We have answers.

What criteria do I have to meet to qualify for a loan via Borrowell?

To qualify for a Borrowell loan, you must:

  • Be a Canadian citizen or resident
  • Have reached the age of majority in the province you live in
  • Have a valid account with a Canadian bank or other financial institution
  • Have a valid email address
  • Have a credit score above 660
  • Have no bankruptcy, consumer proposal, collections or current delinquencies on file
  • Have a minimum credit history of 12 months

Why didn’t I qualify for a Borrowell loan?

There are a few reasons why you may not have received a loan option:

  • You may have what’s called a “thin credit file” – not enough information on your credit report for our scoring purposes.
  • You may not meet some our lending criteria, such as 12 months of credit history and a credit score of 660 or above. We also look at your income, how much credit you have access to, and the amount of debt you carry.
  • If you have a bankruptcy, consumer proposal, collections or delinquencies on your account, we will not be able to give you a loan.

If you applied and didn’t receive a loan option, we’re sorry that we aren’t able to help you at this time.


What types of income do you accept?

We accept employment, self-employment, business, investment, rental, and pension income. Income needs to be verified by providing two recent pay stubs or the last two Notices of Assessment from your personal tax returns.

What is the minimum income needed to qualify?

To qualify for a loan from Borrowell, you need to have a minimum yearly income of $20,000 before taxes. You’ll need to verify your income with pay stubs or the Notice of Assessment from your two most recent tax returns.

What is the minimum credit score I need?

The minimum credit score you need to qualify for a loan option is 660.

How old do I have to be?

You must be the age of majority in the province where you live.

Which provinces and territories does Borrowell service?

We are unable to provide loans to residents of Quebec, Saskatchewan, The Northwest Territories, Nunavut, and The Yukon.