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Borrowell review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

Borrowell suits Canadians who want a single place to compare personal loan offers, check a credit score without a fee and rebuild a thin credit file. Loan sizes run CAD 500 to CAD 50,000 through a marketplace, and the credit builder term is 48 at an APR of 0%.

Key facts

Best for
Comparing Canadian personal loan offers alongside credit score and credit builder tools.
APR
0%↗
Loan amount
CA$500 to CA$50,000↗
Term
48 months↗
Credit check
Soft prequal↗
Funding time
Usually within a matter of days of approval by loan partners↗
Lender type
Marketplace↗
Free early repayment
Yes↗
Eligibility
Canadian citizen or permanent resident, age of majority in province of residence; loan applicants 18+↗
Loan types
Personal, Debt-consolidation, Business, Car↗
Credit needed
Poor↗
Use cases
Home-improvement↗
Legal entity
Borrowell Inc.↗
Headquarters
Canada↗
Founded
2014↗
Support channels
Email, Help-centre↗
Pricing model
No annual fee
Official website
borrowell.com

Credit cards

Annual fee
CA$0↗
Perks
Free weekly Equifax credit score and report monitoring, Free credit report download, Credit score checks that do not hurt your score, Free credit improvement tips and education, Personalized product recommendations from 75+ partners, Bank-level 256-bit encryption security↗

Mortgages

Purpose
Purchase, Remortgage, First-time-buyer↗

Facts checked September 26, 2026, 8 sources

Apps and profiles

Get the app
Google Play
Elsewhere
LinkedInX

Pros and cons

Pros

  • Free weekly Equifax score and report monitoring, a free credit report download and score checks that do not hurt a file, all in Free weekly Equifax credit score and report monitoring, Free credit report download and Credit score checks that do not hurt your score.
  • A spread of personal, debt consolidation, business and car loans (personal, debt consolidation and business) with amounts of CAD 500 to CAD 50,000.
  • Free early repayment on credit builder loans, so a thin credit file can be cleared sooner without paying an extra charge.
  • A named operating company, Borrowell Inc., operating in Canada, with bank level encryption in Free weekly Equifax credit score and report monitoring, Free credit report download and Credit score checks that do not hurt your score.

Cons

  • Support runs on email and help centre only, so there is no phone line to chase a partner lender.
  • Borrowell is a marketplace (marketplace), so the rate and the approval belong to the partner lender.
  • Funding lands Usually within a matter of days of approval by loan partners, so it is not a same day fix for an urgent bill or an emergency repair.
Borrowell

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Who it suits

  • Canadians with a thin credit file, since the stated credit profile target is poor.
  • People borrowing for home improvement work or to consolidate debt, at amounts of CAD 500 to CAD 50,000.
  • Applicants who are a Canadian citizen or permanent resident and meet the age of majority in their province.

Who should look elsewhere

  • Not Cashspace: its rates of PHP 12 to PHP 36 are set in Philippine pesos for another market, so it does not serve a Canadian borrower.
  • Not Creduma ES for anyone who wants to borrow in euros, since its amounts start at from €12,000.
  • Not Sofkredit, whose rates of 10.74% to 18.06% belong to a Spanish market and currency.

How Borrowell compares

Where Borrowell is available

Available
Canada

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

Is there an annual fee for the Borrowell credit score service?+

The credit score service carries an annual fee of CAD 0, and the model is no annual fee. Weekly Equifax score and report monitoring, a report download and credit improvement tips all sit in Free weekly Equifax credit score and report monitoring, Free credit report download and Credit score checks that do not hurt your score.

Who actually lends the money?+

Borrowell works as a marketplace (marketplace) run by Borrowell Inc. in Canada. Approval and funding sit with the loan partners, and money usually arrives Usually within a matter of days of approval by loan partners rather than the same day an application goes in.

Does checking my credit hurt my score?+

The credit check on the credit builder side is soft prequal, and Free weekly Equifax credit score and report monitoring, Free credit report download and Credit score checks that do not hurt your score lists score checks that do not hurt a file. Free score and report monitoring also comes with the account.

How much can I borrow and for how long?+

Personal loans cover personal, debt consolidation and business with amounts of CAD 500 to CAD 50,000, which includes home improvement projects. The credit builder loan term is a set 48, so it suits a patient borrower rather than someone needing quick cash.

Who is eligible to apply?+

Applicants must be a Canadian citizen or permanent resident and meet the age of majority in their province of residence. The stated credit profile target is poor, so a thin or damaged file is still in scope.

Can I repay a credit builder loan early?+

Free early repayment is listed, so a credit builder loan can be cleared sooner without a charge. The trade off is patience, since the term runs 48 at an APR of 0%.

How do I get help from Borrowell?+

Support runs on email and help centre, with a help centre for self service and email for anything that needs a reply. There is no phone channel in that list, which matters when a partner lender holds up a decision.

Does Borrowell cover mortgages as well as loans?+

Mortgage purposes listed cover purchase, remortgage and first time buyer, so buyers, remortgagers and first time buyers can start there. Personal loans sit alongside at CAD 500 to CAD 50,000, fund home improvement work, and are matched from partner lenders.

Sources

  • borrowell.com checked September 26, 2026

    Backs: Legal entity, Lender type, Perks

    “Borrowell is a registered trademark of Borrowell Inc.”

  • borrowell.com/contact-us checked September 26, 2026

    Backs: Support channels

    “For general support, please visit our Help Centre for answers to your questions, even if you're not a Borrowell member.”

  • borrowell.com/credit-builder checked September 26, 2026

    Backs: APR, Credit check, Eligibility, Free early repayment, Term

    “This program will report to Equifax Canada as a Borrowell installment loan with a 48-month term at a 0% APR”

  • borrowell.com/free-credit-score checked September 26, 2026

    Backs: Annual fee

    “Get your Equifax Canada credit score and credit report for free!”

  • borrowell.com/mortgages checked September 26, 2026

    Backs: Purpose

    “Whether you're a first-time home buyer or looking to refinance your existing loan, you can access your free credit report, get tips to help you improve your score and easily compare mortgages across...”

  • borrowell.com/personal-loans checked September 26, 2026

    Backs: Loan amount, Funding time, Loan types, Use cases

    “Fairstone personal loan: Loan Amount $500 - $50,000”

  • borrowell.com/reviews checked September 26, 2026

    Backs: Pricing model

    “Is Signing Up for Borrowell Really Free? Yes, it's really free. Borrowell provides you with your Equifax credit score, free of charge.”

  • borrowell.com/terms-credit-builder-program checked September 26, 2026

    Backs: Headquarters

    “by mailing us at 1 University Ave, 3rd Floor, Toronto, Ontario, M5J 2P1”

  • borrowell.com/who-is-borrowell checked September 26, 2026

    Backs: Credit needed, Founded

    “Based on a study of Borrowell members with an Equifax Canada ERS 2.0 credit score between 300-600 when they signed up for Credit Builder”

Compiled from 9 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Arrangement fee, Representative example.

Borrowell

Borrowell

Comparing Canadian personal loan offers alongside credit score and credit builder tools.

8.9/10Visit