In 2014, Borrowell launched as a personal loan service and marketplace for debt refinancing. Since then, the business has grown to include free credit score access for Canadians thanks to a collaboration with Equifax. 

In addition to receiving free services from Borrowell, individuals who opt to sign up also gain access to online marketplaces where Borrowell’s partners’ credit cards, personal loans, mortgages, insurance, and banking products can be compared and applied for.

After Borrowell purchased Refresh Financial in 2021, the business was allowed to provide secured credit cards and loans for credit building. More than two million Canadians utilize it, according to Borrowell.

The Reputation of Borrowell

Borrowell Service & Product Quality

Reviews on Google Play and the Apple shops were largely consistent with one other.

Nonetheless, some customers mentioned their brokerage service. They said that it was far more effective than doing their own house loan search.

Based on 125 reviews, their current Better Business Bureau (BBB) customer satisfaction rating is 4.26 out of 5. They are rated an A+ as well.

Borrowell presently has 388 reviews and a rating of 4.2 out of 5 on Google My Business.

Borrowell upholds a strict quality standard based on the experiences of thousands of customers. Their goal of helping Canadians make wiser financial decisions aligns with this.

Variety of Goods and Services

I’ll go into great detail about everything that Borrowell has to offer in this section of my review.

Borrowell serves a wide range of customers. In addition, they act as brokers for a variety of goods, such as investments, credit cards, insurance, and mortgages.

They collaborate with well-known brands across several industries, even though they aren’t the direct suppliers of these goods. Equifax, Sonnet, BMO, Scotiabank, and Meridian are a few of these.

They function similarly to comparison websites, but with a more tailored strategy.

After filling out an application, you will get personalized product recommendations. These recommendations are heavily influenced by your credit history. They will therefore pair you with financial items that you have a higher chance of getting accepted for.

They provide strategies to raise your credit score, which may be used to get better deals on most products. They offer education, advice, and tailored suggestions for credit enhancement.

My evaluations of each of Borrowell’s distinct goods and services are listed below.

Credit Score

It’s important to know your credit score. It will determine whether or not you are eligible for any kind of credit product.

A prospective employer or an auto dealership might look up your credit history to determine whether you make on-time bill payments. They might also use it to gauge how much of a risk you are.

Some lenders will make it difficult for you to obtain a personal loan or an automobile loan if your credit is poor.

If your credit score is low, you can also attempt to borrow money from other lenders. However, it’s still a good idea to be aware of your credit score.

You may check your credit score for free with Borrowell. Additionally, they have a partnership with Equifax, one of Canada’s credit agencies.

Every week, they obtain your credit report from Equifax to keep it up to date. As a result, you may monitor your development while trying to raise your credit score. You can also keep an eye out for any fraudulent activity and report inaccuracies on your credit report.

They have included Molly, an AI-powered Credit Coach, in their offering. Molly provides advice, including:

Advice on raising your credit rating.

Product recommendations for credit cards and personal loans that will help you raise your credit score.

Comparisons of credit scores with those of other Canadians to assess your own performance.

encouraging signals letting you realize that your financial decisions are sound.

Details about credit, including inquiries and overdue payments.

How it Works

Obtaining your credit report and score with Borrowell is simple.

Equifax Risk Score (ERS) 2.0 is what they employ. Your credit score will therefore be between 300 (extremely poor) and 900 (outstanding).

All you have to do is register by entering your personal details on their website. After that, you’ll need to respond to a few identity verification questions.

After that, you’ll be able to check your credit score and download your Equifax report.

Financial Monitoring (Borrowell Boost)

It might be difficult to stay on top of multiple financial responsibilities. One bill may be paid on schedule, whereas another bill may be paid late.

It might be helpful to keep track of all of your bills in an effective manner. especially considering that 35% of your credit score is based on your payment history. 

The smartphone app from Borrowell makes it easy to monitor your expenditure. However, Borrowell Boost is not just a bill monitor.

You will be able to see estimates for your future expenses. These are produced by utilizing past transactions from your bank account. The best use cases for these forecasts are non-fixed payment amounts.

After a payment, the app’s algorithm also calculates your bank balance. As invoices come due, this might be a fantastic method to assess your financial flow.

When it’s anticipated that your bank balance will drop, you’ll get alerts and reminders to make payments.

You can use Borrowell Boost to apply for an interest-free $75 cash advance if you are unable to pay an upcoming payment. By doing this, you can stay afloat and prevent an overdraft.

Maintaining timely payments might raise your credit score.

Your credit report is updated with each payment you make on a credit product. For this reason, you can raise your credit score by regularly paying your bills on time.

All Canadian provinces have access to this function, except for Saskatchewan and Quebec.

Credit Cards

With so many options available, selecting a credit card issuer in Canada might be difficult.

You can pick the ideal credit card from Borrowell based on your circumstances and demands, including:

Cards that increase credit

Cards with cashback

Cards with low-interest rates

Cards of rewards

Cards for travel

Based on your goals and credit profile, over 60 companies will provide you unique credit card recommendations.

American Express and Bank of Montreal are two of the credit card companies in their network (BMO).

When you register for this service, comparisons of interest rates, annual fees, and credit card features are easily accessible.

Using your Borrowell account, you may also complete and submit an application for a credit card.

Personal Loans

It may take days or even weeks to find the ideal lender for your requirements and circumstances.

It is not always a quick process. Additionally, when obtaining your credit report from many lenders, you could damage your credit score.

Using Borrowell’s matchmaking service to find a personal loan might be a more effective method. To assist customers in locating the funding they require, they collaborate with more than 50 financial institutions.

Based on your credit profile, personal loan recommendations will be sent to you. You can also see how likely it is that you will be approved for a certain loan.

Once you’ve decided on a loan, you can apply right from the Borrowell website. Additionally, you can repay your loan on a biweekly, semimonthly, or monthly basis.

Borrowell offers the subsequent categories:

Consolidate all of your debts into a single, manageable loan that you can repay each month by using debt consolidation. You can take out a debt consolidation loan from one lender and pay off several lenders at once. Usually, this kind of funding has a low-interest rate.

Credit card consolidation: You can combine all of your credit card debt and make it easier to pay off, much like debt consolidation.

Home improvement: Borrow the funds required for repairs or modifications to your home based on your credit profile.

Vehicle Financing: To obtain the money you require for a new car, compare many Canadian auto loan providers.

Major purchase: Easily finance a sizable purchase and obtain the necessary finances.

Business loan: Get the customized funding you require to your credit profile to help you grow your business.

Mortgages

Obtaining a mortgage with acceptable conditions is essential, just as figuring out which personal loan is ideal for you. It may take some time to compare conditions from several lenders to find the best home loan arrangements.

Finding a mortgage is made simple and time-saving by Borrowell using your credit profile and a short questionnaire.

From their extensive network of more than 50 loan partners, they provide you with recommendations. After that, you’ll be able to contrast the terms they provide.

Mortgages offered by Borrowell differ somewhat from those seen on comparison websites. They provide a more customized experience. A human mortgage expert is assigned to you to assist you with the home financing procedure.

Mortgage Coach

Using Alex, Borrowell’s mortgage coach, you can quickly find out the mortgage rates you qualify for.

Based on your credit profile, they will search through more than 5000 financial products provided by more than 40 lenders and provide recommendations.

Mortgage Calculator

A house loan calculator is a useful tool when purchasing a property. Your monthly payments can be calculated and accommodated into your budget.

The Borrowell mortgage calculator also allows you to determine the principal and interest that you will pay over a given time.

Banking

Selecting the appropriate financial institution to hold your money is crucial.

The standing of the bank is equally as significant as the caliber of its offerings. In the long run, an institution that is transparent and trustworthy will be advantageous.

Borrowell can assist you in locating the ideal bank account for you by taking these factors into account.

They offer a quick and simple approach to evaluating the savings and checking accounts that Canada’s top financial institutions have to offer.

Motusbank, Wealthsimple, Scotiabank, and BMO are some of their banking partners.

Insurance

Purchasing insurance to cover unforeseen events in life is one of the best choices you will ever make. Finding the greatest insurance company is something Borrowell can assist you with, whether you’re looking for affordable life, house, or auto insurance.

They collaborate with the top brokers to offer you suggestions that you can evaluate and contrast. Apollo, Square One, Sonnet, and Lowestrates.ca are some of their insurance partners. 

Investing

Investing is a fantastic method to increase your wealth and secure your future. You might not know where to start your search, though. Borrowell provides a simple method for identifying wise investments.

Based on your financial profile, they recommend various investment options that are available in the market to you.

To make the investment, all you need to do is compare the options. Wealthsimple, Meridian Bank, and EQ Bank are some of their investment partners.

The Price of Using Services and Products from Borrowell

You may be wondering how much using Borrowell’s goods and services will cost you. I will discuss their fees in this section of my review of Borrowell.

Borrowell provides its services without charge. As previously said, this applies to obtaining your credit score. This is also the case whether you would want suggestions about credit cards, mortgages, personal loans, or investments.

Borrowell offers a complimentary matchmaking service because they are not a direct lender of these financial products. Additionally, they don’t charge you since each time a partner refers a client to them, their partners give them a finder’s fee.

Boost Borrowell

Borrowell Boost offers free basic features, but charges for additional digital tools.

Prepaid features like bill forecasting and chequing account monitoring are not free of charge.

The monthly subscription fee charged by Borrowell is $4.99, which includes any applicable taxes. In addition, late fees, overdraft fines, and over-the-limit costs could be assessed to you.

It makes sense to think about whether you really need this service before paying for it. For something you can accomplish for yourself, you will be paying. Additionally, if you don’t have many bills, it might not be necessary.

If you’re just getting started in business or learning how to budget, Borrowell Boost is perfect for you. If not, you should find another method for handling your bills.

Is Borrowell Safe and Legitimate?

You will be entrusting Borrowell with your personal information, therefore reliability and security are important factors to take into account.

Therefore, I’ll give you a summary of the elements of their legitimacy and safety in this area of my evaluation of Borrowell.

To assist millions of Canadians in improving their credit scores, Borrowell was established in 2014.

They are a multi-award-winning corporation with a group of financial and technological specialists.

Numerous clients have benefited from their relationships with leading companies in a range of sectors, including banking and insurance, as they have built their credit.

Borrowell protects your personal information using security protocols that are on par with large Canadian institutions. They employ 256-bit Secure Sockets Layer (SSL) encryption, according to their website.

They also don’t sell, rent, or otherwise disclose your information to outside parties without your permission. Your provided information will only be utilized to fulfill your request for a service.

Borrowell is an organization recognized by the Better Business Bureau (BBB). Additionally, they have an A+ rating now that they are accredited.

These rankings are based on certain factors, such as how many complaints a business receives and how it handles them.

I’ll go over how to contact Borrowell in more depth in the following section of my review. and the nature of the client service they provide.

Customer Service & Support at Borrowell

I discovered that there isn’t a clear way to get in touch with a customer support representative while browsing Borrowell’s website. Customers are not given any way to get in touch with them, including phone numbers or email addresses.

This is a feature that is lacking at this otherwise industry-leading company, as I mentioned previously in my evaluation of Borrowell. However, they compensate for the absence of in-person customer service by offering adequate assistance.

Through their website’s support center, you may get the answers to any questions you may have about your credit score. You may find anything you’re looking for, from general inquiries to bill tracking, thanks to the information’s categorization.

They also maintain a blog known as “The Well.” This site has entries on mortgages, budgeting, and credit scores in addition to other topics.

If you would like to refresh your knowledge of personal finance, their blog entries are helpful. You might come across a method or plan that you can implement regularly to improve your financial situation overall.

In the section that follows, I’ll provide you a brief overview of Borrowell’s dashboard and mobile app—the places where you might use their services the most.

How Are The Mobile App and Dashboard for Borrowell Doing?

One thing I couldn’t leave out of my evaluation of Borrowell was their mobile app and dashboard—I had an excellent experience with both.

It’s easy to navigate and simple to use on the dashboard. It features a straightforward, contemporary, and functional design. Your credit score is displayed on the homepage. This helpful graph illustrates how your score has changed over time.

You won’t run into any problems or noticeably long delay periods switching between tabs. However, the speed of your internet and gadget will determine this.

The Borrowell mobile app features an outstanding user design and is simple to use. Because it’s so much more accessible and easy, I used it more frequently than the desktop dashboard.

Both your dashboard and mobile app have tabs where you may examine your credit report and look through recommendations. Additionally, you will get the opportunity to speak with Molly, the Borrowell credit consultant, and get advice on raising your credit score.

I think Borrowell’s credit score tracker is far more accurate than those of its closest rivals. Every one to two weeks, they also update your score, allowing you to monitor any unusual activities.

It should be noted that there is some advertising on the mobile app. I didn’t find it intrusive or unfair because the educational and commercial content is fairly balanced.

I’ve discussed every feature of the user interface of their website and app. I’ll now discuss the registration procedure in this review.

How to Get Started with Borrowell

According to Borrowell, it takes roughly three minutes to sign up for their services. And they are right when they say as much. However since it took me longer to complete the other procedures, I think this pertains to creating an account.

First, you’ll need to create an account by providing a secure password and your email address. At this point, you can review their privacy policy to make sure you know what you’re getting into.

You’ll first be limited to the most fundamental functionality. Additionally, to use their free credit score service, you will need to submit additional personal information. This encompasses you:

Complete name

Birthdate

Present-day home address

Telephone number

Pay range

Your annual financial objectives (such as investing, paying off debt, raising your credit score, etc)

To match users to their Equifax credit records, this information is required.

Your bank account details and Social Insurance Number (SIN) won’t be required. If you’re afraid to disclose personal information online, this is quite helpful.

In the last screening round, you will be required to respond to a few multiple-choice questions. For Equifax to verify your identification, these are connected to your credit history.

It is not possible to utilize Borrowell Boost on a computer if that interests you. To use the mobile app, you must download it from the Apple Store or Google Play.

Options Besides Borrowell

This is the point in my Borrowell Review where you might be thinking about investigating alternative businesses. The good news is that Borrowell is not the only option.

The idea of offering Canadians free credit scores was first introduced by Borrowell, and many other businesses soon adopted it. Obtaining your credit score for free is therefore no longer such a revolutionary idea.

Although the closest rivals of Borrowell also offer credit monitoring, their relationships with credit bureaus are different. In addition, their product selection is wider than Borrowell’s.

If Borrowell isn’t a suitable fit for you, consider these other options.

Mogo

Since 2003, The Senior of Borrowell, Mogo, has provided a range of personal finance and money management services to Canadians.

Additionally, they offer free credit scores in collaboration with Equifax. There’s a catch, though.

Your free credit score is only accessible for ninety days, unlike Borrowell. You can use this service indefinitely if you have a Mogo card.

In addition, they provide a wider range of services and goods than Borrowell and act as mortgage brokers. These include keeping an eye out for identity fraud and investing in Bitcoin.

With the Mogo mobile app, you can monitor your credit score and receive suggestions for raising it.

Unlike Borrowell, who updates your credit score weekly, they do so once a month. If you would prefer not to receive weekly credit score reminders, you might look into Mogo.

Lastly, Mogo’s emphasis on environmental protection is a factor that may appeal to you.

Credit Karma

Credit Karma provides nearly everything that Borrowell does, including free credit score monitoring and customized advice.

Except providing Equifax and TransUnion credit reports and ratings. The ability to view both scores and work to raise each one independently is a benefit.

Additionally, you can avoid getting taken aback when you seek credit and receive a different credit score.

There are notable distinctions between Credit Karma and Borrowell, even though some of their services are comparable.

In 2016, the American corporation Credit Karma opened an office in Canada.

Not every province in Canada is where they offer their services. Northwest Territories, Yukon, Quebec, and Nunavut are included in this.

They employ Secure Socket Layer (SSL) encryption with a bit less security—128-bit.

The youthful and fresh UI of Borrowell contrasts with the more classic appearance of their website and mobile app.

The two main credit bureaus are partnered with Borrowell and Credit Karma. I thus utilize Credit Karma to monitor my TransUnion score and Borrowell to obtain my Equifax score. So far, it has been effective for me.

Easygoing & Intelligent

Breezeful and Homewise are two alternative mortgage brokers that you might want to take into consideration.

Both of them collaborate with more than 30 lenders to get customers a house loan that satisfies their specifications and wants.

You will be paired with a “human” mortgage advisor from both firms who will help you throughout the home-buying process. From the time you are comparing mortgage conditions until you close on your home, they will be by your side.

Conclusion of the Borrowell Review

As this Borrowell review may have taught you, being aware of your credit score can help you steer clear of bad press from lenders.

You might not be able to purchase the home of your dreams if your credit score is poor. or investing in a car that will facilitate your work commute.

For millions of Canadians, Borrowell has helped them stay out of these situations. Additionally, because their credit-monitoring program is free to use, it might be a useful tool. Not only that, but you can do so much more at one location than just monitor your credit score.

It is possible to compare insurance or credit card suggestions. Additionally, Borrowell’s brokerage service can be used to locate a mortgage that meets your requirements.

The fact that Borrowell will only share your personal information with one individual is an additional benefit. This reduces the likelihood of sharing your personal information with several parties, even somewhat.

You should still utilize their instructional resources even if you decide not to pay up for their service. You can get knowledge about handling your own money. You could consequently be able to make better financial judgments.

I had to offer Borrowell my seal of approval to wrap up this review. Anyone who wishes to take charge of their finances while saving time and effort should definitely check out their services and products, in my opinion.

Nevertheless, I still advise you to periodically obtain a copy of your credit report from TransUnion or Equifax. This is to make sure that you are clear about your position. Even if Borrowell provides free credit ratings, it’s advisable to periodically confirm their authenticity with your credit bureau.

How to obtain a free credit score and report is highlighted in this Borrowell review. And provides all the information you require regarding their extensive brokerage services.