Over the past couple of years, independent lenders have been making their way into the market (and giving traditional banks a run for their money.) Since its official launch in 2015, Borrowell has stood apart from the pack, offering low-interest-rate, convenient, personal loans to people throughout Canada. The company tagline sums up Borrowell’s mission quite nicely: to make personal loans and credit scores “fast, fair, and friendly.” They follow through with low fixed rate loans that give customers an easy-to-manage, set monthly payment.
An Affordable Personal Loan Option for Canadians
Applying for a loan is easy and can be done from a mobile device or computer. Users can be approved in a matter of seconds, with all of the loan’s terms – rate, loan amount, and repayment schedule – laid out right away. Best of all, the application is a soft inquiry, so it has no impact on your credit score when you apply.
Convenience is key with Borrowell’s loans, but it does come with a caveat: this lender targets customers with good credit scores (upwards of 660.) For prime borrowers, this isn’t a problem, which makes Borrowell an excellent choice for anyone with good credit and who wants a fast, simple personal loan.
Once you’re approved for a loan, there are a couple more steps involved before collecting the funds. You’ll need to submit a scan or photo of your two most recent pay stubs (or the Notice of Assessment from your last two tax returns) as well as provide your bank account information to VersaPay. The process is secure (and necessary, since VersaPay handles the depositing of funds for Borrowell.)
Reasons to Take Out a Loan Through Borrowell:
- No hidden fees and fixed payments.
- No prepayment penalty. Pay off your loan early without paying any additional fee.
- Approved funding within 24-36 hours.
While these features are worth noting, every borrower’s situation is different. Be sure to examine your unique financial situation carefully before taking out a loan from any lender!
Consolidating Debt with a Borrowell Loan
Some Canadians have found debt relief through a Borrowell personal loan, but bear in mind that this lender does require a fairly high credit score to issue a loan. If you’d like to consolidate several credit cards or other debt, it’s possible that the lender’s lowest APR of 5.6% may be a solution. It’s worth noting that Borrowell’s interest rate can go all the way up to 25%, so you’ll need to apply before you know what APR you qualify for.
If you’re looking to consolidate debt, you’ll probably want to use a 0% balance transfer credit card if at all possible. Some of the best 0% transfer cards in Canada offer 12 months to pay off the transferred balance without accruing any additional interest!
If you’re ready to give Borrowell a try, feel free to fill out an application. It won’t impact your credit score, and you could end up with one of the most convenient, low-interest loans in Canada!