Borrowell Review: Free Credit Score and Credit Report | Borrowell Personal Loan

Digital lending is spreading very fast across Canada which is pretty much genuine and valid. It is because of its latest technology and Methodology. Moreover, digital lending has a lot of services available online that can be availed very easily.

Generally, the people of Canada prefer to get a Payday loan on a daily basis thinking that it is a short-term loan and I will pay on my next paycheque, forgetting that they are paying high-interest rates on the small amount even for the short term.

There are a lot of options available in the market to get the type of loans you need. Borrowell is one of them.

In this particular article, you will know the details about one of the most popular lending platforms Borrowell, its features, and various other details. Let’s begin…

What is Borrowell?

It is a digital lending platform offering various products and services for Canadians. Its services include Free Credit Score, Free Bill Tracking, Credit Cards, Personal Loans, Mortgages, Banking, and Insurance.

It started in the year 2014 with a clear goal to help people make great decisions about credit as per their official website.

It is doing its best in this perspective by offering customers a free monthly credit score and report via Equifax to help Canadians stay on top of their credit.

Borrowell is in partnership with American Express, Capital One, BMO, Scotiabank, the National Bank of Canada, and various others. It has over 1 million members.

It believes in using the latest technology for the services it provides so they have created Canada’s first AI-powered Credit Coach.

Borrowell Features & Benefits

• It offers personal loan up to $35000.

• It provides Free weekly credit score and credit Reports all at one place.

• Borrowell provides Personalized product recommendations from over 50+ partners.

• The loan process is completely online.

• It has crated AI-powered Credit Coach to provide Credit education.

• It provides a flexible loan term from 3 to 5 years to repay your loan.

• Tips to help you improve your credit

• Provides bank-level security with 256 bit encryption that keeps your information safe and secure.

Borrowell Loans Requirements and Eligibility Criteria

• You must be a citizen of Canada.

• You must be 18+ years of age.

• Have a bank account in Canada.

• At least 12 months of credit history.

• Must have a Credit score of at least 660.

• No bankruptcy, consumer proposal, collections or delinquencies on your credit history.

• Your annual income must have at least $20000.

• Have at least two recent pay stubs to verify your income, or two Notices of Assessment to verify your self-employment/business/investment/pension income.

Borrowell Products & Services

As we have mentioned above it is one stop to every kind of loan and other services like Free Credit Score, Free Bill Tracking, Credit Cards, Personal Loans, Mortgages, Banking, and Insurance.

We will cover the main services of Borrowell one by one.

Borrowell Free Credit Score and Credit Report

Borrowell started itself to help people to make great decisions about credit. and it made them quite popular in Canada.

In order to access financial products in Canada, the lender will review your credit so it must be checked regularly.

Therefore it provides free credit scores and reports from its partner Equifax, Canada’s largest credit bureau.

Features of Borrowell Free Credit Score:

• After signing up to Borrowell you will have access to free credit score check anytime.

• you can download your Equifax credit report as well.

• You will get automatically matched products as per your credit profile from 50+ partners.

• Canada’s first AI-powered Credit Coach, Molly, will share personalized tips, articles, and tools that may help improve your credit.

How to Get Your Free Credit Score and Report

The steps are quite simple and fast. It will take not more than 3 minutes. just follow the steps mentioned below.

• Visit the Borrowell official website and fill the form by entering the detail like Email address. create a password and create your account.

• Answer few simple question to verify your identity. Enter your SIN (Social Insurance Number).

• Get your free credit score and credit report.

Borrowell Personal Loan

A personal loan is a loan that is borrowed for personal needs for large purchases like Debt Consolidation, home improvement, renovations, etc.

It offers low-interest personal loans as compared to others for people having a good credit score.

It is in partnership with various leading providers. The amount for which you are qualified is based on your credit history.

Features of Borrowell Personal Loan

• It offers a personal loan up to $35000.

• The annual percentage rate (APR) ranges from 5.6% to 29.19%.

• The loan amortization is 36 – 60 months.

• Applying for loan is very easy through its mobile app.

• The approval time is 1-2 business days.

• The amount will be credited to your account within 48 hours of the approval.

Borrowell Personal Loan Requirements and Eligibility Criteria

• You must be a citizen of Canada.

• You must be 18+ years of age.

• Have a bank account in Canada.

• At least 12 months of credit history.

• Must have a Credit score of at least 660.

• No bankruptcy, consumer proposal, collections or delinquencies on your credit history.

• Your annual income must have at least $20000.

• Have at least two recent pay stubs to verify your income, or two Notices of Assessment to verify your self-employment/business/investment/pension income.

How to Apply for a Personal Loan with Borrowell

• Visit Borrowell official website and create your account first by clicking on the Sign Up button in order to proceed further for applying loan.

• As an additional information you need to enter your First Name, Last Name, Address, Phone Number, Your Income etc.

• Next, start your loan application process ,choose the reason you want to use the loan for (for example, home renovation), Give your consent to Borrowell to check your credit score and agree to the terms and conditions. Based on this information, Borrowell will pre-approve you for a loan amount. You will see the option to choose between two terms, three and five years, APR rate and your monthly payment.

• Once you select the loan offer by clicking on the continue button yo need to provide information on your employer and upload copies of two recent pay stubs or two Notices of Assessment to verify your income.

• After verifying your income you need to link your bank account. search your bank through given search option, click on the bank logo and follow the instructions.

• Once your bank is verified it will take 1 to 2 business days to process your application.

• Once your application is processed Borrowell will send you an email to sign the loan agreement and finally after signing the agreement digitally the money will be deposited to your linked bank account.

• Note that, this will be the same account from which the money will be deducted automatically for the repayment.

How to Repay the Borrowell Loan?

It provides an easy way to repay your loan. The account which you link at the time of loan application process, from the same account money will be deducted automatically on the due date.

You do not have to visit anywhere and also you won’t be able to miss any payments. Make sure you have a sufficient amount in your account before the due date.

A reminder will be sent to you three days before the payment the due date.

Borrowell Interest Rates

The annual percentage rate (APR) ranges from 5.6% to 29.19% (the average is 11%-12%).

If your loan payment will bounce due to not having sufficient funds in your bank account on the payment date, Borrowell charges you an NSF (non-sufficient funds) fee of $25 to $54 to cover associated costs and may charge an additional $28 for the collection company.

Borrowell Bill Tracking

Borrowell provides Bill-tracking as a free service. Connect your bank account to Borrowell, and it will let you know about upcoming bill payment due dates.

You will get a reminder as well. if you have so many bills to pay each month this service can be beneficial and worth using. Based on your usage Borrowell will predict your expected bank balance as well.

You will also get a reminder when your account balance is low than the threshold amount.

Borrowell Credit Cards

It offers various types of cards as listed below. Even you can compare your cards as well on its portal.

• Cash-Back Cards
• Rewards Cards
• Low-Interest Cards
• Travel Cards
• Balance Transfer Cards
• Credit Builder Card

Sign up to the Borrowell to access your credit score and report, compare and apply for the credit card online using your account.

Borrowell Mortgages

If you are a first-time home buyer Borrowell can offer you the loan through third parties. here also if your credit score is good you can get the lower interest on the mortgage loan.

Borrowell offers the facility of Mortgage Coach and Calculator.

Mortgage Coach compares rates of 40+ lenders to find the best rate based on your unique credit profile.

Borrowell Mortgage calculator can help you to understand monthly payments and interest.

Borrowell Banking

It also provides Banking facilities through its top banking partners. It offers an easy way to compare the best chequing and savings accounts available from top financial institutions.

Borrowell banking partners are– Scotiabank, EQ Bank, motusbank, BMO, etc.

Borrowell Insurance

Borrowell also recommends a range of insurance products that can help to tackle life’s unexpected events.

It works with top brokers and partners to provide the best insurance to home, auto, and other insurance.

Borrowell insurance partners are sure, National Bank, PolicyMe, and various others.

Borrowell Boost

Borrowell Boost is a collection of digital tools for free, with additional digital tools available through a monthly subscription fee.

These tools help you track bills and safeguard your bank balance with a no-interest cash advance, helping you protect your credit score and avoid costly bank fees.

Boost uses historical bank account transactions to predict future bills and notifies you about upcoming due dates or when your balance is running low.

If you don’t have enough money for an upcoming bill, you can request an interest-free cash advance to avoid going into an overdraft.

If you subscribe to the paid digital tools of Borrowell Boost you have to pay a monthly subscription fee plus applicable taxes (Subscription Fee).

You must complete a Pre-Authorized Debit Agreement (PAD Agreement) for payment of the Subscription Fee through your bank account.

Borrowell will automatically debit your bank account for the Subscription Fee every month on the date agreed to in your PAD Agreement until you cancel your subscription or your Account is otherwise terminated. All amounts owing are payable in Canadian dollars.

Does Borrowell Use Equifax?

Yes, Borrow well uses Equifax to check your credit score and generate credit reports.

Equifax Inc. is one of the largest American multinational consumer credit reporting agencies.

Is Borrowell Credit Score Accurate?

The credit score which you receive is from Equifax, one of the largest credit bureaus in Canada.

Yes, the Borrowell credit score is pretty accurate, but it may slightly differ if you check your credit score with any Bank.

Also, Equifax’s credit scores can be different from other credit reporting agencies like TransUnion.

The difference is mainly due to the way in which Borrowell checks eligibility criteria, charges fees & penalties, and the services they offer as a bank.

There is no need to worry about minor fluctuations in your credit score. The important thing is you should manage your credit responsibly by avoiding high credit utilization and making your payments on time.

Does Borrowell affect Credit Score?

No, checking your credit score does not affect it. Borrowell credit check is considered a soft inquiry and does not impact your score.

Is Borrowell Safe and Legitimate?

Borrowell is committed to protecting your personal information Thus, It won’t share your credit reports or credit scores with third parties or your personal information without consent.

If you want to update access any information, correct any info, update and info, you have the right to do so. You can send an email, can use the Borrowell website or application to update, modify your data.

You may contact Borrowell Privacy Officer by email at privacy@borrowell.com or by mail at the following address.

Borrowell Inc.
Attn: Privacy Officer
33 Yonge Street
Suite 1301, Toronto
Ontario, M5E 1G4

Though it’s a financial tech company it provides Bank-level security with 256-bit encryption. Therefore you can trust the level of security it provides to the customer data.

Borrowell Customer Contact Details

You can get in touch with Borrowell customer support via the contact form on the website. Customer service is available from Monday – Friday, 9 a.m. to 5 p.m. EST.

Unfortunately, they don’t have a customer care toll-free number to call—in fact, there is no phone number listed on their website at all, even after you create an account and log in.

Borrowell offers a vast knowledge base or help center where you can get the information you are looking for on its website.

You can submit a request to Borrowell by visiting the link, making sure you fill in all the details and submit it. Once your request is received by the Borrowell, you will get a reply from them to your email ID.

Conclusion

Through this post, you have learned Borrowell Review: Free Credit Score and Credit Report | Borrowell Personal Loan.

You have to be more careful when it comes to opting for a Borrowell credit card and Personal Loan. if you think the Borrowell card is fulfilling your requirement from all aspects including charges, you can go ahead.

In the case of a Loan, you should calculate carefully, like how much interest will change, how much you have to pay extra in total to finish your loan amount. Check & calculate wisely and if you satisfy with it, opt for any loan from Borrowell.

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