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Build your credit from only $10 a month

Sign up for Borrowell Credit Builder. Pay monthly. Get $240-$1,440 at the end.

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

Check your eligibility
A phone screen that reads 'Borrowell Credit Builder' at the top. Underneath, there is a list with checkmarks next to each item. The list reads: Build your credit history, $10 per month, Access better interest rates, Achieve your financial goals. Under the list, a blue button reads 'Get Started'.

How does Credit Builder work?

Yellow button that reads Sign Up.

Step 1

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

An image of two gold coins, one with $10 written on it, and one with a checkmark on it.

Step 2

Connect your bank account to make automatic monthly payments.

A credit score dial with the arrow pointing up and to the right

Step 3

Track your credit changes in the Borrowell app!

Why Borrowell Credit Builder?

An image of two gold coins, one with $10 written on it, and one with a checkmark on it.

Build credit for a low monthly payment

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

A checkmark with two antennas, representing that Credit Builder reports payment information to two credit bureaus: Equifax and TransUnion

Improve your credit history with Equifax Canada

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

A piggy bank with two gold coins going into its slot.

Get $240-$1,440 back at the end

Build credit and a savings of $240-$1,440, 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. Pay $10-$50 per month for 36 months, then get $240-$1,440 back. All payments (including missed payments) are reported to Equifax Canada.

Positive payments reported to Equifax Canada 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.

Credit Builder is a $240-$1,440 secured installment loan. Unlike a traditional cash loan, you don’t receive any money upon approval. As you make payments, they are reported to Equifax Canada. At the end of 36 months, your total savings of $240-$1,440 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 Equifax Canada and will appear on your credit report as an instalment tradeline under Borrowell. At the end of the 36-month term, you will get $240-$1,440 back and that amount will be directly deposited into your bank account. $240-$1,440 will also be the loan amount reported to the credit bureau for Credit Builder.

Credit Builder is available to all Borrowell members who:

  • are a Canadian citizen or permanent resident

  • are the age of majority in their province

  • have at least six months of credit history

  • have at least two tradelines (loan, line of credit, credit card, etc.) on their credit file with Equifax

  • live in Canada, excluding Quebec, Saskatchewan, New Brunswick

Starting to build your credit score from scratch might feel daunting, but with some effort and careful money management, you will be well on your way to establishing your credit.

Credit Builder is a great way to get going as it’s made for those who are starting out with credit. With every on-time payment that gets reported to Equifax, you’re building your credit history and a track record of managing credit responsibly, which will help to boost your score.

Other ways to build your credit from scratch include:

While it can take a number of years to build a high credit score from scratch, you can start building credit history and establishing a foundation for a good score with consistent on-time payments of your bills, such as your credit card, phone bills, and loans. 

By establishing a tradeline like Credit Builder and making all of your payments on time, you will signal to potential lenders that you can be trusted with credit, and this will help build the foundations for a solid credit score.