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What is Borrowell Boost?

35% of your Equifax credit score is based on payment history.

Available on the mobile app in Spring 2020, Borrowell Boost is a new set of tools designed to help avoid late or missed bill payments. See forecasted balances and upcoming bills in one place, receive reminders, low-balance alerts and, if you're in a pinch - advance $100 interest-free.

BETA TESTING


What is beta testing? / What is a beta tester?

Starting in March, we’ll be conducting beta testing for Borrowell Boost. By gathering feedback from our 'testers’, we can discover new ways to make the experience even better before we launch to market.

During Beta, we keep data secure using 256-bit encryption, the same banks use to ensure private information is kept safe. We're committed to your security and privacy.

When will Boost be available?

Borrowell Boost will be available in spring 2020 for a small monthly subscription fee. Not interested in being a tester? You can join the waitlist and we'll be sure to reach out as soon as it launches: https://borrowell.com/boost

What happens to testers when the beta period ends?

When the period ends, testers will be given the option to subscribe with an additional 30 day free trial or disconnect their account. If no action is taken, the account will be automatically disconnected within 30 days. If a tester would like to stop using Boost before the end of the beta period, they can contact customer service at [email protected].

HOW IT WORKS


How do you predict bills & income?

Once you securely connect your bank account, Borrowell will look at your historical transactions to identify recurring bills and income to predict in future amounts.

Is my data/information kept safe & secure?

We use 256-bit encryption, which is the same encryption banks use to ensure your private information is kept safe and secure. We will never share your personal details or initiate transactions from your account without consent. If you notice suspicious behaviour in your account, please contact your bank directly.

Do I need to be a Borrowell member to have access to Boost?

Yes, currently Boost is a feature for Borrowell members. Signing up is completely free and only take a few minutes.

Can I add or edit my bills or income?

Please stay tuned - we’re adding this functionality soon!

How can I remove a bill?

If we’ve incorrectly identified a bill or income from your transactions, you can remove it by click the X icon on the bill.

What happens if there are bills that are incorrect?

We use historical data to identify upcoming bills, so if you have recently cancelled a subscription it may take one month for this to process. However, if you notice suspicious behaviour or unknown bills on your account, please contact your bank directly.

CASH ADVANCE


Where does the $100 advance come from?

The $100 advance is a zero-interest loan underwritten by Borrowell. Borrowell has access to its own capital that it uses to fund the advances.

What happens if I can’t repay the $100?

When you request $100 advance, we give you the option to select an auto-repay date. On the auto-repay date of your choosing, Borrowell will automatically attempt to withdraw the funds. If your account is close to overdraft, we’ll attempt to withdraw again when you have sufficient funds. We’ll attempt to process the funds for a 28-day grace period, after which you will no longer have access to the advance function. Don’t worry! You can still continue to see your predicted bills and balance, and receive alerts to track your upcoming bills and pay on-time.

How much does the $100 advance cost?

There is no separate fee for the advance itself - it’s completely interest-free. Borrowell will charge a monthly subscription fee for Borrowell Boost that includes bill and balance alerts, as well as access to $100 interest-free advance.

How long do I have to repay?

You can choose the best day to auto-repay within 30 days. Borrowell will automatically suggest an auto-repay date that aligns with your next payday.

How long does the advance take to reach my account?

We process advances Monday through Friday (excluding banking holidays). We’ll typically post funds to your account earlier than the next business day, but actual posting time depends on your bank.

Does taking an advance negatively impact my credit score?

No, taking an advance will not hurt your credit score and it does not require a credit check or inquiry. If you can’t pay back on your selected date, please email [email protected] and we’ll be happy to help you with an alternative date.

What if I need more than $100, can I access more?

Boost is meant to help you pay your bills on time and provide a short-term bridge. If you need more funds, please see our other options for personal loans: https://borrowell.com/personal-loans.

Why can’t I request another $100 advance?

You can only access another advance after you have repaid the outstanding one. Once your repayment is processed (which can take up to one 1 business day), you'll be able to click the $100 advance button and request another one. 

How soon can I request another advance?

You need to make sure that you've paid back your last $100 advance. Once your repayment is processed on your selected auto-repay date (which can take up to one 1 business day), you'll be able to click the $100 advance button and request another one. 

Where can I find a copy of the Boost Agreement and the PAD agreement?

You can find a copy of your Boost Agreement or the PAD agreement by going to "Settings” in the app, then go to the Boost section.

Additional Support

We're here to help. If you have any questions or concerns about security or features, please contact [email protected].


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