Is Borrowell Safe? Find Out Now

In today’s digital world, borrowing money online is becoming increasingly popular due to its convenience and ease. However, with the increase in the numbers of online lenders available, it can be difficult to determine which of the lending platforms are safe and reliable. One of the lending platforms that has gained popularity is Borrowell. But, is Borrowell safe? In this article, we’ll take a closer look at Borrowell and examine its safety and reliability as an online lender.

Borrowell Overview

is Borrowell safe?

Borrowell is a digital lending platform that provides personal loans and credit scores to Canadians. The company was launched in 2014 and since then it has  become one of the leading fintech companies in Canada. Borrowell is licensed and regulated by the Financial Consumer Agency of Canada, which means that it is subject to strict regulations and oversight.

Meanwhile, one of the main reasons why Borrowell’s popularity is on the increase is because of its ease of use. The application process is entirely online and can be completed in just a few minutes. Borrowers can apply for loans of up to $35,000 and receive their funds within a few days. Not only that, Borrowell also offers free credit scores and credit monitoring services to customers, which can be a valuable tool for those looking to improve their credit.

Is Borrowell Safe To Use?

YES. Borrowell is safe to use.  Borrowell is safe because it uses advanced security measures to protect its customers’ personal and financial information. The company uses 256-bit encryption, which is the same level of security used by banks and other financial institutions. Additionally, Borrowell also has a strict privacy policy and does not sell or share its customers’ information with third parties without their consent.

Apart from its security measures, Borrowell is also transparent about its fees and charges. The company charges an origination fee of between 1% and 5% of the loan amount, depending on the borrower’s creditworthiness. There are no hidden fees or prepayment penalties, which means that borrowers can pay off their loans early without incurring any additional charges.

Another important factor to consider when evaluating the safety of an online lender is its customer service. On this, Borrowell has a dedicated customer service team that is available by phone, email, or chat. Apart from that, the company also has an extensive FAQ section on its website, which can be a helpful resource for borrowers.

From Borrowell’s official website, it says ‘’we invests in fraud detection and protection technology and maintains “rigorous security procedures” to ensure the safety of the financial information you may share with it’’. The Borrowell website also says that the company  they don’t “disclose, trade, rent, sell or otherwise transfer your personal information, without your consent’’.

Borrowell Customer Satisfaction

When it comes to customer satisfaction Borrowell is trying but our check on Trustpilot showed that some customers weren’t satisfied with the services of Borrowell because Trustpilot has two stars rating for Borrowell which is not actually good though that isn’t a yardstick to determine the overall performance since it is based on individual experience. On the good side, Borrowell has been featured in several prominent media outlets, including The Globe and Mail, CBC, and Forbes.

However, even though Borrowell is safe, it’s important to  note that no online lender is completely risk-free. As we all know, Borrowing money always carries some degree of risk, and borrowers should carefully consider their financial situation and ability to repay before taking out a loan. Meanwhile, Borrowell does perform a credit check when evaluating loan applications, which means that borrowers with poor credit may not be approved for a loan. Additionally, Borrowell’s interest rates can be relatively high compared to traditional lenders, especially for those with lower credit scores.

Wrap Up

Borrowell is a safe and reliable online lender that offers personal loans and credit scores to Canadians. The company uses advanced security measures to protect its customers’ personal and financial information and is transparent about its fees and charges. However, as with any borrowing decision, we strongly recommend that borrowers should carefully consider their financial situation and ability to repay before taking out a loan. Please be guided!

Leave a comment