In addition to providing credit scores for free, Borrowell is in the business of offering unsecured personal loans.
Somewhat ironically, we’re a lender that wants to help Canadians get out of debt, not into more of it.
And that’s a good thing! We believe that when used responsibly, Borrowell loans can be a great way to improve your financial well-being. Our goal is to be fully transparent about when a Borrowell loan makes sense (and also when it might not be the best option).
When Borrowell’s loans make sense
If you are able to save money with us as compared to your current debts (e.g. you need to pay off high-interest credit cards)
If you currently juggle multiple payments and want to consolidate these into one convenient payment
If you want to get out of debt on a schedule, with no early repayment fees
If you don’t want to secure your loan against your house or another asset (all of our loans are unsecured)
If you are planning on making a major purchase or incurring an expense with a credit card and would prefer an alternative
When we might not be the best option
If you receive a rate from us that is higher than your existing borrowing options
If you don’t receive a loan amount from us that meets your needs
If you are currently not employed or make less than $20,000
If your credit score is currently below 660 (but we have lots of tips to help you improve!)
If you enjoy visiting a branch and doing paperwork!
Interested in learning if a Borrowell loan makes sense for you?
First, start by getting your credit score for free. If you have an Equifax credit score above 660, just click ‘Loans‘ to view your personalized loan options. There is no risk or obligation with seeing what you qualify for.