Tom Drake is one of the most influential personal finance bloggers in Canada. As Founder and Writer at Canadian Finance Blog, Tom has been educating Canadians on how to manage their personal finances for years. In his day job, Tom is a Financial Analyst at a large grocery chain in Edmonton, Alberta. That experience, combined with his expertise at “spending less and saving money, thanks to my background in budgeting” makes Tom Drake an important voice in educating Canadian savers. He lives in Edmonton with his wife and two boys.
We were thrilled to wake up this morning to a great blog post from Tom Drake, reviewing the Borrowell personal loan product and application process. You can read the entire review here.
In particular, we were excited to see that Tom shares our vision of how the fintech revolution will affect the consumer banking landscape in Canada and give consumers more options. “I’m very excited to see a company like Borrowell make inroads in Canada” says Tom, “As you can tell from this review, I think it’s a great step forward, and Borrowell can be a good option for someone looking to finally get out of debt”.
At Borrowell our mission is to make lending fast, fair and friendly, which means focusing on our customers’ needs, and delivering a service that has their needs in mind. More specifically, we want to make the lending process easier and be able to deliver customized interest rates based on each customer’s personal credit history.
So how do we measure up on fast, fair and friendly?
“The initial credit application takes about one minute to fill out” said Drake, “Once that’s done, you’ll usually get your money the next business day.”
Compared to the usual 2 or 3 visits to the bank branch, we’d say that’s fast!
“Credit card interest rates in Canada can be very high, commonly between 19.9% and 29.9%. If you are trying to dig out of credit card debt, it’s difficult to find success with rates that high. Paying your minimum can result in decades of debt repayment. Refinancing your credit card debt to a lower rate through a more traditional bank often means putting your home up for collateral. This is where a company like Borrowell can really help.”
Drake continues “your actual interest rate will depend on your credit score and other creditworthiness factors. Even if you pay a higher rate, chances are that it will still be lower than what you currently pay on your credit cards”.
We think it’s only fair to get credit for your good credit.
And how friendly is Borrowell according to Tom Drake? “Borrowell is one of the easiest ways for Canadians to lower their interest rates on credit card debt, and adjudicate almost instantly to provide you with options for an online loan that works for you.”