borrowell review

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What is Borrowell?

Borrowell started in 2016 and has grown to over 2 million members. It has partnered with Equifax to provide you with your free credit report. However, Borrowell not only provides free credit reports, it can also help obtain loans for whatever your needs may be.

If you don’t know your credit score then you are missing important information about your financial history. Usually in Canada you would have to pay to obtain your credit score.

There are companies like Equifax and TransUnion that charge for the credit score. However, luckily there are ways to obtain your credit score for free. Borrowell is one such option. Borrowell offers free credit report once you signup for free.

Reviewing your credit report is essential to know what financial products are open under your name. Regularly reviewing your credit report will help you catch fraud on a timely basis. I personally review my credit report on a monthly basis. It only takes a few minutes of my time and provides me with peace of mind knowing exactly what is on my credit report. With free credit report monitoring with Borrowell you have no excuse not to stay on top of your credit score.

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Once you get a free credit score, your profile will be matched with their lending partners based on your approval likelihood.  The amount and rate at you can borrow will depend on your creditworthiness.

Borrowell Loans

What type of loans does Borrowell offer:

  • Business Loan

If you are looking for a business loan then Borrowell is a great place to get that much need capital for your business.

  • Car Loan

You are also able to shop for car loans if you prefer not to get financing directly through the car dealership.

  • Debt Consolidation

Debt consolidation is a great option if you are struggling to make your credit card payments which can carry very high interest rates. Debt consolidation through Borrowell allows you to consolidate all your debt into a single payment that can have much lower interest rate. 

  • Home Improvement

Home improvements can be essential and expensive. Borrowell can help you get a home improvement loan that is more suited to your needs based on your profile.

Applying for loans is easy, you just have to follow these steps:

  1. First of all you will need to signup.
  2. Your profile will be automatically matched with the loan products that are best suited based on your credit score.
  3. Apply for a loan directly through the platform.
  4. Once you are approved, you can have the funds deposited in your bank account within a few days.

Credit Cards

Borrowell can also help you find the credit card best suited for your needs and make recommendations for different kind of credit cards:

  • Travel
  • Rewards
  • Cashback
  • Low Interest
  • Guaranteed Credit Cards (to improve credit score)

You will also be able to see all the relevant details such as annual fees, interest, and other details.


If you are in the market looking at mortgages rates then Borrowell has you covered. Borrowell website has a mortgage comparison tool as a mortgage calculator.

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Overall Borrowell is a great option if you are looking credit cards, personal loans, or mortgages with the ability to compare these products on their portal.  However, the main benefit of signing up with Borrowell is the credit score and report. Keeping informed of your credit score is vital to ensuring you stay on top of your financial wellbeing.


Is Borrowell safe?

Borrowell uses 256-bit encryption which is the same level of encryption as the banks.

Does Borrowell impact my credit score?

No, checking your credit score will not have a negative impact as it is considered a ‘soft inquiry’.

How does Borrowell make money?

Borrowell makes money through partner referral fees.

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