Borrowell Reviews, Ratings And Fees February 2023

Based on 4
Customer Reviews
33 Yonge Street, Suite 1301
Toronto, Ontario
M5E 1G4
  • Monday-Friday 9 am to 5 pm EST

Who Is Borrowell

Since 2014, Borrowell has been helping Canadians gain access to fair and affordable loans all while helping them monitor and even improve their credit health. Borrowell’s easy to navigate online application provides Canadian consumers with free personalized loan quotes. Borrowell offers secured and fast personal loans up to $35,000. Thousands of Canadians, just like you, have trusted Borrowell when they needed them the most.

Interested In Qualifying With Borrowell?

As with any Canadian lender, Borrowell will need to know more about your finances before they can approve you for one of their products or services, any of which you can access through their online portal. 

For instance, with a large personal loan, they will inspect certain financial elements when you apply, such as your:

  • Employment history
  • Credit report and credit score
  • Bank account transactions
  • Current and recent debts
  • Residency details (loan conditions may vary based on your province/territory)
  • Most recent Notices of Assessment, if you are:
      • Living on disability
      • On maternity leave
      • Self-employed
      • Retired
      • Working more than one job  

How To Make Yourself Eligible 

Borrowell’s head office is located in Toronto but the majority of their business is done online. Although you may need to present different personal and financial documents when you apply for a specific product or service, let’s again use personal loans as an example of how to prepare for the process. 

Despite Borrowell accepting a wide variety of consumers, it will be easier to get approved for a larger loan with a low-interest rate if you:

  • Consolidate your unpaid, highest-interest debts
  • Find a solid source of employment (earn at least $20,000 yearly)
  • Organize proof of your income and residency (bank statements, paychecks, etc.) 
  • Check your credit report for errors and signs of identity fraud
  • Have at credit history that’s at least 12 months long
  • Elevate your credit score to the 660-900 range through responsible payments. 
  • Make sure you’re fully discharged from any consumer proposals, bankruptcies, or other debt management procedures

What Products And Services Does Borrowell Offer?

When you’re thinking of applying for any type of credit product or related service, it’s important to do some prior research to confirm that your chosen lender is a legitimate business and provides the solutions that best suit your finances.

Luckily, Borrowell is a multi-purpose lending institution, so they offer a broad range of financial products and services, such as:

  • Credit Monitoring
  • Credit Cards
  • Mortgages
  • Banking & Investing
  • Insurance Programs
  • Loans ($1,000 – $35,000)
    • Personal
    • Small business
    • Debt consolidation
    • Home improvement
    • Vehicle purchase

Borrowell also stands out among other lending institutions because they:

  • Have a detailed blog
  • Offer flexible interest rates and repayment plans
  • Report to Equifax, so complete payments will improve your credit 
  • Provide many free services with their membership
  • Will not charge you any prepayment penalties for early installments
  • Are partnered with several major financial institutions (Scotiabank, BMO, etc.)

What Does The Average Borrowell Personal Loan Cost?

Another positive aspect of the Borrowell webpage is that it provides information about their loan costs. Like most lenders, they can help you calculate how much interest you would theoretically pay over the life of your loan. Unlike many lending websites, however, Borrowell also details their loan origination fees within their FAQ section.

According to their webpage, Borrowell charges:

  • A one-time origination fee of 1% – 5% (of the final loan balance)
  • Interest rates of 5.6% – 29.19% APR (the average is 11%-12%)

Think About The Cost Of Your Loan Payments

In the end, the overall cost of your loan will mainly depend on the conditions of your repayment plan and the interest rate you qualify for. Keep in mind that your loan payments can have a heavy impact on your monthly budget, especially if you have other active high-interest products on your credit report.

At the moment, Borrowel only offers monthly repayment plans. Before applying, make sure to get an estimate and factor all costs into your budget to see if you can afford them, as well as your other expenses. If you cannot handle your payments once they’ve started, contact Borrowell immediately to avoid any major debt problems.  

What Are The Pros And Cons Of Applying With Borrowell?

Remember, if you’re looking to apply for a personal loan or any other credit product, it’s important to confirm that their services are right for your particular financial situation. Take a look at some of the benefits and drawbacks of what Borrowell has to offer:  


  • Loan origination fees are represented clearly on their webpage
  • No penalty charges for lump-sum payments or prepayments 
  • Checking your potential interest rate will not affect your credit
  • Full and on-time payments will elevate your score
  • Many different products and services are available


  • A $25 – $54 penalty will apply for NSF (non-sufficient funds)
  • Payments can only be made monthly
  • Hard inquiries and defaulted payments will decrease your credit score
  • It’s harder to be approved if you have a bad credit score (300-600), a low income, or debt-related issues

Borrowell FAQs

What type of borrowers does Borrowell accept?

Although becoming a Borrowell member isn’t too difficult, it might be harder to get approved for the most cost-effective loans when you have less-than-perfect finances.  As mentioned, being an experienced borrower with a clean credit history, a low amount of outstanding debt, a good credit score, and a minimum yearly income of $20,000 is the best way to encounter favourable results when you apply.

Why didn’t I qualify for a loan?

Though alternative lenders have more lax requirements than banks, there are still a number of reasons why they may reject your application. Here are three common reasons: 
  • You have a thin credit file. This means you have almost no credit products on your credit report to properly calculate a credit score. This means Borrowell has no real way of understanding how you handle your debts, which is an important factor when determining your eligibility for the loan. 
  • You don’t meet the requirements. Sometimes, you may simply be ineligible for the loan because you do not meet the minimum requirements.
  • You have a delinquency, bankruptcy, consumer proposal, or collections on your file.  Any of these marks on your file will make you ineligible for a loan with Borrowell.

How important is my credit score when applying for a loan? 

Your credit score is incredibly important when applying for a loan with a traditional bank or credit union. Your credit score is a reflection of your ability to make payments and pay off debt. As such, a poor credit score typically has many banks turning down such applicants. However, alternative lenders like Magical Credit, have more flexible requirements and look at more than just your credit score. They will often look at your income, employment stability, debt to income ratio and more to determine your eligibility.

Offered Services

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Loan Range
Rate & Terms
Product Details
Requirements & Documents

Commercial Loan

$1,000 – $35,000
Interest Rate
5.6% – 25.5%
Term (Months)
36 – 60
Funding Time
1 day or more
Funding Method
Direct bank deposit
Repayment Options
Monthly, automated payments
  • Canadian citizen or resident
  • Age of majority in the province of residence
  • Valid account with a Canadian bank or financial institution
  • Credit score above 660
  • No bankruptcies or current delinquencies on file
  • $20,000 minimum income annually before taxes
  • Proof of income: 2 pay stubs or NOA from last 2 tax returns
  • Verify identity: digital check through Equifax
  • Verify Bank Account: connect bank via VersaPay to complete verification
  • Respond to offer within 7 days or must reapply

Personal Loan

$1,000 – $35,000
Interest Rate
5.99% to 29.19%
Term (Months)
36 - 60
Funding Time
48 hours or more
Funding Method
Direct deposit
Repayment Options
Automatic debit
  • Canadian citizen or resident
  • Age of majority in the province of residence
  • Proof of income (your 2 last pay stubs or notices of assessment)
  • Electronic verification of bank account
  • A  before-tax yearly income of at least $20,000
  • At least 12 months of credit history
  • A credit score that is 660 or above

Reviews & Ratings

See what others have to say about Borrowell

Excellent. They have a credit coach and tells you how to improve your score. I followed their advice and went from a 560 to a 680 in a few months. I g... read more

- Oswald (September 3, 2019)

I got my credit score from them which is good because I needed it.

- Victor (June 10, 2019)

Its good

- Marcolivier (January 3, 2019)

Got my credit score

- Vesna Paredes (December 18, 2018)


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Best Personal Loan Provider by Greedy Rates

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