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Terms of Use

WELCOME

Borrowell Inc. (“Borrowell”, “we”, “us”, “our”) welcomes you to its website located at www.borrowell.com (the “Website”) and its mobile application (the “App”). Please read the following terms of use (“Terms of Use”) before using the Website, the App or any services that may be made available through the Website or App, including the Borrowell personal finance service, Borrowell Boost and Borrowell’s lending platform (collectively, the “Services”). By accessing and using the Services, including downloading, installing and using the App, you agree to be bound by these Terms of Use. If you do not agree with these Terms of Use, your sole recourse is to immediately cease visiting the Website or using the App or Services. A copy of these Terms of Use may be downloaded, saved and printed for your reference.

Please note that our personal term loan service and Borrowell Boost may not be available in your jurisdiction.

OWNERSHIP / RESTRICTIONS ON USE

The Services are owned and operated by Borrowell. Any and all content, data, graphics, photographs, images, audio, video, software, systems, processes, trademarks, service marks, trade names and other information including, without limitation, the “look and feel” of the Website or App (collectively, the “Content”) contained in the Services are proprietary to Borrowell, its affiliates and/or third-party licensors. The Content is protected by Canadian, United States and international copyright and trademark laws.

Except as set forth herein, you may not modify, copy, reproduce, publish, post, transmit, distribute, display, perform, create derivative works from, transfer or sell any Content without the express prior written consent of Borrowell. You may download, print and reproduce the Content for your own non-commercial, informational purposes provided you agree to maintain any and all copyright or other proprietary notices contained in such Content, and to cite the URL source of such Content. Reproduction of multiple copies of the Content, in whole or in part, for resale or distribution is strictly prohibited except with the prior written permission of Borrowell. To obtain written consent for such reproduction, please contact us at [email protected].

REGISTRATION AND PASSWORDS

To access certain portions of the Services, including your personal term loan, personal finance, Borrowell Boost or other account, you may be asked to complete a registration form online or through the App (the “Account”). In consideration for your use of the Services, you agree to provide true, current, complete and accurate information as requested on any registration form to which the Services may direct you, and to update that registration information as soon as possible after any information on such registration form changes.

Upon registration, you will choose a username and password. You alone are responsible for keeping that password and username confidential, and for any and all activity that occurs in connection with your use of the Services under such password or username. You agree to immediately notify Borrowell of any unauthorized use of your password or username or any other breach of security.

CONSENT FOR CREDIT SCORE AND REPORTS

If you register for an account on Borrowell’s personal finance service in order to obtain a free credit score and/or credit report, Borrowell will obtain your consent to obtain and provide you with your credit score and/or credit report for free from Equifax or another consumer reporting agency. Borrowell uses your credit score, information from your credit report and other information you provide in order to better understand your financial needs and credit history, and provide you with tailored personal finance information, educational insights, recommendations, as well as personalized offers for Borrowell and third party financial services products and services that may be of interest to you based on your credit-related and other information. Borrowell will obtain and provide your credit score and credit report to you for free at the time of account creation and on a regular basis thereafter as long as you have an account with Borrowell in order to provide you with up-to-date information and offers. Borrowell will not share your credit or other personal information with third parties for marketing purposes without your consent. For more information, see our Privacy Policy. Borrowell is not responsible for the accuracy or completeness of any information contained in your credit report.

If you apply for a personal term loan using our Website or App, you will be asked to provide consent to Borrowell obtaining a credit score and/or report from a credit reporting agency.  By providing such consent, you consent to Borrowell Inc. and any of its service providers, affiliates (including Borrowell Fund Inc.) or agents obtaining and using credit and other personal information about you (including credit reports) from any credit reporting agency, and exchanging information with any of them, on an ongoing basis. You acknowledge that this consent is effective immediately upon submitting your application and is being obtained to determine your eligibility for a personal term loan, and if approved, to open and administer your personal term loan, review and verify your ongoing creditworthiness, and manage and assess risk. You authorize any credit reporting agency to provide this information to Borrowell Inc. and any of its service providers, affiliates or agents. 

BORROWELL BOOST

Borrowell Boost offers a suite of digital tools for a monthly subscription fee. These tools help you track bills and safeguard your bank balance with a no-interest cash advance, helping you protect your credit score and avoid costly bank fees. Boost uses historical bank account transactions to predict future bills, and notifies you about upcoming due-dates or when your balance is running low. If you don’t have enough money for an upcoming bill, you can request an interest-free cash advance to avoid going into overdraft. 

If you subscribe to Borrowell Boost you will pay us a monthly subscription fee plus applicable taxes (the “Subscription Fee”) which will be presented to you at the time of subscribing to Borrowell Boost.  You must complete a Pre-Authorized Debit Agreement (the “PAD Agreement”) for payment of the Subscription Fee through your bank account. We will automatically debit your bank account for the Subscription Fee every month on the date agreed to in your PAD Agreement until you cancel your subscription or your Account is otherwise terminated.  All amounts owing are payable in Canadian dollars.

Borrowell will take reasonable efforts to collect the Subscription Fee only if you have the funds available to pay the Subscription Fee. This may result in a change of date for which you are billed for each period.  

Subscribers to Borrowell Boost may be eligible to apply for a line of credit that allows you to receive one or more advances (each, a “Boost”) from Borrowell after agreeing to the terms and conditions of the Borrowell Boost Agreement (the “Borrowell Boost Agreement”). If we advance you a Boost, you must repay us on the due date selected by you, up to 30 days after the date you request a Boost.  Failure to repay a Boost may result in a termination or suspension of the Services. See your Borrowell Boost Agreement for all the terms and conditions that apply.

Borrowell monitors your bank account balance before withdrawing the Subscription Fee or any funds to repay a Boost to ensure there are sufficient funds, but Borrowell is not responsible for and makes no representations or warranties that you will not be charged for any overdraft fees, over-the-limit fees, or insufficient fund charges (including finance charges, late fees, or similar charges) that result from your failure to maintain sufficient credit in your bank account. 

You can cancel your Borrowell Boost subscription at any time by unsubscribing within the App.  Cancellations will be effective at the end of the subscription period in which you cancel and no refunds will be provided.  We may terminate or cancel the Borrowell Boost subscription at any time in our sole discretion. Cancellation of your Borrowell Boost subscription will not automatically terminate your Borrowell Boost Agreement, if applicable.  Please see your Borrowell Boost Agreement for the termination and cancellation rights that apply.

BANK ACCOUNT VERIFICATION

If you subscribe to Borrowell Boost, you direct Borrowell to retrieve your account transaction history, balance information, and/or other information maintained by the financial institution that you choose during Borrowell Boost registration (“Third-Party Account Information”). Borrowell works with one or more third-party service providers to access this Third-Party Account Information. By using the Services, you authorize Borrowell to access this information maintained by identified third parties, on your behalf as your agent, and you expressly authorize such third parties to disclose your information to us. By agreeing to this Agreement, you are also agreeing that you are responsible for keeping your passwords and usernames for this Third-Party Account Information secure and for keeping those passwords and usernames up to date in the Services.

You acknowledge that any Third-Party Account Information that is displayed through the Services will be the information we most recently accessed, and that this information may not reflect pending transactions or other recent activity.

If you are approved for a personal term loan, you will also be required to verify your bank account using a third party verification service.  If you choose to verify your bank account using Flinks, you will be required to agree to additional terms provided by Flinks, which will apply in addition to these Terms of Use. Please review the Flinks End-user Agreement at https://www.borrowell.com/flinks-end-user-agreement/.

LINKING

It is our goal to provide increased value to visitors to the Website and users of the App. Therefore, the Service (including online advertisements) might offer you links to other sites on the Internet that are owned and operated by third parties and therefore not affiliated with us. Please understand that such linked websites are independent from Borrowell and that Borrowell has no control over the content of such websites. Consequently, Borrowell cannot be held liable and makes no warranty or representation whatsoever as to the accuracy, timeliness and/or completeness of the information contained on such websites.

The links which we might place on our Website or the Services do not imply that we sponsor, endorse or are affiliated or associated with, or have been legally authorized to use any trade-mark, trade name, service mark, design, logo, symbol or other copyrighted materials displayed on or accessible through such sites.

MARKETING OFFERS

In connection with your use of the Services, we may send or otherwise provide you with you marketing offers about third party financial products or services that may be of interest to you (“Third Party Offers”). Borrowell makes no representations or guarantees regarding your eligibility or qualification for such Third Party Offers. If you have any questions regarding any Third Party Offers, you must contact the third party directly. You understand and agree that Borrowell is merely providing you with information on Third Party Offers that may be of interest to you, and that Borrowell has no control over or responsibility for the Third Party Offers or any loss that you may suffer as a result of the use of such Third Party Offers. You should exercise your own judgment and obtain any expert advice you consider necessary prior to entering into an arrangement with a third party. 

USER CODE OF CONDUCT

As a condition of your continued access to and use of the Services, you agree to abide by all applicable federal, provincial, state, territorial and other laws and regulations and the “Code of Conduct” set forth below. Specifically, in addition, without limiting the foregoing, you agree not to:

  1. upload, post, e-mail or otherwise transmit any material that:
    1. constitutes unsolicited or unauthorized advertising, promotional materials, “junk mail,” “spam,” “chain letters,” “pyramid schemes,” or any other form of solicitation;
    2. infringes any patent, trade-mark, trade secret, copyright or other proprietary or privacy rights of any party;
    3. is unlawful, harmful, threatening, abusive, harassing, tortious, defamatory, vulgar, obscene, libelous, invasive of another’s privacy, hateful, racially, ethnically or otherwise objectionable, or an unfair product comparison; or
    4. contains any form of destructive software such as a virus, worm, Trojan horse, time bomb, cancelbot, or any other harmful components or any other computer file, program or code, designed to interrupt, destroy or limit the functionality of any computer software, hardware or telecommunications equipment;
  2. harvest or otherwise collect or store any information (including personally identifiable information) about other users of the Services, including e-mail addresses, without the express consent of such users;
  3. for the purpose of misleading others, create a false identity of the sender or the origin of a message, forge headers or otherwise manipulate identifiers in order to disguise the origin of any material transmitted through the Services;
  4. attempt to gain unauthorized access to the Services, other computer systems or networks connected to the Website, through password mining or any other means;
  5. interfere with or disrupt networks or servers connected to the Services or violate the regulations, policies or procedures of such networks; and
    1. use, download or otherwise copy, or provide to any person or entity any Website users directory or other user or usage information or any portion thereof other than in the context of your use of the Services.

DISCLAIMER/ LIMITATION OF LIABILITY

THE LAWS OF CERTAIN JURISDICTIONS, INCLUDING IN THE PROVINCE OF QUEBEC, DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LEGAL WARRANTIES, LIABILITY OR CERTAIN DAMAGES OR LIMITATIONS OF REPRESENTATIONS MADE CONCERNING GOODS OR SERVICES. IF THESE LAWS APPLY TO YOU, SOME OR ALL OF THE BELOW EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. IN SUCH CASE, EXCLUSIONS/LIMITATIONS WILL APPLY TO THE GREATEST EXTENT CONSISTENT WITH APPLICABLE LAW.

Although we strive to update and keep accurate as much as possible the Content contained the Services, errors and/or omissions may occur and we cannot guarantee it is accurate and complete at all times. As noted above, through the Services you may receive predictions about your financial situation including, for example, predictions about your upcoming bills (each, a “Prediction”). You understand and acknowledge that each Prediction merely represents our attempt to predict the relevant facts regarding your Bank Account, that we do not guarantee the accuracy of any such Prediction. Except as expressly set forth herein any use of the Website, the App and the Services, and any decision of yours to act upon any Prediction is your sole responsibility.

ACCORDINGLY, TO THE FULLEST EXTENT PERMITTED BY LAW, THE WEBSITE AND APP, INCLUDING THE CONTENT, THIRD PARTY OFFERS AND SERVICES PROVIDED THEREIN (INCLUDING ANY THIRD PARTY BANK ACCOUNT VERIFICATION SERVICES), IS BEING PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS AND WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED.  BORROWELL DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. BORROWELL DOES NOT WARRANT THAT THE FUNCTIONS ON THE WEBSITE OR THE SERVICES WILL BE UNINTERRUPTED, ERROR-FREE OR FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

IN NO EVENT SHALL BORROWELL, ITS AFFILIATES, MEMBERS, OFFICERS, EMPLOYEES, AGENTS AND LICENSORS BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES THAT RESULT FROM OR IN CONNECTION WITH THE USE OF, OR THE INABILITY TO USE, THE WEBSITE, ANY CONTENT OR SERVICES (INCLUDING THIRD PARTY OFFERS), EVEN IF BORROWELL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

WE DO NOT WARRANT THE ACCURACY, COMPLETENESS, RELIABILITY OR CURRENCY OF ANY CONTENT.

NO ADVICE

By using the Services (including Borrowell Boost and the Credit Coach), you understand and acknowledge that any information Borrowell provides to you is for informational purposes only and does not constitute financial, legal or other advice to you and should not be relied upon in that regard. In addition, Borrowell does not promise or guarantee that the information provided to you as part of the Credit Coach service or that using Borrowell Boost will improve your credit score.

INDEMNITY

You agree to indemnify and hold harmless Borrowell, its affiliates, members, officers, employees, agents, and licensors from and against any and all losses, expenses, damages, claims, fines, penalties, costs and liabilities (including reasonable legal and accounting fees), resulting from your (or anyone acting under your password or username) use of the Services, connection thereto, or any alleged violation by you of these Terms of Use, including, without limitation, the Code of Conduct and Third Party Offers.

PRIVACY

Please review our Privacy Policy at https://www.borrowell.com/privacy-policy/ for information on the manner in which we collect, use, disclose and otherwise manage your personal information.

CONTESTS

From time to time we may offer and/or co-sponsor contests or promotions in connection with the Services. Each of these activities shall be governed by specific rules accessible from the pages of the Website or App offering the promotion or when you submit your entry.

CHANGES AND TERMINATION

EXCEPT WHERE PROHIBITED BY LAW, INCLUDING THE PROVINCE OF QUEBEC, Borrowell reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, the Services (or any part thereof) with or without notice. Further, Borrowell reserves the right to change these Terms of Use at any time and to notify you by posting an updated version of the Terms of Use on this Website.  You are responsible for regularly reviewing the Terms of Use, including, without limitation, by checking the date of “Last Update” at the bottom of this document. Continued use of the Website or App after any such changes shall constitute your consent to be bound by such changes, with continued provision of the use of the Website constituting consideration from Borrowell to you for so being bound. Your only right with respect to any dissatisfaction with (1) these Terms of Use (2) any policy or practice of ours in operating the Website or App or (3) any Content available through the Website or App, is to stop visiting and using the Services and/or to close your account by contacting [email protected].

APP UPDATES AND UPGRADES

You consent to receive updates or upgrades to the App automatically through the Internet without providing further consent each time. The App (including any updates or upgrades) may: (i) cause your device to automatically communicate with Borrowell’s servers to deliver the functionality described in the App description or through new features as they are introduced, and to record usage metrics; (ii) affect preferences or data stored on your device; and (iii) collect personal information as set out in our Privacy Policy. Borrowell is not responsible if an update or upgrade affects how the App works if this is caused by your own equipment or device not supporting the update or upgrade. You can withdraw consent at any time under certain conditions by contacting Borrowell.

TRADEMARKS

“Borrowell” is a trademark of Borrowell. Other marks, graphics, typefaces, trademarks and logos appearing in connection with the Services are trademarks or trade dress of Borrowell. All other trademarks appearing on the Services are property of their respective owners. Our trademarks and trade dress may not be used in any manner for any purpose without our express written consent.

APPLICABLE LAWS

EXCEPT WHERE PROHIBITED BY LAW, INCLUDING IN THE PROVINCE OF QUEBEC, these Terms of Use shall be governed by and construed in accordance with the laws of the Province of Ontario and of the laws of Canada applicable therein, and any dispute is to be submitted to a court of competent jurisdiction in the judicial district of Toronto, Province of Ontario.  Except if prohibited by law, the place of these Terms of Use is Toronto, Ontario.

If any provision of the present Terms of Use shall be unlawful, void, or for any reason unenforceable, then such provision shall be severable from these Terms of Use and shall not affect the validity and enforceability of any remaining provisions. A printed copy of these Terms of Use and of any notice in electronic form shall be admissible in any judicial or administrative proceedings to the same extent and under the same conditions as other business documents and records originally generated and maintained in printed form.

These Terms of Use and any and all other legal notices or statements posted on the Website or App constitute the entire agreement between you and Borrowell with respect to the use of the Website or App, including the Content. In the event of a conflict between these Terms of Use and your Loan Broker Agreement, Loan Agreement, Borrowell Boost Agreement or other terms and conditions, the terms and conditions of your Loan Broker Agreement, Loan Agreement, Borrowell Boost Agreement or other terms and conditions prevail.

NOTICE

Notices to you may be made via e-mail or regular mail, or in cases of changes to these Terms of Use or to the services offered by the Website or App, by posting notices or links to such notices on the Website or App itself.

LANGUAGE

The parties hereto have expressly requested and required that these Terms of Use and all other related documents, including notices, be drawn up in the English language. Les parties aux présentes conviennent et exigent expressément que ce contrat et tous les documents qui s’y rapportent, y compris tout avis, soient rédigés en langue anglaise.

CONTACT

If you have any questions or comments regarding these Terms of Use please contact us at [email protected].  

APPLE APP STORE ADDITIONAL LICENSE TERMS

If the App is provided to you through the Apple Inc. (Apple Inc. together with all of its affiliates, “Apple”) App Store, the following terms and conditions apply to you in addition to all the other terms and conditions of these Terms of Use:

  1. The parties acknowledge these Terms of Use are concluded between the parties, and not with Apple. The responsibility for the App and content thereof is governed by these Terms of Use.
  2. Notwithstanding anything to the contrary hereunder, you may use the App only on an iPhone or iPod touch that you own or control.
  3. You and we acknowledge that Apple has no obligation to furnish any maintenance or support services with respect to the App.
  4. In the event of any failure of the App to conform to any applicable warranty, you may notify Apple, and Apple will refund the purchase price for the App (if any) to you. Except for the foregoing, to the maximum extent permitted by applicable law, Apple will have no other warranty obligation whatsoever with respect to the App, and any other claims, losses, liabilities, damages, costs or expenses attributable to any failure to conform to any warranty will be governed by these Terms of Use.
  5. Any claim in connection with the App related to product liability, a failure to conform to applicable legal or regulatory requirements, or claims under consumer protection or similar legislation is governed by these Terms of Use, and Apple is not responsible for such claim.
  6. Any third party claim that the App or your possession and use of the App infringes that third party’s intellectual property rights will be governed by these Terms of Use, and Apple will not be responsible for the investigation, defense, settlement and discharge of such intellectual property infringement claim.
  7. You represent and warrant that you are not: (i) located in any country that is subject to a U.S. Government embargo, or that has been designated by the U.S. Government as a “terrorist supporting” country; or (ii) listed on any U.S. Government list of prohibited or restricted parties.
  8. You may contact us in writing regarding any notices, questions, complaints or claims with respect to the App:
  9. Borrowell Inc. 33 Yonge Street, Suite 1301, Toronto, ON, M5E 1G4 Phone: (416) 800-0950 Email: [email protected]
  10. Apple is a third party beneficiary to these Terms of Use and may enforce these Terms of Use against you.
  11. If any of the terms and conditions in these Terms of Use are inconsistent or in conflict with Apple’s applicable instructions for Minimum Terms for Developer’s End User License Agreement (the current version as of the date these Terms of Use was last updated is located at: http://www.apple.com/legal/internet-services/itunes/appstore/dev/minterms/) or the App Store Terms of Service (the current version as of the date these Terms of Use was last updated is located at: http://www.apple.com/legal/internet-services/itunes/ca/terms.html), the terms and conditions of Apple’s instructions for Minimum Terms for Developer’s End User License Agreement or App Store Terms of Service, as applicable, will apply to the extent of such inconsistency or conflict.

GOOGLE PLAY ADDITIONAL LICENSE TERMS

If the App is provided to you through the Google Inc. (Google Inc. together with all of its affiliates, “Google”) Google Play, the following terms and conditions apply to you in addition to all the other terms and conditions of these Terms of Use:

  1. You acknowledge that Google is not responsible for providing support services for the App.
  2. If any of the terms and conditions in these Terms of Use are inconsistent or in conflict with the Google Play Developer Distribution Agreement (the current version as of the date these Terms of Use was last updated is located at https://play.google.com/about/developer-distribution-agreement.html), the terms and conditions of Google’s Google Play Developer Distribution Agreement will apply to the extent of such inconsistency or conflict.

Last Updated February 26, 2020


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