Borrowell

│ Borrowell Overview

Before Borrowell came along, getting your credit score in Canada cost around $20 every time you ran a check. But the rise of this fintech firm — and their partnership with Equifax — has given Canadian consumers the means to get their credit report for free.

And with the success of their credit score initiative, the company now provides access to a variety of credit building tools and financial products, along with banking and insurance options. Overall, Borrowell is an excellent fintech platform for those living in the Great White North.

This article lays out everything you need to know about Borrowell — and more!

Borrowell – Canada’s top credit score and financial services

Building your credit score and finding financial products at decent rates can be a hassle. With Borrowell, you have access to the financial tools you need to succeed on that front!

│ Borrowell Pros and Cons

Before we look at all the features and perks that make Borrowell one of the best fintech companies in Canada, here’s an overview of the advantages and disadvantages of using their services. 

Borrowell Pros

Free credit score check

In today’s world, everything financially related revolves around your credit score. With Borrowell, you get access to a free Equifax credit score check. Plus, it won’t affect your credit score to request the report.

User-friendly and intuitive platform

Regardless of which financial product or service you seek, Borrowell’s platform — mobile and online — is clean and easy-to-use. You can simply plug in information, and it takes care of the rest.

Superb tools to help you pay off credit cards and build credit

If you’re young or a recent transplant to Canada, building credit can be an arduous task. And no matter your age or financial situation, paying off credit cards is essential. Borrowell offers a solid portfolio of products, tools, and information, that can help you accomplish those goals.

Excellent support and help center structure

If you need help with anything from navigating the platform to figuring out how to submit your information for a credit card, Borrowell has you covered. Their help center and blog offer answers to a wide range of questions and are easily navigable. And they also have a direct contact pipeline to get answers whether you’re a customer or not.

Borrowell Cons

Offers credit scores from Equifax, but not TransUnion

Canada has two major credit bureaus for consumers and a third for businesses. To get a well-rounded idea of your credit situation as a consumer, you may want scores from both or all three bureaus.

Doesn’t offer biweekly payments on loans

For short-term loans, many individuals like to pay on the loan in alignment with common biweekly payment practices from most companies. Unfortunately, Borrowell only allows for monthly payments at this time.

Insufficient funds fees range from $25 to $54

Also known as an overdraft fee, these fees can really dig into your pockets. And Borrowell has steep fees, especially if you just forgot to transfer money into your account. 

Borrowell Advantages	Borrowell Disadvantages
Free Equifax credit score check	Credit check is from Equifax only
Intuitive mobile and online platforms	Only offers monthly payments on loans
Solid portfolio of financial tools and products	High banking overdraft fees
Top-notch support

Get your credit score from Borrowell!

Building your credit and obtaining your credit score in Canada shouldn’t be a hassle.

Thus, Canadians can get their score in just a few clicks with Borrowell!

│ What is Borrowell?

With two million customers and climbing — as of 2021 — Borrowell is one of the largest Canadian fintech companies. They share the stage with companies like Nesto, Bitbuy, and KOHO Financial, who aren’t necessarily competitors. But Borrowell stands out, as they offer a more diverse portfolio of financial products and services. 

In 2016, they partnered with Equifax Canada to offer Canadians their first opportunity to get a credit report for free without affecting their score. And while that’s their core service, they also offer a variety of other financial services like credit monitoring and building. And using your credit information, the platform can help you find the best fit for mortgages, personal loans, credit cards, banking, and insurance.

Their site claims the company’s primary goal is “to make financial prosperity possible for everyone.” And along with the free credit report, they also offer an AI-powered Credit Coach named Molly. The bot shares personalized tips to help users understand and improve their credit scores.

Borrowell has a top-tier financial team at the top of their company with decades of experience driving the company. And the company is backed by big names in the financial world like Capital One, American Express, BMO, Scotiabank, EQ Bank, National Bank, and stnce. 

In 2021, the company acquired Refresh Financial to help underserved Canadians gain access to credit building loans and secured credit cards.

Did you know?
Borrowell released in 2016

│ How does Borrowell Work?

Borrowell’s core product is its free Equifax Canada credit report, and that’s where everyone who comes to the platform begins. You’ll sign up for your credit report and gain access to the platform along with their AI financial tool Molly.

From there, the Borrowell platform will steer you in the right direction to either build to or hold a valid credit score. Users can choose from a variety of financial products — see the next section — based on their needs. 

Users can continue to check in through the platform to monitor their credit score and get more advice on building credit as well. Borrowell also offers comparison tools for insurance, personal loans, and banking to help you find the best rates and perks.But you don’t have to use these products to gain the benefits of their credit building tools and services.

However, the developers created each product, service, and tool on the platform with the goal of helping underserved consumers build their credit. 

│ Borrowell features

No matter what your financial needs are, Borrowell always starts with a free credit score report from Equifax. This free service is the company’s flagship feature. Even if you do nothing else on the platform, you can always register and get your free report. 

Outside the credit score is where the platform can really change your financial future for the better. As stated, the core of their services are meant for underserved areas of the Canadian financial sector. They offer credit monitoring services and credit building services through credit cards and even your rent. 

Their AI Credit Coach — Molly — supports the credit monitoring and building features and helps to guide individuals lacking in financial knowledge with no judgment or pretense. 

The interface is smooth, clean, and intuitive, online and on mobile. Anyone with any level of technical expertise can take advantage of their full range of products with no learning curve. Plus, the Credit Coach and an extensive help and support center is also available.

Beyond the credit services, Borrowell offers a solid portfolio of financial products detailed in the sections below.

Credit Card finder

Once you register and receive your free credit score, Borrowell’s Credit Cards feature can help you find a credit card that works for your needs. The program takes your credit information and can pair you with the best card that can both help you build your credit and gain access to the benefits that matter to you most — travel perks, low interest, cash back, rewards, etc.

Mortgage finder

Again, with your credit score in their system, you can compare mortgage rates on a wide range of financial products — refinance, reduction, or a new mortgage.. You’ll be able to see how likely you’ll receive approval, and the platform provides access to calculators and tons of information to help you understand a swath of mortgage topics.

Personal Loan finder

Note: Borrowell currently doesn’t offer loans directly anymore. The company paused the service in 2021 stating in a blog post, “Due to the rapidly changing economic environment, the financial institutions that we partner with to issue a Borrowell loan are temporarily pausing their loan programs with us.”

Much like their credit card feature, Borrowell’s personal loans feature allows you to compare loan rates and terms from over 75 financial partners on the platform. And it also lets you know your chances for approval. 

Banking finder

The key factor to building credit is establishing a bank account. Borrowell’s banking feature allows you to use your financial profile to find and compare the best checking and savings accounts for your needs. They often feature limited-time promotions from some of Canada’s top financial institutions.

Insurance finder

Think of their insurance finder as just like the banking feature, but with the top insurance agencies in Canada. 

Rent Advantage – Launched Summer 2022

At $5 per month, this feature allows you to use your rent payments to help build your credit. You just connect your bank account and make your payments, and Borrowell will take care of the rest. Plus, there’s no hard credit check required to establish the service.

Why we need to use Borrowell

Helps you establish a financial profile using a free credit score report from Equifax Canada	Allows you to use your financial profile to match and find the best credit cards, insurance policies, and personal loan and mortgage rates for your needs
Has a clean, intuitive interface online and on their mobile app Offers an AI Credit Coach to help you effectively make wise decisions around your credit	Offers credit monitoring and building services
	Has established partnerships with over seventy-five of the top Canadian financial institutions

Borrowell can help you build or restore your credit in Canada!

No matter your financial situation, everyone needs a decent credit score to gain access to credit cards, personal loans, and mortgages. Borrowell offers AI credit coaching, resources, and services that help you effectively monitor and build your credit. It’s the perfect solution for anyone looking to establish a respectable credit profile.

│ Who should use Borrowell?

On their ‘About Borrowell’ page the company states, “Borrowell is a Canadian company with a single goal in mind: to make financial prosperity possible for everyone.” 

In a general sense, anyone who wants to monitor and build their credit score effectively should use Borrowell. However, there are specific financial profiles the company works to cater to who are best served by their platform and services. 

Young people

In today’s world, those in their late teens and twenties should start working to establish and build credit as soon as possible. Borrowell offers the tools and services this demographic needs to start strong and stay ahead of the curve.

Expats/Transplants

Moving to a new country can be difficult. But one thing that can help ease the transition is establishing a banking account and credit profile. Borrowell works for anyone, whether or not you have a credit history. 

Anyone with poor credit

We don’t always make the best decisions when we’re young, and sometimes lady luck isn’t on our side. But it isn’t the end of the world! Borrowell is a superb choice for those of us with bad credit. Their core service is credit building and monitoring services that can help you get back on track.

Small Businesses

One of the most difficult steps in scaling a new business is establishing a viable line of credit. With Borrowell SMBs can build and monitor their credit and find the best loan rates until they are ready to transition to the next phase. 

Usage
Perfect solution for anyone looking to establish and build a solid credit score — young, expats/transplants, poor credit score.
Their platform works for everyone. If  you have good credit already, you can take advantage of their credit monitoring programs or find the best rates on personal loans, mortgages, credit cards, and insurance.
Though they focus on consumers, Borrowell has tools available for small businesses to take advantage of their financial partnerships.

Use Borrowell for to get the best rates on personal loans and mortgages

Finding the best rates on loans and mortgages can be a harrowing process. You can make things easier when you establish a credit profile with Borrowell. The platform will use your profile to help you find the best rates on loans and mortgages from top financial institutions in Canada.

│ Borrowell Cost and Time

Borrowell’s credit report and monitoring services are completely free, and Credit Builder and Rent Advantage programs are extremely low cost. But beyond that, the company works as a middle person to a wide range of financial products. The cost of those products vary from company to company. 

The company states their sign-up process takes only three minutes. Timewise, that’s not much of an investment to get a free credit score. From there, their AI platform can quickly let you compare rates on a variety of financial products.

│ Borrowell Usability

Borrowell offers both online and mobile platforms to help customers build and monitor their credit. Both platforms are easy-to-use, intuitive and have no learning curve, regardless of your technical prowess. 

You don’t have to take our word for it. There are thousands of reviews on the web that confirm our own tests. Getting your credit score is a simple, three-minute process. And from there, the platform uses your profile to compare rates on whichever financial product you choose. 

Their system for comparing rates is also quick and easy. For credit cards, you can indicate to their system which perks you’re looking for, and the AI will take over and match you up based on your profile and preferences. Other financial product comparisons work the same way.

They also offer a weekly credit notification program via email to help you stay on top of your credit score and ensure you avoid issues with fraud. It’s really a set-it-and-forget-it platform.

│ Borrowell pricing

Everything on Borrowell begins with your credit report and profile. From there, you’ll gain access to an extensive selection of financial products that vary in price based on what you’re looking for.

Credit Score Report – Equifax Canada

This is Borrowell’s flagship product, and it’s completely free. The company makes money by offering other financial products based on this free report. They make money directly from their Rent Advantage and Credit Builder products and on commission for their other financial products.

Credit Builder

Credit builder provides a $240 secured installment loan to help you build your credit. Customers pay $10 a month for the full term. For the first 24 months, Borrowell receives $5 of each payment, and the other $5 goes into a savings account. For the final 12 months, the whole $10 goes into savings. At the end of the term, 36 months, you’ll get a $240 deposit in your bank account. Borrowell reports all payments of the loan to both Equifax and TransUnion to help build your credit.  

Rent Advantage

For $5 per month, Borrowell will report your rent payments directly to Equifax Canada — not TransUnion. The program doesn’t require landlord approval, and you only have to link your bank account to your Borrowell account to register the payments. Borrowell’s software takes care of everything else.

Other financial products

When you register your account with Borrowell, you can compare rates and benefits on a wide range of financial products including: credit cards, mortgages, personal loans, insurance, and banking. Borrowell doesn’t charge you to compare these products. 

│ Borrowell Tools for Business

Mostly, Borrowell is a useful tool for consumers rather than businesses. But they do have some useful tools for small businesses as larger businesses won’t need their services.

Credit monitoring and reporting

Just like consumers, businesses can enter their information and get a free credit score with weekly monitoring. However, you’ll only get one score from Equifax. There are three credit bureaus that track businesses in Canada: Equifax, TransUnion, and Dun & Bradstreet. It’s handy to have all three when applying for loans.

Small business loan finder

Borrowell also offers a business loan comparison tool for small businesses that works exactly like the personal loan comparison tool for consumers.

Points to Note
Borrowell is more of a consumer program
They offer tools for small businesses
Small business owners should get their score from Dun & Bradstreet along with Equifax

│ Borrowell use cases

With over two million users, Borrowell has tons of individual use cases. You can easily run a quick web search to find reviews on how Borrowell has helped their customers build their credit, get out of debt, and find exceptional financial products. There are too many use cases to list, so we’ll refer to a Borrowell blog that lays out four reasons you would want to use their service and take credit:

1. Improve your credit rating
2. Fraud prevention
3. Earn rewards
4. For an emergency

│ Borrowell support

For what Borrowell offers, their support structure is sufficient. They have a comprehensive help center and blog with articles and FAQs for a variety of topics that can help you navigate their platform and financial product portfolio.

If you have an issue with their products or services, they ask that you fill out a support form and a representative will contact you within 1 – 2 business days. Borrowell doesn’t offer live phone support currently, but it isn’t really necessary.

The platform doesn’t offer loans, credit cards, mortgages, bank accounts, or insurance products directly — just rate comparisons. So if you need support for any purchases through Borrowell, you’ll contact the financial institution who sold you the product and not Borrowell. 

Last, if you need to dispute your credit score, you also wouldn’t contact Borrowell. Instead, contact Equifax. Borrowell offers a comprehensive blog article with steps on how to do that.

│ Conclusion

Canadians looking to gain access to their credit score and monitor it on the long-term for free have a clear option in Borrowell. The company offers a legit service for free that anyone can take advantage of.

Beyond that, customers have the option to use their credit building products for a small fee. And they can compare rates on a variety of financial products from over 75 top financial institutions in the Great White North. 

They offer an easy-to-use platform both online and as a mobile app aimed at helping underserved Canadians build and monitor their credit. Overall, it’s a highly valuable service for anyone looking to establish a credit line in Canada.

Try Borrowell now

Your credit score determines whether you’ll be approved for a wide variety of financial services like loans, credit cards, mortgages, and more. With Borrowell, users can establish and build credit scores and gain access to the top-notch financial products with exceptional benefits and at affordable rates.