We have answers.

How long do I have to accept a loan option?

If you qualify, we’ll present you with two potential loan options – a 3-year term and a 5-year term. We’ll show you the loan amount, interest rate, and fixed monthly payment. You can accept right away to begin the verification process, or come back within one week. After 14 days, your loan options will expire and you’ll need to apply again. 

Why didn’t I receive the loan amount I asked for?

The loan size is limited based on income and debt levels.

How much can I apply for?

You can apply for loans between $1,000 and $35,000, in increments of $100.

What is the Annual Percentage Rate (APR)?

The Annual Percentage Rate (APR) allows you to compare the total cost of credit from different loan options. For Borrowell, the APR includes two things: the interest you pay, and the one-time origination fee you pay us for arranging and servicing your loan. Our loans offer fixed interest rates, so your monthly payment will never increase.

How do I receive the money?

Once you’ve submitted your proof of income, verified your bank account and accepted your loan documents, your money will be directly deposited into your verified bank account.

How do I get a loan?

Start by checking your rate here. If you qualify, you’ll receive two loan options – a 3-year term and a 5-year term. You’ll find out how much you’ve been approved for, your interest rate and your fixed monthly payment and you can select the loan that suits you best.  

You’ll then need to answer a few questions about your identity, providing proof of income, and verifying your bank account.

For proof of income, you can upload or email us your two most recent paystubs. Feel free to take a photo if that’s easier. (No paystub? You can submit the Notice of Assessment from your last two tax returns instead.)

To verify your bank account, we use VersaPay, a leading provider of payment solutions. You’ll create a VersaPay account and input your bank and branch (transit) number. To ensure that the banking information you added is correct, a small amount will be deposited and credited to your bank account and an email will be sent when your account is ready to be verified. This can take 1-3 business days.

When the proof of income and bank verification is completed, we’ll email you so that you can review and accept your loan documents. We’ll then deposit the funds directly into your bank account.

Does checking my rate affect my credit score?

No, not at all! Checking your rate does not affect your credit score.