borrowell Canada reviews.

Borrowell Personal Loan Reviews: Alternatives

Mogo vs Borrowell

  • Both Mogo and Borrowell provide free credit reports through Equifax, but they offer different types of services. Mogo provides installment loans up to $35,000 at interest rates as low as 5.9% to consumers with good credit scores. In addition, they offer loans to consumers with poor credit. Users who are turned down by other lenders usually go back to Mogo. 

Credit Karma vs Borrowell

  • Credit Karma also offers free credit reports. The main difference between these two is that Credit Karma works with TransUnion, while Borrowell works with Equifax and gets the credit score from there. Also, Borrowell offers a wider range of services.

Wrap Up

Borrowell is one of the best online lenders available in Canada, proved by the many Borrowell reviews. So, if you want a top personal loan from an accredited lender and a free credit score, Borrowell is an excellent choice.


Is Borrowell credit score legit?

Yes, the Borrowell credit score is legit, but it may slightly differ from the one that your bank will provide. The ways in which Borrowell credits differ from regular banks is in the fees, the eligibility criteria, and the services they offer as a bank.

Is Borrowell safe?

Borrowell uses 256-bit encryption for every data entry, meaning it’s very safe to use their services. They are also a part of the Canadian Lenders Association.

Does Borrowell affect your credit?

Borrowell does a soft credit inquiry, which doesn’t affect your credit score history. 

What is the interest rate at Borrowell?

Borrowell charges an interest rate of 5.6% to 29.19%. The average rate is 11%-12%.

Can I apply online for a Borrowell loan?

Yes, you can apply online for a loan at Borrowell. According to the Borrowell reviews, the process is easy and straightforward. You have to sign up to see the available loans and the interest rates that are available to your credit profile, select what you need, and fill out an online application. You’ll get the funds you need in 48 hours.


Having spent 7+ years immersed in content marketing, Anastasija has written on any topic you can think of! The industries and companies she's been a part of have shifted her idea about novelty and new challenges - in Canada and overseas. She always strives to go out of her comfort zone and learn about new topics that grow on her. Tech and AI are among these things. Writing about these two topics, I’ve caught myself passionately learning about all the ways that technology can impact and help humanity. And with changes happening continually, you have to be actively involved to stay up to date.