Privacy Policy
Borrowell is committed to the protection of personal information. As part of this commitment, we have prepared this Privacy Policy to provide you with information about how Borrowell Inc. and its affiliated companies (“Borrowell”, “we”, “us” or “our”) collect, use, disclose and otherwise manage information about you.
What this policy applies to
This Privacy Policy applies when you access, use or interact with our Services (as defined in our Terms of Use) including through borrowell.com (the “Website”), Borrowell’s mobile application (the “App”) and through other interactions with us. It does not cover the privacy practices of third parties that we do not control.
By registering for or obtaining a Service, using our Website or App and/or providing us with personal information, you consent to Borrowell collecting, storing, using and disclosing your personal information in accordance with the terms of this Privacy Policy.
If you do not agree with any term in this Privacy Policy, please do not provide us with your personal information or use our Website, App or Services.
What information we collect and use
The ways we collect information about you include: (1) information you provide to us; (2) information we collect from third parties about you; and (3) information we collect about you based on your use of our Services.
The types of information you provide us fits into two general categories:
Personal Information: This is information that personally identifies you, such as name, date of birth, address, email address or phone number.
Non-Personal Information: This is information that doesn’t personally identify you, such as income range or credit score.
When we combine non-personal information with personal information, we treat it like personal information for as long as it is combined.
a. Information you provide to us
You may provide information to us in various ways, such as when you create an account to use our Services, access and use the Website or App, and when you communicate with us (such as contacting us with questions and inquiries).
Biographical information: may include your name, address, phone number, email address and date of birth.
Financial information: may include bank account information, transactional history, account types and balances or limits, names of financial institutions, financial goals, income range and related financial information that we collect from you or your financial institution.
Photo ID: may include copies of government-issued photo ID and/or a picture of yourself that you provide to us or one of our service providers.
Referral program information: may include information you provide to us if you participate in our referral program.
Information you provide when you contact us: If you reach out to a member experience representative, you may be asked for information that identifies you (such as your name, address, or a phone number), along with additional information we need to help us answer your question or respond to your comment or complaint. We may record the conversation or retain this information to assist you in the future, assess and improve our customer service and to investigate any complaint you may make.
You are not required to provide your social insurance number in order to use our Services. However, if you choose to provide it, we use it to assist us in identifying you with credit reporting agencies and for internal fraud prevention purposes.
b. Information we collect from third parties
Information from credit reporting agencies on your behalf. If you register to use our Services, we will obtain your credit score and credit report from one or more credit reporting agencies, like Equifax and TransUnion, on your behalf. Your credit report may include information such as the types and amounts of credit advanced to you, payment histories, negative banking items, collection actions, legal proceedings, previous bankruptcies and other information reported by your creditors.
Information from third party service providers. We may gather information from service providers, for example, as part of identity verification or fraud protection. For some of our Services, such as Borrowell Credit Builder and Borrowell Rent Reporting, you may be asked to agree to have Borrowell connect to your bank account on your behalf using a third party service. Should you use automatic account linking, your account data (including account credentials) may be shared with the third party service provider, in accordance with their privacy policies. Your credentials are securely maintained by the third party service provider and Borrowell does not receive your bank account login information. The information collected may include account information and historical and on-going transaction-level data from your bank (such as your income, balance, bills and other payments). Depending on the Service, the information may be used to verify your bank account to ensure we deposit and/or withdraw your funds through the correct bank account, personalize our Services to you, list your financial transaction history, and verify your rent payments, as the case may be.
Information from other sources. We work closely with third parties (including, for example, business partners, advertising networks, analytics providers, search information providers, social media) and may receive information from them, such as whether or not you have taken out a product with them, what other products you may have used, and other such details.
c. Information we automatically collect about you based on your use of our Services
When you visit our Website or use our App we may automatically collect certain information about how you access and interact with our Services through various technologies including cookies, browser web storage and web beacons. This information is a key part of how we improve the Borrowell experience and provide you with more personalized insights and recommendations. The information we may collect includes the following:
Information about your visit: including the full Uniform Resource Locators (URL) clickstream to, through and from our website (including date and time); products you viewed or searched for; page response times, download errors, length of visits to certain pages, page interaction information (such as scrolling, clicks, and mouse-overs), and methods used to browse away from the page and any phone number used to call our customer service number;
Technical information: including the internet protocol (IP) address, device information, device operations, your login information, browser type and version, time zone setting, operating system and platform; and
Location information: including your internet protocol (IP) address or other device information or information about your visit to estimate your location (e.g., your city or province). We may also request to use location-enabled services on your device (which typically provide GPS or Wi-Fi access point details) to enhance our Services. We will only use these location-enabled services on your device with your consent.
Device information: type of device hardware and operating system, unique device identifier, language settings, and the date and time the App accesses our servers.
Analytics: We and our third party service providers, such as Google Analytics, may collect and analyze information about your use of the App, such as the App features used and time spent on the App, to help us tailor your in-app experience, improve our products and the quality of our App, and to manage and analyze data in order to better understand our users.
Cookies and Similar Technologies: See the “Cookies and Interest-Based Advertising” section below for more information
How we use the information we collect
In addition to the purposes identified to you before or at the time of collection, the information we collect is used for the following purposes, as applicable:
understanding your financial needs and providing you with our Services;
managing your account and relationship with us and to communicate with you by telephone, mail, email, text (SMS) message, push notification or other means about your account;
verifying your identity as part of our identity authentication process and other information you have provided to us;
improving and enhancing our Website, App and Services and ensuring that content is presented in the most effective manner for you and your device;
aggregating your information on an anonymous basis with other data or removing direct personal identifiers for data analysis and reporting and market research (including to develop new products or services or improve existing Services);
undertaking analysis of your credit information and bank account data in order to identify and inform you of products and personalized offers that we think may interest you or be suited to your circumstances;
resolving any issues related to the Website, App and our Services;
meeting legal and regulatory requirements;
detecting and preventing fraud and other unauthorized or illegal activities; and
as otherwise permitted or required by applicable law.
If you wish to withdraw your consent to the collection and use of your credit score and credit report information, you may close your account at any time by contacting us.
Automated Decision Making
We may use automated decision making systems to process your personal information. We may rely on decisions made by these automated systems to provide our Services to you, such as verifying your identity and fraud detection or prevention purposes. Please see the “Contact Us” section below for information on how to reach out to us regarding our use of these systems.
Who we share your data with
As a starting point, we do not sell your personal information to or share your personal information with third parties for their own marketing or advertising purposes. Below, we explain how we could share your personal information for the purposes described in this Privacy Policy and in accordance with applicable law.
Service Providers: Your personal information may be shared with third party service providers who perform various activities on our behalf such as billing, administration, marketing and advertising, research, data analysis, identity verification, technology, hosting, legal and accounting. Should you decide to link your bank account in connection with our Services, your account data may be shared with the third party service provider, including Plaid or MX (as applicable), in accordance with their privacy policies. Service providers are given the information they need to perform their designated functions, and are not authorized to use or disclose personal information for their own marketing or other purposes. We always require that appropriate safeguards are in place to protect the personal information when it is processed.
We use various service providers to assist us with identity verification. These service providers may review the personal information documentation you provide us, or may compare your information with information from other sources (e.g. credit reporting agencies, telecommunications providers) to confirm your identity when creating or logging in to your account. We may also use service providers, such as Veriff, to confirm the authenticity of photo ID and compare it to a selfie to verify you, however alternative methods of verification are available. We take these steps to verify your identity very seriously in order to detect, prevent and suppress errors, fraud, financial abuse and other unauthorized or illegal activities.
Credit reporting agencies: If you have registered for our Services, we will obtain on your behalf, in accordance with our Terms of Use, copies of your credit score and report from designated credit reporting agencies at the time of account creation and on a regular basis thereafter for the purposes set out above in this Privacy Policy. To do this, we will share your personal information with such credit reporting agencies to allow them to perform the services. This may result in soft credit checks on your credit report, which will not impact your score. We may also disclose your personal information and payment history with respect to our Services to designated credit reporting agencies for the purposes of updating and maintaining the information in their records.
Borrowell Marketplace Partners: We offer a Borrowell Marketplace where you can view and interact with various financial products offered by third party partners. We may share your personal information with Borrowell Marketplace partners to assess your potential eligibility for a product based on partner criteria, pre-fill an application form, or assess your probability of being qualified or approved for a product based on the information you provided us (“Pre-Qualification Offers”). Pre-Qualification Offers are dependent on the accuracy of the information you provide us and any changes to this information can lead to a change in the pre-qualified or pre-approved status. These attempts to pre-qualify and pre-approve may result in a soft credit check on your credit report from the partner that will not impact your credit score. You can opt out of us sharing your personal information with Borrowell Marketplace partners here, however, we may not be able to show you certain Pre-Qualification Offers.
In other cases, if you wish to learn more about a partner or offer, we may send you to the partner’s site or platform for you to provide the information directly to them. Pre-Qualification Offers are subject to change and are not guaranteed approval as they are based on your credit report, the information you provide us and your Borrowell account profile information we have on record. If you are shown a Pre-Qualification Offer, you will still need to submit an application with the Borrowell Marketplace partner to obtain the product who may run a hard inquiry after you apply, which can impact your credit score.
Business Transactions: If we enter into a business transaction involving personal information or are considering one, such as selling assets, we may share personal information with the other parties to the transaction, for example, as part of due diligence or when we complete the transaction. As such, we may transfer your personal information in connection with a prospective or actual financing, merger, assignment or sale (including transfers made as part of insolvency or bankruptcy proceedings) involving all or part of Borrowell or our business or assets or any other change in corporate control, for the purposes of evaluating and/or performing the proposed transaction.
Legal & Compliance: Borrowell, its affiliates and third party service providers may provide your personal information in response to a search warrant or other legally valid inquiry or order (which may include lawful access requests by Canadian, United States or other foreign governmental authorities, courts or law enforcement agencies), to other organizations in the case of investigating a breach of an agreement or contravention of law or as otherwise required or permitted by applicable Canadian, United States or other law. Your personal information may also be disclosed where necessary for the establishment, exercise or defence of legal claims, to investigate or prevent actual or suspect loss or harm to persons or property or to comply with our legal obligations.
Fraud Prevention: We may share your personal information with third parties, including fraud prevention agencies, to detect and protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability, and for required institutional risk controls.
With Your Consent: There may also be other limited contexts in which we share specific types of personal information with your express consent.
We may also share with third parties, including Borrowell Marketplace partners, de-identified or aggregated data we collect, such as de-identified or aggregated credit reports or scores, de-identified demographic information, or information about the computer or device from which you access our Services. We share such information for a variety of purposes, including to analyze Service usage, develop shared services, assess your probability of being qualified or approved for a product and improve our own products and features.
Marketing Communications
From time to time, you may receive marketing information from us, such as product recommendations or promotional offers. We will normally send this information through email, but may choose to contact you through other methods like push notifications or text messages.
You can opt out of marketing communications any time by contacting us as set out under Contact Us below, or by taking the following steps:
You can opt out of receiving promotional emails at any time by clicking on the unsubscribe link included in our promotional email communications. Please note that you may continue to receive certain transactional or account-related emails from us.
To opt out of receiving promotional push notifications, you can manage your notification preferences within Your Account Settings on the App.
To opt out of receiving push notifications on your mobile device, you can adjust your settings on your mobile device.
We may send you communications about your credit report or credit score or significant changes which may impact our Services and other such related content. These transactional communications are an intrinsic part of having a Borrowell account and cannot be opted-out of unless you delete your account.
Cookies, interest-based advertising, and additional information about our Website and App
Visiting our Website
In general, you can visit the Website without telling us who you are or submitting any personal information. However, we and/or our service providers collect IP (Internet protocol) addresses from all visitors to the Website and other related information such as page requests, browser type, operating system and average time spent on our Website. This information is used to help us understand our Website activity, and to monitor and improve the Website.
Cookies, Tracer Tags & Web Beacons
Our Website or App uses a technology called “cookies”. A cookie is a tiny element of data that our Website sends to a user’s browser, which may then be stored on the user’s hard drive so that we can recognize the user’s computer or device when they return. Cookies may provide us and our service providers with information that we will use to personalize our Website and App in accordance with a user’s preferences. You may set your Web browser to notify you when you receive a cookie or to not accept certain cookies. However, if you decide not to accept cookies from our Website or App, you may not be able to take advantage of all of the features of our Website or App.
Our Website and App may also use a technology called “tracer tags” or “Web Beacons”. This technology allows us to understand which pages you visit on our Website and App. These tracer tags are used to help us optimize and tailor our Website and App for you and other future visitors to our Website and App.
Analytics
We may use a third party such as Google Analytics to help us gather and analyze information about the areas visited on the Website (such as the pages most read, time spent, search terms and other engagement data) in order to evaluate and improve the user experience and the Website. For more information or to opt out using the Google Analytics opt-out browser add-on, see “How Google uses data when you use our partners’ sites or apps” and “Google Analytics and Privacy”.
Interest-Based Advertising
We work with third parties such as ad networks and other advertising companies that use their own tracking technologies (including cookies, pixel tags and web beacons) on our Website and App in order to provide you with tailored advertisements across the internet. These companies may collect information about your activity on our Website and App and third party websites and Apps (such as web pages you visit and your interaction with our advertising and other communications) and use this information to make predictions about your preferences, develop personalized content and deliver ads that are more relevant to you on third party websites. This information may also be used to evaluate our online advertising campaigns.
Opting out of Interest-Based Advertising: For more information about interest-based advertising and to understand your options, including how you can opt out of receiving behavioural ads from third party advertising companies participating in the Digital Advertising Alliance of Canada, please visit the Digital Advertising Alliance of Canada website.
Please note that even if you opt out of interest-based advertising by a third party, these tracking technologies may still collect data for other purposes including analytics and you will still see ads from us, but the ads will not be targeted based on behavioural information about you and may, therefore, be less relevant to you and your interests.
To successfully opt out, you must have cookies enabled in your web browser (see your browser’s instructions for information on cookies and how to enable them). Your opt-out only applies to the web browser you use so you must opt out of each web browser on each computer you use. Once you opt out, if you delete your browser’s saved cookies, you will need to opt out again.
Third Party Links
Our Website may contain third party content or links to other websites or applications that we do not own or operate, including social media websites. Also, links to our Website may be featured on third party websites on which we advertise our Services. Except as provided herein, we will not provide any of your personal information to these third parties without your consent. We provide links to third party websites as a convenience to the user. These links are not intended as an endorsement of or referral to the linked websites. The linked websites have separate and independent privacy statements, notices and terms of use, which we suggest you read carefully. We do not have any control over such websites, and therefore we have no responsibility or liability for the manner in which the organizations that operate such linked websites may collect, use or disclose, secure and otherwise treat your personal information.
How we protect your information
We implement safeguards
We have implemented appropriate administrative, technical and physical measures in an effort to safeguard the personal information in our custody and control against theft, loss and unauthorized access, use, modification and disclosure. We restrict access to your personal information on a need-to-know basis to employees and authorized service providers who require access to fulfill their job requirements. We train our employees to keep your personal information private and confidential.
Your online access to certain of your personal information is protected with a password you select. We strongly recommend that you do not disclose your password to anyone. We will never ask you for your password in any unsolicited communication (such as letters, phone calls or email messages).
We don’t retain information longer than necessary
We will retain your personal information in accordance with our retention policy and for as long as reasonably necessary to perform the Services, protect our Website, App and Services from fraud or unlawful activity, meet our legal obligations, and protect and enforce our legal rights. All retained personal information will remain subject to the terms of this Privacy Policy. If your personal information is collected by a third party, it will be retained in accordance with their privacy policies and retention requirements. To learn more about how we retain your personal information see here.
We require similar safeguards from our service providers
Our service providers are only transferred the personal information they need to perform their designated functions. We do not permit our service providers to use your information in any way, other than the authorized purpose, and ensure that they maintain confidentiality. Your personal information may be shared outside of Canada, including Quebec, in the United States or other jurisdictions as necessary to provide the Services. In the event personal information is transferred to the United States or other foreign jurisdiction, it will be subject to the laws of that jurisdiction and may be disclosed to or accessed by the courts, law enforcement and governmental authorities in accordance with the laws of those jurisdictions.
Your Rights Over Your Information
Deactivating or Deleting Your Account
If you decide you no longer wish to use our Services, you may deactivate or delete your account through our Website or App. Due to our recordkeeping and retention requirements, we do not immediately delete information about you upon deactivation or deletion, but permanently delete your information in accordance with our retention requirements. We will, however, no longer use or disclose your personal information to provide the Services and will immediately disable your account and stop sending you further communications.
Access to your Personal Information
You have the right to access, update, and correct inaccuracies in your personal information in our custody and control, subject to certain exceptions prescribed by applicable law. You may submit your request by emailing or writing to us at the contact information set out in the “Contact Us” section below. You may also update certain contact information through our Website or App. We may request certain personal information for the purposes of verifying the identity of the individual seeking access to their personal information records. If you reside in Quebec, you also have the right to request that we provide your personal information to you, or a third party authorized by you, in a structured and commonly used technological format.
Withdrawing your consent
You may withdraw your consent to our collection, use and disclosure of personal information at any time, subject to contractual and legal restrictions and reasonable notice, by emailing or writing to us at the contact information set out in the “Contact Us” section. If you choose to not provide us with certain personal information, we may not be able to provide you with certain Services and certain functionality of the Website and App may be unavailable to you.
Changes to the Privacy Policy
We may update this Privacy Policy at any time. When we do, we will post the updated Privacy Policy and revise the “Last Updated” date at the bottom of this page. If there are any material changes, we will notify you. We encourage you to check this page to stay informed about our privacy practices. You acknowledge and agree that it is your responsibility to review this Privacy Policy periodically and become aware of changes. Your continued use of the Website, App or Services following the publication of an update to this Privacy Policy will be deemed your acceptance of those changes.
Language
The French version of this Privacy Policy can be found here.
Contact Us
Borrowell’s Privacy Officer is responsible for ensuring that Borrowell adheres to its Privacy Policy. If you would like to make a request, a complaint or ask a question about how we process your personal information, please contact our Privacy Officer at [email protected] or Borrowell Inc., Attn: Privacy Officer, 1 University Ave, 3rd Floor, Toronto, Ontario, M5J 2P1.
Last Updated: June 25, 2025