Borrowell is easily one of the more ‘unique’ lenders in Canada. This is because they are not a traditional lender per se. Borrowell, instead, will take your loan requirements and credit score, and serve up offers from over 50 different lenders located throughout Canada.
Of course, if you do take out a Borrowell loan, you won’t have to worry about this part too much. The bulk of your dealings will be with Borrowell themselves. And for Canadian personal loans, they are regarded as one of the better companies to deal with.
The first time most people hear of Borrowell is through a quick search for their credit score. Borrowell is one of the only companies in Canada that will provide you with access to your Equifax credit score free of charge. Of course, their main aim is to try and encourage you to sign up for one of their many financial products. However, you will have access to your credit score whether you choose to borrow through Borrowell or not.
The bulk of the lending options Borrowell offers consist of the typical personal loan. This includes your typical home renovation loan, large purchase loan, and car loans. All of these products are applied in exactly the same way.
The company also offers credit cards, mortgages, and insurance. They can also put you in touch with banks that meet your financial needs.
One of the more unique features of Borrowell is that you don’t necessarily have to do the application process if you wish to see which loans you could be approved for. Once you have signed up for an account with Borrowell to see your Equifax credit score, you can easily see a list of likely loan rates that you can enjoy if you applied for one. This is not a guarantee of acceptance, but it is nice to be able to see whether you have a strong chance of being accepted for a loan before you start the application process.
Borrowell works with around 50 different potential lenders, so there will be no shortage of options when it comes to your loan. One of the major benefits of Borrowell is that all of the companies offering their products through the site are in competition with one another. This means that you can frequently find some decent rates that you will not be able to find anywhere else.
Of course, the better your credit score, the more potential offers you will have. Since this is not really a lender for those with a poor credit history, some people will find that there are zero loan offers for them to enjoy.
The minimum loan term for Borrowell is three years, with the maximum set at five years. You are able to pay off your loan early if you wish. If you pay off the loan early, you will not need to pay the interest on the final years of your loan. For example, if you took out a 5-year loan and paid it off in 3, you wouldn’t need to pay the interest due on those final 2 years. This can save you a decent chunk of change.
You can borrow anywhere from $1,000 to $35,000 with Borrowell. Of course, most loans will be down the lower end of things. From reviews and reports, it seems like many people have struggled to borrow more than $5,000.
The interest rates on their loans are variable based upon your credit score. The APR averages between 5.99% and 29.19%.
Borrowell also charges a loan origination fee. This will be between 1% and 5%, dependent on the size of the loan, plus your credit score. This will need to be paid back over the course of your loan.
The application process is quick and easy. Once you have seen an offer that catches your eye, you can apply for it online. You will need to submit details on your income etc. but Borrowell isn’t going to ask for anything that other lenders do not ask for.
The initial application process will take about two days. In this time, Borrowell will either accept or decline your loan. They may also ask for further details from you. If your loan is approved, you will receive the money in your bank account within two days.
All repayments will come out of your bank account automatically each month. It is vital that you have the money in there because non-payment fees through Borrowell are known for being some of the most substantial in Canada.
As one final point to note, Borrowell is a site only for individual borrowers. Outside of mortgages, you will not be able to make a joint loan application. This can, of course, limit the number of borrowing options you may have available to you. If you want to qualify for a larger loan based on two people’s income, then look elsewhere. Borrowell is not for you.
Many Borrowell reviewers are impressed by the fact that Borrowell makes all fees associated with the loan crystal clear. Some companies tend to hide loan origination fees in the fine print, so much praise to Borrowell on that front.
We love the large number of offers that you tend to be greeted with when applying for a Borrowell personal loan. Of course, the better your credit score, the higher your chances of receiving multiple loan offers.
Considering the size of some of the personal loans they hand out, many people praise the fact that the initial payout is speedy. While Borrowell is never going to be able to be as fast as payday loans, they are able to put the money in your bank account within a couple of days.
Any payments that you make on your Borrowell personal loan will be reported to Equifax, so you’ll also be able to see a major jump in your credit score over time.
The big issue with Borrowell is that you are not technically borrowing money from Borrowell. They are just helping you to find the loan. This, of course, does add a couple of extra costs to the mix. However, in most cases, we still found Borrowell a lot cheaper than some direct lenders.
If you have a credit score under 600 or have had major debt issues in the past, then it is unlikely that you will receive an offer. You should also bear in mind that receiving an offer on the site does not necessarily mean that you will receive the money right away. Extra checks will need to be carried out, and some people have reported that they still ended up being denied cash even when they went through the hoops of the application process.
While Borrowell is a lender aimed at anybody who needs to borrow money in Canada, we feel that this is a lender that is best suited to those with average to good credit scores. The chances of you being accepted are so much higher if that’s the case. While Borrowell does work with several different lenders, if your credit score is woeful, it is common to receive zero offers. So, while this company is a tremendous lender with very few flaws, those with a poor credit score may be better served looking at sites such as Rate Genie to find a decent deal on other Canadian financial products.