Personal Loan Calculator
A loan through Borrowell could help you save on the total interest and the amount of time it takes you to pay off your existing debt. Simply enter information about your existing debt into the table below to see your savings.
At Borrowell, the Annual Percentage Rate (APR) is the cost of borrowing and it includes both the interest rate and origination fee.
An origination fee is the only fee associated with taking out a Borrowell loan. It is a one-time fee that covers the cost of evaluating loan applications, building and operation our processing platforms, and providing amazing customer service.
An APR enables you to easily compare the cost of credit when weighing different loan options.
Click the button above to find out your interest rate.
What Is the difference between a credit card and a personal loan?
Credit cards are one of the most expensive forms of financing. In fact, 2017 figures from Equifax Canada show that consumer debt is now at an all-time high of almost $1.8 trillion – and this includes $90 billion in outstanding credit card debt!
Credit cards, depending on the card, all have a standard “one size fits all”interest rate that isn’t related to your credit history. When using a credit card, you’re obligated to make a minimum monthly payment, but pay monthly interest based on the average balance during the month. If you just pay the minimum monthly payment, you can end up being in debt for years, even decades, and paying thousands in interest charges. This interest also compounds and you could end up paying interest on your interest!
Personal loans often have lower interest rates than credit cards, as the interest rate on a loan is a tailored rate based on your credit score and credit history. A loan is a lump sum of money that you can use immediately to pay off your debt. You then make fixed monthly payments over a specific period of time and your monthly loan payments will include principal and interest.
Are there any additional fees I should consider?
It’s important to understand any additional fees you could pay when weighing your loan options. A common additional fee is a prepayment penalty if you decide to pay off your loan early. At Borrowell, there are no prepayment penalties. You can pay off your loan or make an additional payment (saying goodbye to future interest payments) anytime you like!
As long as there are enough funds in your account when your payments are due, there are no monthly fees if you decide to take a Borrowell loan option. If there aren’t enough funds in your bank account to cover your payment when it’s due, VersaPay will charge a $25 Non-Sufficient Funds Fee. This fee is to cover the costs we have to pay because of the unsuccessful payment.