Tom Drake is one of the most influential personal finance bloggers in Canada. As Founder and Writer at Canadian Finance Blog, Tom has been educating Canadians on how to manage their personal finances for years. In his day job, Tom is a Financial Analyst at a large grocery chain in Edmonton, Alberta. That experience, combined with his expertise at “spending less and saving money, thanks to my background in budgeting” makes Tom Drake an important voice in educating Canadian savers. He lives in Edmonton with his wife and two boys.
We were thrilled to wake up this morning to a great blog post from Tom Drake, reviewing the Borrowell personal loan product and application process. You can read the entire review here.
In particular, we were excited to see that Tom shares our vision of how the fintech revolution will affect the consumer banking landscape in Canada and give consumers more options. “I’m very excited to see a company like Borrowell make inroads in Canada” says Tom, “As you can tell from this review, I think it’s a great step forward, and Borrowell can be a good option for someone looking to finally get out of debt”.
At Borrowell our mission is to make lending fast, fair and friendly, which means focusing on our customers’ needs, and delivering a service that has their needs in mind. More specifically, we want to make the lending process easier and be able to deliver customized interest rates based on each customer’s personal credit history.
So how do we measure up on fast, fair and friendly?
“The initial credit application takes about one minute to fill out” said Drake, “Once that’s done, you’ll usually get your money the next business day.”
Compared to the usual 2 or 3 visits to the bank branch, we’d say that’s fast!
“Credit card interest rates in Canada can be very high, commonly between 19.9% and 29.9%. If you are trying to dig out of credit card debt, it’s difficult to find success with rates that high. Paying your minimum can result in decades of debt repayment. Refinancing your credit card debt to a lower rate through a more traditional bank often means putting your home up for collateral. This is where a company like Borrowell can really help.”
Drake continues “your actual interest rate will depend on your credit score and other creditworthiness factors. Even if you pay a higher rate, chances are that it will still be lower than what you currently pay on your credit cards”.
We think it’s only fair to get credit for your good credit.
And how friendly is Borrowell according to Tom Drake? “Borrowell is one of the easiest ways for Canadians to lower their interest rates on credit card debt, and adjudicate almost instantly to provide you with options for an online loan that works for you.”
Thanks Tom! We’re so glad you like the process. Read the rest of Tom Drake’s review, and then get your personalized rate by checking your rate. You can also check your free credit score using Borrowell.
You may have heard that making on-time payments is the key to having a good credit score. But just how important is it to make your payments on time? If you’ve made the mistake of missing payments in the past, what can you do to help improve your credit score now?
The Borrowell Team
Jun 12, 2020
It's always good to know what you can do to improve your credit score, no matter where you are on your financial journey. Whether you’re looking to rebuild your profile or planning a big purchase in the future, increasing your score can mean more attractive interest rates and offers on things like credit cards, loans, mortgages and lines of credit.
The Borrowell Team
Mar 01, 2020
With all the different credit options available in Canada, it’s important to understand the differences between each one so that you can find the right product for your needs. Credit can be useful to help you establish a history and finance purchases, but should be used mindfully. In this Borrowing 101 article, we’ll give you an overview of personal loans and lines of credit to help you understand how they work, when to use them, and what to be careful of in order to protect your credit score.
The Borrowell Team
Apr 27, 2020
Borrowell® is a registered trademark of Borrowell Inc. All Rights Reserved. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. The score provided to you for educational use is the Equifax Risk Score.
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