We have answers.

Do you charge any other fees?

As long as there are enough funds in your account when your payments are due, there are no other fees. If there aren’t enough funds in your bank account to cover your payment when it is due, VersaPay will charge a $25  Non-Sufficient Funds (NSF) fee. This fee is to cover the costs we have to pay because of the unsuccessful payment. 

Why do you charge an origination fee? How much is it?

In order to give you the lowest possible interest rate, we charge a one-time “origination fee” that covers the costs of finding customers, evaluating loan applications, building and operating our processing platform, and providing amazing customer service. We feel this is a clear and transparent way to be upfront about how we get paid for the service we provide. The interest on your loan is used to repay the investors who give Borrowell financing for our loan business.’

The one-time origination fee is between 1-5% of your loan amount. The percentage depends on the term of the loan (3-year loans have a lower fee) and your loan grade – the better your credit profile, the lower your origination fee.

We will add the origination fee to the approved loan amount. For example, if you’re approved for a $5,000 loan at a 2% origination fee, your total loan amount would be $5,100. You would receive $5,000 in your bank account and pay the origination fee off with the rest of your loan.

There is never any cost to get a quote. It’s free to apply and you’ll find out right away if you qualify, along with the loan amount, interest rate, and monthly payment.


What are your rates?

When you check your loan rate with Borrowell, you’ll find out right away if you’re eligible to receive a loan option. Those who qualify will find out their loan amount, interest rate, origination fee and annual percentage rate (“APR” – which includes all fees). Borrowell interest rates start from 5.6% APR for the best credit borrowers. Our average APR is around 11-12%.