Borrowell review

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

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Our verdict

Borrowell suits Canadian borrowers with poor credit who want a marketplace willing to consider them, and its credit building loan carries an APR of 0% over 48. Loans run CAD 500 to CAD 50,000, funding follows partner approval, and the check itself is soft prequal.

Key facts

Best for
Rebuilding credit with a soft prequal check at an APR of 0% on the credit building loan.
APR
0% (Source, checked September 26, 2026)
Loan amount
CA$500 to CA$50,000 (Source, checked September 26, 2026)
Term
48 months (Source, checked September 26, 2026)
Credit check
Soft prequal (Source, checked September 26, 2026)
Funding time
Usually within a matter of days of approval by loan partners (Source, checked September 26, 2026)
Lender type
Marketplace (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
Canadian citizen or permanent resident, age of majority in province of residence; loan applicants 18+ (Source, checked September 26, 2026)
Loan types
Personal, Debt-consolidation, Business, Car (Source, checked September 26, 2026)
Credit needed
Poor (Source, checked September 26, 2026)
Use cases
Home-improvement (Source, checked September 26, 2026)
Legal entity
Borrowell Inc. (Source, checked September 26, 2026)
Headquarters
Canada (Source, checked September 26, 2026)
Founded
2014 (Source, checked September 26, 2026)
Support channels
Email, Help-centre (Source, checked September 26, 2026)
Official website
borrowell.com

Mortgages

Purpose
Purchase, Remortgage, First-time-buyer (Source, checked September 26, 2026)
Lender type
Marketplace (Source, checked September 26, 2026)
Legal entity
Borrowell Inc. (Source, checked September 26, 2026)
Headquarters
Canada (Source, checked September 26, 2026)
Founded
2014 (Source, checked September 26, 2026)
Support channels
Email, Help-centre (Source, checked September 26, 2026)

Apps and profiles

Get the app
Google Play
Elsewhere
LinkedInX

Pros and cons

Pros

  • The credit building loan runs at an APR of 0% with early repayment free.
  • The check is soft prequal and the credit bar is poor, so thin files still get considered.
  • Borrowing covers personal, debt consolidation and business needs, with loans of CAD 500 to CAD 50,000.
  • Home improvement is a listed use case, and the mortgage side covers purchase, remortgage and first time buyer.

Cons

  • Support runs on email and help centre only, so there is no phone line for urgent queries.
  • As a marketplace, the rate and the approval sit with loan partners rather than with Borrowell.
  • Loan amount ranks 457 of 685, so the ceiling is modest beside lenders offering more.
Borrowell

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Who it suits

  • Canadian citizens or permanent residents who are adults at the age of majority in their province.
  • Borrowers with poor credit who want a soft prequal check before an application goes to a partner.
  • Borrowers rebuilding a credit file who can let a loan run for 48 and clear it early without a charge.

Who should look elsewhere

  • Cashspace, at PHP 12 to PHP 36, if you want a stated rate range rather than partner-set pricing.
  • Cashspace ES, whose €100 to €5,000 is a better fit for smaller sums.
  • Monzo Flex, at 10% to 23%, if a fixed published range matters more to you than a partner marketplace.

How it compares on our data

On our data, Borrowell ranks 457 of 685 brands on loan amount and 1 of 350 on APR, so its credit building rate sits at the front of the field. Term length places it 103 of 232. The overall score reads 7.5.

The company behind it

Borrowell Inc. sits in CA and was founded in 2014. It works as a marketplace rather than a single lender, and its mortgage side covers purchase, remortgage and first time buyer. Support runs on email and help centre, so help is largely self-serve and approval on every loan sits with the partner who lends it.

How Borrowell compares

Where Borrowell is available

Available
Canada

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

Frequently asked questions

What does a Borrowell loan cost?+

Borrowell's credit building loan runs at an APR of 0% over a term of 48, and early repayment is free on it. Its personal, debt consolidation and business loans go through loan partners who set their own pricing, so this rate does not cover the whole marketplace.

What credit check does Borrowell use?+

The check on a Borrowell application is soft prequal, and the credit bar sits at poor. That is a lower bar than most lenders ask, which is the point of a marketplace, but a partner still decides both the approval and the rate you are offered.

Who can apply to Borrowell?+

You need to be a Canadian citizen or permanent resident and an adult at the age of majority in your province, and the credit bar is poor. Eligibility covers a single market, so applicants outside Canada cannot use the service.

How much can I borrow from Borrowell?+

Borrowell personal loans run CAD 500 to CAD 50,000, and home improvement work such as a renovation fits the same marketplace. On our data the brand sits at 457 of 685 on loan amount, so it is not the choice for the largest sums.

Does Borrowell handle mortgages too?+

Borrowell also runs a mortgage marketplace covering purchase, remortgage and first time buyer, so a purchase, a remortgage or a first home run through the same platform. Partner lenders set the rate there as well, so quotes can sit outside the personal loan range.

How do I reach Borrowell support?+

Support is by email and help centre, which is email and a help centre rather than a phone line. For anything urgent on a live loan the help centre is the main route, so have your application details to hand.

Can I repay a Borrowell loan early?+

Early repayment is free on the credit building loan, so you can clear it early without a charge and cut the total cost. Leave the balance alone and it clears on its own over 48.

How fast does Borrowell pay out?+

Funding happens Usually within a matter of days of approval by loan partners, so the money follows a partner decision rather than a clock on Borrowell's side. That extra step means an application can sit while a lender reviews it, and the timing belongs to them.

Sources

  • borrowell.com checked September 26, 2026

    Backs: Legal entity, Lender type

    “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/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/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 7 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Arrangement fee, Representative example.

Borrowell

Borrowell

Rebuilding credit with a soft prequal check at an APR of 0% on the credit building loan.

8.9/10Visit

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