Borrowell Loans Review

Borrowell Loans

Do you know what your credit rating is? Whether it’s excellent or low, you need to check it once in a while to have a better understanding of what you should do. Generally, consumers had to pay a fee to get their credit score or credit report.

Fortunately, Borrowell Canada has made it possible for all Canadians to obtain their credit rating free of charge. It’s a great option to know your current credit and review it occasionally in order to detect if there are any errors or credit fraud under your name. Keep on reading to find out more about getting a free Borrowell credit score.

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Who Is Borrowell?

Let’s cover the basics before we continue with the Borrowell reviews. What is Borrowell? This company was launched in 2014 and has helped thousands of people across the country since then. This is a leading fintech platform that teams up with Equifax – a popular credit reporting bureau to offer consumers free access to their credit reports and ratings. Borrowell credit check can be obtained once a week for free.

The company is online-based and offers digital services which are rather convenient and provide a solid alternative to conventional brick-and-mortar institutions. Nowadays, the Borrowell app offers an additional range of services and lending options to consumers.

You may apply for unsecured Borrowell loans of up to $35,000 for various needs here. The collaboration with Equifax in 2016 has brought value to this digital platform. Borrowell credit report has changed the way people check their credit.

How to Obtain Your Free Borrowell Credit Score?

How accurate is Borrowell? You can get an accurate credit rating once a week here. It’s easy to get your free Borrowell Equifax credit rating. It will take just a few minutes of your time. You should:

  • Open an account on the company website. Submit a web application form with your personal information (full name, current address, email, phone number, date of birth, etc.)
  • Answer a few questions to verify your identity.
  • Obtain your free credit Borrowell.

Is Borrowell legit? Keep in mind that the company doesn’t ask for your credit card number or your SIN. Only basic data is needed to proceed with signing up to obtain your free report.

Borrowell FAQs

Is Borrowell credit legit?
This is a legit and reputable company that has been around since 2014 and has already helped thousands of Canadian consumers get their free credit ratings and credit reports.

Is Borrowell a Canadian company?
This is a Canadian company so citizens and residents of Canada have the opportunity to obtain their credit reports free of charge through this web platform.

Is Borrowell the same as Equifax?
Equifax is one of the leading credit reporting bureaus while Borrowell is a digital fintech company that cooperates with Equifax since 2016. So, you may get a credit report from Equifax through Borrowell.

What is the highest Borrowell credit score?
You may have any credit score and check the latest data with the help of a Borrowell credit report for free. It will allow you to take action if necessary and improve your score.

How accurate is Borrowell credit score?
Is Borrowell credit score accurate? The information offered by this web company is accurate as Borrowell cooperates with the Equifax credit agency and gives you the latest data every week.

What credit bureau does Borrowell use?
Borrowell partners with Equifax so you may receive your rating and credit report from this credit reporting agency.

How often does Borrowell update?
Borrowell has weekly updates to help each consumer stay on top of their credit ratings. You have a chance to check it as often as you need to track any changes or credit fraud.

Assistance through Borrowell App

If you want to obtain your Borrowell free credit score or take out a small loan you may benefit from using their app. You will be able to find different lending solutions available to consumers there including small personal loans, mortgages, credit cards, etc.

Apart from getting a credit rating for free, you may also seek financial support and professional assistance here. People usually want no credit check loans without collateral as they present fewer risks.

Is Borrowell accurate? Yes, it cooperates with Equifax credit reporting agency to offer you a credit rating every week. If you want to know Borrowell credit score range you may visit their website. Generally, they approve requests from people with good or excellent credit.

Borrowell Credit Rating: Is Borrowell Safe?

Many people have doubts when it comes to different lending options. You may look through the Borrowell review before you make the final choice. It is a safe and legit company that cooperates with many partners in the financial sphere. When we compare Borrowell vs. Credit Karma, we can say that each company provides financial solutions tailored to the needs of borrowers.

Credit Karma vs. Borrowell – which one is better? We can’t answer this question as it all depends on your needs and what you are looking for. Borrowell Inc. has more benefits as it partners with Equifax and provides relevant financial information and the current credit score of the client. Also, you may obtain various borrowing solutions and loans here.

How Does Borrowell Interest Rates Compare to Competitors?

Let’s compare Borrowell Toronto and its rates with its competitors. Grow and Mogo are the two main competitors of this digital fintech company. ATB Financial has recently acquired Grow. This company offers personal loans with fixed interest rates for a period of up to five years. Borrowers may withdraw between $1,000 and $30,000 for their urgent needs. The APRs for such lending solutions at Grow are about 10-11%.

In addition, this company offers free credit reports and ratings but there aren’t as accurate as Borrowell’s as it uses its RateTracker and not Equifax’s model. What about Mogo? This company also provides fixed-rate personal loans and offers $35,000 similar to Borrowell. You may also benefit from a Borrowell credit card if you need a revolving type of credit. The APRs on loans from Mogo are around 5.9% to 45.9% and it also offers free credit reports.

How to Apply for a Loan with Borrowell?

It isn’t time-consuming to apply for a personal loan through this digital company. The application process is much easier and more convenient compared to brick-and-mortar banking institutions. According to the FRED Economic Research, the average APR for a two-year personal loan for a conventional bank is 9.58% while these institutions prefer consumers with excellent or good FICO scores.

If you would like to have additional funds for your needs:

  • Sign up and open your Borrowell account.
  • Submit your loan request. You may request a quote as it doesn’t harm your rating.
  • Prove your identity as well as bank account and steady employment.
  • Obtain extra cash in your account within a few days.

Can I Get a Borrowell Personal Loan?

Apart from Borrowell free credit score review, you may request a personal loan. This lending solution may serve as a helping hand to cover financial disruptions or consolidate your debts. You may obtain a maximum of $35,000 and the final sum depends on your credit history. Borrowers with higher credit rating present fewer risks to the lender so they may get approved for a larger amount with lower rates. You may also check Fairstone reviews to compare conditions and main features.

The loan can be requested for 6 months and even for 60 months if needed. Does Borrowell use Equifax? Yes, this bureau will tell the company more about the creditworthiness of the client. You may utilize the funds for a variety of needs including home improvement projects, auto repairs, debt consolidation, big-ticket purchases, business expansion, etc. In order to qualify you should:

  • Be a Canadian citizen or resident
  • Be over 18 years old
  • Have a valid bank account
  • Have a steady employment
  • Have a credit history of 1 year or more
  • Have a credit rating above 660
  • Not to have filed for a consumer proposal or be bankrupt

Borrowell Equifax: Benefits of Usage

There are many reasons why Canadian consumers like using Borrowell:

  • Free Rating. You have an opportunity to get your credit score for free once a week.
  • Security. This online platform uses 256-bit encryption for the safety of its clients.
  • Individual Approach. Clients can get personalized monetary product recommendations from experts.
  • Free Tips. If you need more educational tips and relevant advice on how to improve your credit or manage personal finances, you may benefit from free articles and tools.
  • It Doesn’t Hurt Your Credit. Your rating won’t get damaged even if you request a weekly credit check. It’s completely harmful to your credit history.

Borrowell vs. Credit Karma

Some people ask about the difference between these two companies. Is Borrowell Equifax or TransUnion credit rating? Both Credit Karma and Borrowell operate on the web and provide a wide range of services to consumers.

The main difference between these services is that Credit Karma partners with TransUnion credit reporting agency to offer credit scores to the clients whereas Borrowell partners with Equifax to offer free credit scores. So, you may choose which credit bureau you want to cooperate with or which score you currently need.

Does Borrowell Affect Credit Score?

This is a common concern of many clients. They are scared that getting frequent credit inquiries may affect their rating. How accurate is Borrowell credit score? They offer accurate and updated information once a week. More than that, this request is harmless for the client’s credit history which is one of the main advantages of this company. You may get your free credit ratings whenever you feel the need or want to avoid credit fraud.

Borrowell Credit Score Range

Generally, credit ratings range between 300 and 900 in Canada. If you have very poor credit you present a higher risk of default to the creditors. Borrowell company uses the following range of credit ratings:

  • Excellent: 741-900
  • Good: 713-740
  • Fair: 660-712
  • Below average: 575-659
  • Poor: 300-574

What Products and Services Does Borrowell Offer?

Borrowell offers personal loans, credit cards, and mortgages to consumers apart from free credit reports. The rates on personal loans are competitive and rather affordable if your credit history is good enough. Also, you may request various credit cards such as travel cards, cash-back cards, low-interest cards, balance transfer cards, rewards cards, etc.

Consumers who need a home or car insurance may also contact Borrowell customer service to check the details and rates. They offer several banking products from the leading banks and partners. This fintech service cooperates with such brands as BMO, CIBC, National Bank of Canada, EQ Bank, Capital One, ScotiaBank, Wealthsimple, etc. You may also obtain a mortgage here if you are planning to become a proud homeowner.

How to Get a Borrowell Loan?

If you decide to obtain a loan from this company, you should also state the reason for taking out funds, provide a document to prove your monthly income, and offer the details of your rent commitments or mortgage to the lender. Apart from that, you need to be a Canadian citizen and have an active checking account to withdraw the funds.

You may select the amount you want to obtain on the website, submit your two latest notices of assessments or pay stubs. Once the income is verified, you should choose your bank account. Then the company will send you some papers to fill in. Once the paperwork is completed, your requested amount will be deposited into your bank account within several business days.

Borrowell Loans. Fees and Costs

If you decide to obtain a personal loan, you can use Borrowell contact details or use their website to request the funds. There may be some fees for the lending solutions while getting a credit report is free for everyone. An origination fee of 1-5% should be paid depending on the amount you want to withdraw.

This sum will be included in the APR of your loan. The borrowers have an opportunity to qualify for up to $35,000 depending on their creditworthiness. If your credit history and rating are high enough you will be approved for a bigger sum with lower rates. The fixed interest rates swing between 12.99% and 46.96% for up to 60 months.

All in all, you are free to utilize Borrowell if you want to get your free credit report or qualify for one of the top lending solutions. Getting a credit rating is free while you may choose one of the financial products and services from over 50 different companies that Borrowell partners with. It’s a great option to check your Equifax credit rating whenever you need it and get weekly updates on any changes.

North’n’LoansUpdated February 09, 2022