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Build your credit for only $10 a month

Sign up for Borrowell Credit Builder. Pay monthly. Get $240 at the end.

*Only available to select members at this time. Sign up for Borrowell to see if you qualify for Credit Builder.

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How to build credit in Canada

How does Credit Builder work?

Sign Up for Borrowell Credit Builder

Step 1

Sign up for Borrowell to see if you're eligible.

Borrowell Credit Builder

Step 2

Connect your bank account to make automatic monthly payments.

Credit Builder Dial

Step 3

Track your credit changes in the Borrowell app!

Why Borrowell Credit Builder?

Borrowell Credit Builder

Build credit for a low monthly payment

Build your credit for only $10/month. Choose the ideal payment day of the month for you.

Borrowell Credit Builder

Improve your credit history with Equifax and TransUnion

Your payments will be reported to both credit bureaus which can help you qualify for lower interest rates and better offers on credit cards, mortgages, loans and more.

Borrowell Credit Builder

Get $240 back at the end

Build credit and a savings of $240 which you get back at the end of your journey with Credit Builder.

Credit Builder FAQs

Credit Builder is a credit building product designed with affordability in mind. This product has a 36-month term that only costs $10/month. All payments (including missed payments) are reported to Equifax and TransUnion Positive payments reported to the credit bureaus help you build credit, which is an important factor in qualifying for lower interest rates and better offers on credit cards, mortgages, loans, and more. Your payments are made automatically through a pre-authorized debit agreement, so you never have to worry about missing a payment. Borrowell does not guarantee credit score improvement, which is dependent on a number of factors such as payment history.

Below is a breakdown of what your monthly payments go toward:

  • Month 1 - 24: You pay $10/month ($5 goes to your savings, $5 goes to the subscription fee)

  • Month 25 - 36: You pay $10/month (but the full $10 goes to your savings)

Credit Builder is a $240 secured installment loan. Unlike a traditional cash loan, you don’t receive any money upon approval. As you make payments, they are reported to the credit bureaus. At the end of 36 months, your total savings of $240 will be directly deposited into your bank account. There is no hard credit check to apply.

It may not seem like your credit score impacts your daily life, but your credit score influences almost every financial move you make. A good credit score helps you access four major things:

  • Lower interest rates: Lower mortgage rates, car loans, and personal loan interest rates make your monthly payments lower, freeing more space in your budget for saving and spending.

  • Better credit terms: Higher approval chances for credit means you can make financial decisions about your future with confidence, whether you need additional funds for school, home renovations, or a new car.

  • Higher credit limits: You'll automatically qualify for higher credit limits, which gives you more financial flexibility in an emergency and makes it easier to maintain a reasonable credit utilization rate.

  • Top-tier financial products: You’ll have much higher chances to qualify for premium credit cards, such as rewards cards and cashback cards, along with other top-tier financial products.

Your monthly Credit Builder payments are reported to both credit bureaus (Equifax and TransUnion) and will appear on your credit reports as an instalment tradeline under Borrowell. At the end of the 36 months, your total savings of $240 will be directly deposited into your bank account. $240 will also be the loan amount reported to the credit bureau for Credit Builder.