We have answers.

Can I get a second loan or increase my loan amount?

After your loan agreement has been issued, we can’t increase your loan amount. At this point in time, we are not able to process additional loans for customers who have an active loan with us.

If you have fully paid out your Borrowell loan, you are more than welcome to apply for another loan!

What happens if there isn’t enough money in my bank account when my payment is due?

We’ll send you a reminder email three business days before your payment is due. If you don’t have enough funds in your account on the payment date, we’ll charge you an NSF (non-sufficient funds) fee of $25 to cover associated costs.

How do I repay my loan in full?

You can repay your loan in full at any time without any prepayment penalties.

Please email us at service@borrowell.com. Please let us know:

  • Your loan number
  • The date you would like to make the full repayment 

We’ll respond letting you know how much the payment would be, which you’ll need to confirm in order for us to process the payment.

Can I make an extra payment on my Borrowell loan or repay it in full?

You can make additional payments on your loan without any prepayment penalties. You can also repay your loan in full at any time.

Please email us at service@borrowell.com. Please let us know:

  • Your loan number
  • The payment amount
  • The date you would like to make the full repayment

We’ll respond letting you know how much the payment would be, which you’ll need to confirm in order for us to process the payment. Please give us at least 3 business days’ notice to process your additional payment.

How do I repay my loan?

Your monthly payment is taken out automatically each month, from the same bank account where we deposited your funds. We’ll send you a reminder email 3 days before your payment is due.