Last Updated on August 4, 2021 by Yetty Akindele
Knowledge they say is power. This is most accurate when it comes to describing the services offered by Borrowell, a Canadian fintech company established in 2014. In the category of credit coaching companies, Borrowell is a leader, being the first to offer free credit score checks in Canada. As a matter of fact, Borrowell is a one-stop fully online platform when it comes to all things credit.
The company is on a mission to help Canadians understand their credit score, the value attached to it as well as empowering consumers to improve their financial health. As of today, over 1 million Canadians use the services offered by Borrowell.
Gone are the days when you had to pay a fee to know what your credit score is. Borrowell is in a partnership with Equifax, one of the two giant credit bureaus in Canada. This partnership is how Borrowell is able to generate your Equifax credit score and report.
In addition, you get weekly updates to your score and tips on ways to improve all for $0. This would otherwise have cost you an approximate whopping sum of $287.4 per annum!
Free Credit Score and Report Checks
Borrowell is the pioneer company in Canada to offer credit checks with no fees attached.
Similarly, you can also get your credit report– for free through the same online platform from within your dashboard.
The credit score provided is through their partnership with Equifax, and it is the Equifax risk score 2.0 with ranges from 300 to 900. Equifax is one of the 2 biggest credit bureaus in Canada.
The score calculated may vary slightly when compared to other third parties. Different credit bureaus use different calculating criteria, but the score should fall within the same range.
The weekly updates allow you to keep a close eye on your financial health as well as being able to identify when something is amiss. You can read my post on Credit score in Canada, the deal-breaker? for more financially savvy credit score insights.
Are you wondering about the effect of this check on your score?
Be rest assured the check done through the Borrowell platform is considered a soft inquiry. Yes, that’s the good type! It doesn’t hurt your credit score in contrast to the hard inquiry.
Are you concerned about the safety of your information before carrying out the credit check?
This is another area where Borrowell has proven yet again to be leaders in the fintech niche. They guarantee security with 256-bit encryption. The same level of security used by banks. So, if you can trust your bank enough to carry out transactions online, then you should rest easy knowing you are getting the same level of security with Borrowell.
Still, on the matter of Security, requirements for credit checks are mainly on a verify information basis. You are required to give your basic information such as your name, age, email, and address. All other requirements are verification questions. Most importantly, you do not need to provide your social insurance number.
How to get the free credit score and report
It is a pretty straight forward and fast process. First, you register by signing up with Borrowell here. Then follow the steps requiring your;
- Basic information such as your name, age, address, etc.
- Answers to verification questions.
- Get your free credit score and report in your dashboard.
It is noteworthy to state that these are short questions and the application process is under 5 minutes!
Artificial Intelligence-Driven Financial Product recommendations
Based on your credit score, you also get AI-driven financial product recommendations, as well as free credit improvement tips through the platforms Credit Coach.
Borrowell is in partnership with a good number of financial giants. This partnership enables Borrowell to offer its subscribers some of the best rates in the industry for various services.
As an example, there is the benefit of applying for Personal loans. These can be an unsecured loan (not requiring collateral) or secured loans. The unsecured loan can be up to $35,000. The APR is a fixed rate and starts from 5.6% to 29.19%, with an average APR of 11 to 12%. The loan term is 3 to 5 years. Secured loans have a lower APR than the unsecured loan. It should be noted thou that the loan quote offered is dependent on your credit profile.
The average APR rate offered by Borrowell is considerably low when compared to rates on most credit card debt which can be averaged at about 19.99%. These loans can serve as low-interest sources for money that can be channeled towards debt reconciliation. You can also pay off your loan balance at any time without incurring pre-payment fees
Similarly, you can apply for Car loans as well as Business loans. Car loans are considered personal loans with Borrowell, unlike what you get through most car financing programs. This means the car is not considered collateral to secure the loan. The loans are usually processed within a short time, in a matter of days the following approval. The loan details can be found within your Borrowell dashboard after you’ve successfully signed up.
The eligibility requirements for these loans are;
- Be a Canadian citizen or resident
- Be free of bankruptcies and delinquencies
- Have a credit score of 660+
- Credit history of at least 1 year
- Canadian bank account
- Be the age of majority in your province
- At least $20,000 in annual income
- Minimum of 2 recent pay stubs to verify your income or at least 2 recent Notice of Assessments for self-employed, business, pension or investment income.
This is a free tool offered by Borrowell that allows members to monitor up to 15 bills, get upcoming bill payment alerts as well as a low balance alert.
Considering the fact that bill payment is one of the factors that influence the calculation of your credit score, one would appreciate Borrowell Boost.
A subscription-based service that is capable of predicting an unlimited number of your upcoming bills, sending low balance alerts, and giving you access to an interest-free cash advance of $75– just in case you forget to make a payment.
This will go a long way to ensure you don’t get slammed with a Non-sufficient fund fee.
This service is the first tool of its kind in Canada and works by a secure connection to your bank account.
Borrowell Boost Cost
This service costs $4.99/month
Credit Card Offers
There is an array of credit cards to choose from. Recommendations are personalized for you by the AI depending on your credit profile.
Borrowell has a Mortgage coach which is the platforms mortgage rate comparison tool. According to Borrowell, the Mortgage coach will find the best rates for you within 3 minutes. You only need to answer a few short questions. The coach compares rates from over 40 mortgage lenders in Canada. This tool also connects you with a mortgage professional, who is able to give you expert advice.
Borrowell connects you with Insurance companies with plans for home owners, renters, car insurance as well as life insurance.
As a reminder, Borrowell uses the same level of security as any of Canada’s ‘big 5’ banks. Your information exchange via the Borrowell platform is as secure as transacting with your online banking platform.
Customers and Customer Service
One striking aspect of the reviews on the site is that it is not lacking for want of 5 stars. Customers’ reviews are very positive. This gives an inclination of the excellent service being offered by the company.
Since it operates fully as an online platform, there is no physical location that could serve as a contact point. To get in touch with customer service, you can visit their contact page and fill an online contact form. You can also email them at [email protected]. Phone support is also available Monday – Friday from 9 am – 5 pm EST.
To conclude, considering all of the benefits one stands to get with Borrowell as a single entity, signing up with them is a decision that is set to give a positive and lasting impression. Sign up today for your free credit score and credit report!