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.
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.
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.
Your monthly loan payments will be debited from the same bank account in which you received our loan.
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.
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.
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.
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.
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.
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!
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.
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]
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.
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.
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.
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.
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!
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.
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.
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.
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.
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. 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.
There are a few reasons why you may not have received a loan option:
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.
Borrowell® is a registered trademark of Borrowell Inc. All Rights Reserved. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. The score provided to you for educational use is the Equifax Risk Score.
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