Borrowell Reviews: 6 Things to Know Before Taking Loan on Borrowell

Borrowell review

Borrowell is a Canadian fintech company that offers personal loans, credit scores, and credit monitoring services to their users. Since its launch in 2014, it has become a popular choice for Canadians who are looking for a reliable source of credit and financial advice. However, different customers have diverse views about the services of Borrowell. Some users expressed satisfaction with the services of Borrowell while others held contrary views. 

As it is with other digital loan platforms, Borrowell has its own terms and conditions that guide their mode of operation, which may be slightly different from their counterparts. Hence, if you’re planning on taking out a loan from Borrowell, we’re going to reveal important information that you may need about Borrowell.

1. How Much Can I Borrow From Borrowell

The loan amount that a customer can take out from Borrowell is not fixed; it varies depending on some factors.  If a customer has built trust with the platform over the years there are higher possibilities that such customer will get a higher loan amount than a new customer.  Generally, individual credit history has a significant role to play in determining your loan amount.

However, the amount of money that a customer can borrow from Borrowell ranges from $1,000 to $35,000. This means that the minimum loan amount that a customer can get from Borrowell is $1,000 while the maximum amount is $35,000. Meanwhile, if you want to get a higher loan amount, you should ensure you build a good credit score by repaying your loan on time.

2. Borrowell Interest Rate

Borrowell annual percentage rate(APR) interest rate ranges from 5.6% – 29.19% but the average interest rate is between 11%-12%. We can see that the interest rate is not fixed, it is determined by the loan amount you take out and the repayment plan you opt for. Meanwhile, it is best to take the exact amount you need which you will be able to repay on time to avoid the interest accumulating so much.

3. Borrowell Loan Requirements

Just like other lending platforms, there are eligible criteria that a borrower must meet to qualify for Borrowell loan, some of the requirements are outlined below:

  • The applicant must be at least 18 years old.
  • The intending applicant must be a Canadian or have permanent residency in Canada.
  • The applicant must have a functional Canadian bank account.
  • The intending applicant is expected to have a good credit history without bankruptcy.
  • The applicant must have a credit score of at least 660.
  • The intending applicant is expected to have at least a yearly income of $20,000.
  • The applicant must be willing to present a minimum credit history of 12 months length

4.  Borrowell Loan Duration

The Borrowell loan repayment plan is not fixed; it is programmed so that customers will choose the plan that is suitable for them. The Borrowell loan repayment plan ranges from 36 months to 60 months (3–5 years). From their repayment plan, we can see that they have a longer duration when compared with their competitors. However, the longer the loan duration, the higher the interest rate.

5. Borrowell Credit Score

Borrowell’s credit score service allows Canadians to access their credit score for free. Borrowell uses Equifax, one of Canada’s leading credit bureaus, to provide users with their credit score and credit report. Users can access their credit score and report online through Borrowell’s website or mobile app.

Borrowell’s credit score service also provides users with personalized tips and recommendations to help them improve their credit score. These recommendations include the best ways to reduce credit card debt, increase their credit limit, and manage their credit utilization rate. Borrowell’s credit score service also provides users with credit monitoring alerts, which notify them of any changes to their credit score or credit report.

6. Borrowell Reviews

Just like other lending platforms, customers have diverse experiences with Borrowell. Some of their customers expressed satisfaction with the services offered by Borrowell, while others held contrary views owing to what they presumed was an illegal deduction of their credit score without prior notice.

Our check on different rating platforms like TrustPilot, Play Store and BBB revealed that a greater percentage of the users expressed satisfaction on Borrowell services but frowned on the continuous deduction of credit scores without informing their customers. However, the rating of Borrowell on TrustPilot is not good enough but on Play Store and BBB, it has a good rating. 

One of the users has this to say  G. Wilson has this to say about Borrowell ‘’Just checked my credit score and it went down 35 points.No missed payments, From what I can tell my credit utilization is impacting my score. Their solution is to charge small recurring purchases every month’’. 

From the Play Store review, Jay has this to say: ‘’It gives a fairly accurate picture of your credit situation. I probably would go directly to Equifax or TransUnion if you need a more accurate credit report in preparation for a big purchase. However, they may charge you roughly $20 monthly for credit monitoring. With Borrowell, there are no fees. There is obviously spam or ads. They have to get paid somehow’’.

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