The Borrowell Canada credit score is just one of the perks involved with this leading digital finance service for Canadians. It used to be that you’d have to pay for credit checks but since Borrowell teamed up with Equifax in 2016, they’ve made it free for Canadian residents. It’s easy to sign up and once you have, you’ll be given your Canadian credit score.
Not only that, but Borrowell Canada also recommends loans you’re eligible for. Most services are free because they make their money by referring the companies and the loans to you. Borrowell gives you valuable insights that can help you improve your credit score. This company has been striving to offer Canadians an easier way to get loans and improve credit scores.
- Monitor and track your credit score for free
- Learn about credit easily on the blog
- Get access to the credit builder*
What is Borrowell?
Borrowell Canada was introduced in 2014. The Borrowell credit score service has been around since 2016 thanks to their collaboration with Equifax. It was the first company to offer free credit scores to Canadians.
Another great thing about Borrowell Canada is they make their loans easy to understand. Based out of Toronto, they work with financial partners to provide low-interest personal loans to Canadians. They also do consolidation loans, home improvement loans, business loans and car loans. They’re backed by the largest banking institutions including CIBC, BMO, Scotiabank, National Bank and Capital One.
They explain why you get a certain amount of money at an interest rate that’s made clear to you at the beginning. Then you pay the same amount every month until the loan is paid back in full. They are unsecured loans that are similar to how your mortgage is paid back.
Getting your free Borrowell credit score
Borrowell Canada partnered up with Equifax in 2016 so they could offer Canadians the free services of accessing their credit score. At the time, you had to pay to get your file from a credit bureau. This is not the case anymore. However, Borrowell lets you check your credit score for free more frequently and has developed other services to help you build your credit. This Canadian fintech company revolutionized the lending industry by providing free credit reports to Canadians. This is just one of the personal finance services they offer to Canadians, all in an effort to save you money.
When I signed up to see what my credit score was at Borrowell on my laptop, it was an easy signup process. I had to tell them my name, address, financial goals and other personal details.
Annual fee: $48
Monthly maintenance fee: $6
Interest rate: 17,99 %
They only ask a few questions to create your profile. As soon as I had filled out all the information they asked for, the credit score was given to me instantly. I just signed up upon writing this review. With Borrowell’s advice, you'll know what you have to work on in order to get a better credit rating. It may take a bit of time but at least the guesswork is out of it.
Borrowell products and services
There is a lot to love about Borrowell. It makes borrowing less stressful. Plus, it has the highest level of security with 256-bit encryption. You can get a variety of loan options through Borrowell including personal loans, mortgages, credit cards, insurance, banking products, as well as participate in their credit builder and rent advantage programs. It strives to be a one-stop-shop.
- Monitor and track your credit score for free
- Learn about credit easily on the blog
- Get access to the credit builder*
Free credit score and credit report
The Borrowell credit score provided comes from Equifax. It ranges from 300 to 900 and you get the added bonus of a free Equifax credit report. On top of that, Borrowell updates your credit score and report weekly.
You can monitor your credit to make sure there are no errors or fraudulent activity. This service is usually something you pay for from the TransUnion or Equifax credit bureaus. You can also download and print off your credit report without being charged anything.
Loans offered by Borrowell Canada
The interest rate attached to the loans by Borrowell are anywhere from 4.34% to 29.19%. Their rates are much less than most credit cards, but higher than a loan you could get from a traditional lender. If you have good credit and have paid a good part of your mortgage down, you can choose to borrow from someone other than Borrowell.
However, Canadians can benefit from getting a loan through Borrowell. It even works if their credit isn’t great or they don’t have a large amount of equity built up in their home. The loans are straightforward and can be done online quickly.
Borrowell Rent Advantage
This program is designed to help get on-time rent payments reported to Equifax Canada on a monthly basis and improve your credit score. Rent Advantage is only available to some members. You have to sign up to check your eligibility. There is a monthly subscription fee. To complete your subscription, you will need to provide your lease details and connect the bank account or credit card used to pay your rent. Rent Advantage™ is currently not available in Québec.
Borrowell Credit Builder
Available only to certain Borrowell members, this product is designed to help Canadians build a strong credit history. It costs between $10 and $50 per month but you get most of your savings back at the end of the term (36 months). All payments, including any you might miss, are reported to Equifax. On-time loan payments typically have a positive impact on your credit score.
With their starter program, borrowers pay $10 a month, with $5 going to a subscription fee and $5 held by Borrowell for the first 24 months. After that, your payment is entirely held. At the end of the 36 month term, $240 is refunded to you via direct deposit. Their Plus and Pro programs work the same way. Plus charges you $30 per month (including $10 in sunscription fee) and Pro charges $50 (including $15 in subscription fees). A bigger amount of money is returned to you at the end.
How to get your free Borrowell credit score and credit report
It’s easy and quick to find the free Borrowell credit score and your credit report. This process takes less than five minutes. Here are the steps:
- Sign up to Borrowell
- Fill in the form, including your name and password.
- Confirm you’re not a robot and click “Create Account.”
- The next page will let you know what information you’ll need to supply them. Once you’ve read it, click “Get Started.”
- Fill out the forms starting with your name, address in Canada, when you were born, phone number, how much you make annually, and financial goals for the year.
- Then, Borrowell will send you a code. Enter the code. Once you've done this, your credit score will appear.
- Monitor and track your credit score for free
- Learn about credit easily on the blog
- Get access to the credit builder*
Credit scores explained
Borrowell is going to give you the chance to look at the loans you qualify for after you’ve gotten your credit score for free. Borrowell is 100% accurate with their credit scores but there are others out there as well. Some come from other credit bureaus that weigh different factors that contribute to your credit score.
While Equifax is based on a proprietary model, it won’t be the same score that other third parties use to define how much credit you can get. The Borrowell credit score is mainly used for your information. The Equifax Risk Score (ERS 2.0) is what you get from Borrowell and can be different from other scores that are connected to your name. However, Borrowell truly does take out the guesswork as they give you options on what loans you can get based on your credit score.
Borrowell dashboard
There is an easy-to-read dashboard that lets you in on recommendations on how to improve your score. You’ll see what credit offers are available to you based on the credit score you have. They let you know what your chances are of getting the products available.
In addition, they show you what credit cards are likely to give you approval and up to what amount they will give you. Some of the options we saw were low, good, and excellent. Other loan options include car loans, mortgages, bank accounts, and insurance.
In the dashboard, you can take advantage of tips to improve your score. Great advantages to this include:
- Help with your credit score, letting you know what it means
- They’ll show you credit updates and what has changed since your last credit report.
- They also offer transparency on what’s impacting your credit scores.
- Tips on how to improve your credit score.
You can see the printable version of your credit score and all the information about you. Right on this page, you’ll see a message that says if there’s anything that doesn’t look right, you should contact Equifax. They have the contact information available for Equifax so you can dispute or inquire about what you’re seeing on your report. Checking this out is advisable in the event that there are fraudulent activities revolving around your credit report.
Borrowell pros and cons
Pros
- Free Borrowell credit score and credit report
- Free monitoring so you can improve your score
- Easy access to loans that are hassle-free
- User friendly with an easy-to-view dashboard
- Features that help you build your credit
- Banking security features (256-bit encryption technology)
Cons
- High interest rates
- Loan options are slightly limited
- There is no physical location to visit
Is Borrowell worth it?
Borrowell is one of the best companies when it comes to unsecured loans. They are focused on offering you an easy alternative to gaining a loan beyond what the traditional banks offer. If you’re looking for a small loan, Borrowell is a good option.
They offer you choice, education on your credit, and total transparency. It’s a refreshing way to get a loan and you can apply based on what they recommend for you. You can also shop for credit cards, loans, and mortgages.
This alleviates having to ask for multiple loans that you’re not sure you’ll be approved for. Borrowell is a force to be reckoned with, offering Canadians a different option than the large corporations of Canadian banking.
FAQs about your Borrowell credit score
Yes, Borrowell is a legitimate Canadian company that provides users with access to their credit scores and reports for free. Borrowell uses bank-level security with 256-bit encryption to protect your personal information and does not share your data with any third parties without your explicit consent.
Borrowell is a credit monitoring service that provides users with their credit scores and reports for free, while Equifax is a credit reporting agency that collects and maintains credit information on individuals and businesses. Borrowell has partnered with Equifax and uses its credit data to provide users with their credit scores and reports, but it also offers additional services such as personalized credit coaching and financial product recommendations.
Yes, you can use both Credit Karma and Borrowell to monitor your credit. Both services provide free credit scores and reports, but they use different credit bureaus to obtain the information. Credit Karma uses TransUnion, while Borrowell uses Equifax. By using both services, you can get a more comprehensive view of your credit health and identify any discrepancies or errors in your credit reports.
- Monitor and track your credit score for free
- Learn about credit easily on the blog
- Get access to the credit builder*
About The Author: Maude Gauthier
Passionnée par la finance, l'entrepreneuriat et l'immobilier, Maude a exploré ces trois thèmes dans des centaines de billets de blogue. Avant de se lancer dans l'écriture et le marketing en 2018, elle a travaillé dans la recherche universitaire pendant plusieurs années. Diplômée, rediplômée et surdiplômée ne soyez pas surpris de croiser un cours ou une conférence en ligne. Variété et diversité sont ses mots d'ordre !
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