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Loans FAQ

Can I make prepayments/lump sum payments on my loan? Can I pay out my loan in full before the maturity date? If so, are there any penalty fees involved?

You can definitely make prepayments/lump sum payments and even pay out your loan before the maturity date without any penalty. To do so, simply email us at [email protected] with the date and amount you would like the prepayment to be applied.

Why was I charged over $50 for being NSF?

Please note that we charge $25 to $54 for any loan payments that return NSF. For certain loan customers, there is an additional $28 fee made by VersaPay. Should you need to call VersaPay, their number is 1-866-999-8729.

How do I receive my loan funds?

Once your loan is approved, we will send you a link to have you set up your bank account. Your loan will be deposited into this account.

How do I make my monthly payment?

Your monthly loan payments will be debited from the same bank account in which you received our loan.

Can I make biweekly payments or what is possible for frequency of payments?

We only offer monthly payments at this time. However, we would still love to help by letting you decide the date of the month your monthly payments come out on. This way you can find a date that works best for you! After you've received your loan deposit, just email [email protected] to let us know your date of choice.

Do you accept joint applications?

We don't accept joint applicants or co-signers on our loans. Our loan offers are based on your individual income and credit profile only.

Does checking my rate affect my credit score?

Not at all! Checking your rate with Borrowell is a soft inquiry that will not impact your credit score. We don't make a hard inquiry until you're fully approved and decide to sign and accept our loan.

How long does the loan approval process take?

The approval process usually takes 1-2 business days. However if your bank can't be initially verified, it could take another 1-2 business days.

I'm retired /self-employed/ on disability / on maternity leave / have 2 jobs what income documents should I send?

Great! Please email us your Notice of Assessments for the past two years (T1s and T4s are not accepted). Our credit team will then review and let you know if we require any additional information or documents. 

Do you have any other fees?

Your quoted APR% includes both the interest rate and our origination fee. There are no hidden fees at Borrowell!

The origination fee is a one-time fee that covers the cost of doing business, operating the platform, providing stellar customer service, and innovating on new projects!

How do I change information on my application? (i.e. loan amount, income)?

To change information on your application, please email [email protected] and one of our friendly customer service representatives will be happy to update it for you.

What are the different ways I can submit my income docs?

You can submit income documents or additional information in 3 ways: 📤 Upload them online after selecting your offer, during the initial application process 💌 Email them to [email protected]

Can I get a second loan or increase my current loan?

We only offer one loan at a time at the moment and don't offer a loan top-up. After you pay off your existing loan, you're welcome to reapply with us for another loan. 

How do I find my outstanding balance?

For information about your outstanding balance, all you have to do is email us at [email protected] and we'll be happy to provide this to you right away.

Why is Borrowell asking for my banking credentials?

Your banking credentials are used to help us verify your bank account in minutes so we know which bank account you want us to deposit your money to once you're approved. It's also the same bank account your monthly payments are deducted from. In some cases, our credit team may require this information as well to verify your income deposits from the past 3 months. In those cases, Borrowell will only have one-way visibility that allows us to view a "read-only" copy of 3 months of your bank statements and nothing more. We value your privacy and will never save, share, or store your banking credentials.

Why haven't I heard back regarding my loan?

Our credit team will typically get back to you within 1-2 business days after you submit your income documents. If you don't hear back, be sure to check your spam folder as sometimes our email ([email protected]) ends up there by accident. 

Do you offer longer or shorter loan terms than 3 or 5 years?

If you require a shorter loan term than 3 years, we recommend choosing the 3-year offer because you can repay the loan early with us at any time without penalty. The earlier you repay the loan, the less overall interest you pay. Our interest is accrued daily, which means if you pay off your loan in 2 years, you won't have to pay the balance of the interest for the last year of your 3 year term. If you require a longer loan term than 5 years, this is something we don't offer, unfortunately. Our goal is to make sure that you can have your loan with us fully paid off in 5 years or less so that you're not dragging around a balance for longer than you need to!

What happens if there isn’t enough money in my bank account when my payment is due?

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 $54 to cover associated costs.

Why do you charge an origination fee? How much is it?

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.

Do you charge any other fees?

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, we will charge a $25 to $54 Non-Sufficient Funds (NSF) fee. This fee is to cover the costs of an unsuccessful payment.

What are your rates?

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%.

How long do I have to accept a loan option?

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.

How much can I apply for?

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

What is the Annual Percentage Rate (APR)?

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.

How do I receive the money?

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.

How do I get a loan?

Start by checking your rate. 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.

Why didn’t I qualify for a Borrowell loan?

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 of 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.

What types of income do you accept?

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.

What is the minimum income needed to qualify?

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.

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