FAQ – Personal Loans

We use VersaPay to set up the pre-authorized debit agreement for a loan and for processing all the payments on your loan. You will be provided an instructions page that advises the steps to verify bank information. A small amount (micro-deposit) will be deposited and withdrawn from your account. You confirm the amount so we know we’re putting money into the right account. It will take approximately 24 hours for the verification micro-deposit to appear in your bank account. An email will be sent for you to check your bank account. You will log back into your VersaPay account to enter the deposit info and confirm your identity once you’ve checked for the deposit. You’re done! If the amount you enter accurately matches the micro-deposit amount, your bank account is verified. You are on your way to getting your loan.

We use VersaPay to set up the pre-authorized debit agreement for a loan and for processing all the payments on your loan. After selecting your loan term, an email will automatically be sent to the email address supplied in your application. You will select Review this Agreement to be taken to VersaPay. A debit agreement page will be presented. On the debit agreement page, you will be asked to enter your bank account information. But don’t worry, all your information will be securely stored. You will then be asked to set up a VersaPay account and to review and to agree to the debit agreement.

We use VersaPay to set up the pre-authorized debit agreement for a loan and for processing all the payments on your loan. After selecting your loan term, an email will automatically be sent to the email address supplied in your application. You will select Review this Agreement to be taken to VersaPay. A debit agreement page will be presented. On the debit agreement page, you will be asked to enter your bank account information. But don’t worry, all your information will be securely stored. You will then be asked to set up a VersaPay account and to review and to agree to the debit agreement.

After your loan agreement has been issued, we can’t increase your loan amount. At this point in time, we are not able to process additional loans for customers who have an active loan with us. If you have fully paid out your Borrowell loan, you are more than welcome to apply for another loan!

We’ll send you a reminder email three business days before your payment is due. If you don’t have enough funds in your account on the payment date, we’ll charge you an NSF (non-sufficient funds) fee of $25 to cover associated costs.

You can repay your loan in full at any time without any prepayment penalties. Please email us at service@borrowell.com. Please let us know:

  • Your loan number
  • The date you would like to make the full repayment

We’ll respond letting you know how much the payment would be, which you’ll need to confirm in order for us to process the payment.

You can make additional payments on your loan without any prepayment penalties. You can also repay your loan in full at any time.
Please email us at service@borrowell.com. Please let us know:

  • Your loan number
  • The payment amount
  • The date you would like to make the full repayment

We’ll respond letting you know how much the payment would be, which you’ll need to confirm in order for us to process the payment. Please give us at least 3 business days’ notice to process your additional payment.

Your monthly payment is taken out automatically each month, from the same bank account where we deposited your funds. We’ll send you a reminder email 3 days before your payment is due.

Our business generates revenue by recommending products such as loans, savings accounts, and other financial products based on your unique credit profile and financial goals. If you take a product we recommend, that company pays us a referral fee. We also offer our own personal loan product and we earn a fee on each loan. Not interested? That’s totally fine – we’re still happy to provide you with your credit score for free. Hopefully, over time we’ll recommend something you will find useful. And if not, we’re happy to help you learn about and improve your credit score.

As long as there are enough funds in your account when your payments are due, there are no other fees. If there aren’t enough funds in your bank account to cover your payment when it is due, VersaPay will charge a $25 Non-Sufficient Funds (NSF) fee. This fee is to cover the costs we have to pay because of the unsuccessful payment.

In order to give you the lowest possible interest rate, we charge a one-time “origination fee” that covers the costs of finding customers, evaluating loan applications, building and operating our processing platform, and providing amazing customer service. We feel this is a clear and transparent way to be upfront about how we get paid for the service we provide. The interest on your loan is used to repay the investors who give Borrowell financing for our loan business. The one-time origination fee is between 1-5% of your loan amount. The percentage depends on the term of the loan (3-year loans have a lower fee) and your loan grade – the better your credit profile, the lower your origination fee. We will add the origination fee to the approved loan amount. For example, if you’re approved for a $5,000 loan at a 2% origination fee, your total loan amount would be $5,100. You would receive $5,000 in your bank account and pay the origination fee off with the rest of your loan. There is never any cost to get a quote. It’s free to apply and you’ll find out right away if you qualify, along with the loan amount, interest rate, and monthly payment.

When you check your loan rate with Borrowell, you’ll find out right away if you’re eligible to receive a loan option. Those who qualify will find out their loan amount, interest rate, origination fee and annual percentage rate (“APR” – which includes all fees). Borrowell interest rates start from 5.6% APR for the best credit borrowers. Our average APR is around 11-12%.

If you qualify, we’ll present you with two potential loan options – a 3-year term and a 5-year term. We’ll show you the loan amount, interest rate, and fixed monthly payment. You can accept right away to begin the verification process, or come back within one week. After 14 days, your loan options will expire and you’ll need to apply again.

The loan size is limited based on income and debt levels.

You can apply for loans between $1,000 and $35,000, in increments of $100.

The Annual Percentage Rate (APR) allows you to compare the total cost of credit from different loan options. For Borrowell, the APR includes two things: the interest you pay, and the one-time origination fee you pay us for arranging and servicing your loan. Our loans offer fixed interest rates, so your monthly payment will never increase.

Once you’ve submitted your proof of income, verified your bank account and accepted your loan documents, your money will be directly deposited into your verified bank account.

Start by checking your rate here. If you qualify, you’ll receive two loan options – a 3-year term and a 5-year term. You’ll find out how much you’ve been approved for, your interest rate and your fixed monthly payment and you can select the loan that suits you best. You’ll then need to answer a few questions about your identity, providing proof of income, and verifying your bank account. For proof of income, you can upload or email us your two most recent paystubs. Feel free to take a photo if that’s easier. (No paystub? You can submit the Notice of Assessment from your last two tax returns instead.) To verify your bank account, we use VersaPay, a leading provider of payment solutions. You’ll create a VersaPay account and input your bank and branch (transit) number. To ensure that the banking information you added is correct, a small amount will be deposited and credited to your bank account and an email will be sent when your account is ready to be verified. This can take 1-3 business days. When the proof of income and bank verification is completed, we’ll email you so that you can review and accept your loan documents. We’ll then deposit the funds directly into your bank account.

No, not at all! Checking your rate does not affect your credit score.

There are a few reasons why you may not have received a loan option:

  • You may have what’s called a “thin credit file” – not enough information on your credit report for our scoring purposes.
  • You may not meet some our lending criteria, such as 12 months of credit history and a credit score of 660 or above. We also look at your income, how much credit you have access to, and the amount of debt you carry.
  • If you have a bankruptcy, consumer proposal, collections or delinquencies on your account, we will not be able to give you a loan.

If you applied and didn’t receive a loan option, we’re sorry that we aren’t able to help you at this time.

We accept employment, self-employment, business, investment and pension income. Income needs to be verified by providing two recent pay stubs or the last two Notices of Assessment from your personal tax returns.

To qualify for a loan from Borrowell, you need to have a minimum yearly income of $20,000 before taxes. You’ll need to verify your income with pay stubs or the Notice of Assessment from your two most recent tax returns.