Get a low-interest personal loan.
It’s simple and hassle-free.
Plus, you’ll get a free credit score and report monitoring (this won’t affect your credit score).
Unsecured personal loans up to $35,000, starting at 5.6% APR.*
Why get a low-interest personal loan through Borrowell?
Low interest rates.
Save money on interest payments.
Quickly and easily apply online.
No prepayment fees.
Pay off your loan at any time!
We protect your data using bank-level encryption.
How it works?
Get Your Free Credit Score (1 minute)
Get your free credit score. Then, we’ll show you the best loan options suited to your financial profile.
Get A Quote (1 minute)
If you’re eligible, you’ll have the option to get a quote from Borrowell. Otherwise, we’ll provide you with alternate options from our trusted partners.
Verify Your Info
Provide proof of income (your two most recent pay stubs or Notices of Assessment) and verify your bank account electronically. In some cases, we may ask for additional information.
Get Your Money
If approved, your money will be directly deposited into your bank account as soon as the next business day. Personal loans are simple!
Check My Rate
This won’t affect your credit score!
How much can I save?
Every day, we save Canadians thousands of dollars in credit card interest.
The typical borrower saves $4,812 compared to a credit card*.
Find out how much you could save with our interest savings calculator.
See what some of our customers have to say...
Are you looking to learn more about personal loans?
A personal loan is a serious financial commitment. You’ll naturally want to do a bit of research before making a decision. So check out these articles. They include answers to key personal loan questions our own Borrowell customers had!
This won’t affect your credit score!
Taking a low-interest personal loan from Borrowell can help you consolidate debt and get out of debt faster. It could also be used to improve your home, start a business, or help with a big purchase. Do you have questions about taking a Borrowell personal loan? We have answers!
Why should I get a Borrowell personal loan?
Many Canadians get low-interest personal loans for different reasons. They can be helpful in many different situations, such as getting out of debt faster. Here are just a few things a personal loan may be used for:
- Paying off your credit card (to save on interest payments)
- Debt consolidation of other types of debt (pay off multiple debts with a larger loan to create one easy monthly payment)
- Financing your business
- Funding your wedding
- Improving your home
- Making a big purchase, such as a vehicle
- Moving costs
Why does my credit score matter?
Your credit score plays a big role in determining the interest rate of your loan. Your credit score is used by banks and lenders (like Borrowell) to evaluate your creditworthiness, or how likely you are to pay back a loan.
Borrowell gives you your credit score, for free, so you can monitor and work to improve it over time. Even if you don’t qualify for a Borrowell loan, we provide the tips and tools to help you get there!
Will checking my interest rate affect my credit score?
No, checking your interest rate on a Borrowell loan will not affect your credit score. Checking your rate or credit score through Borrowell is a soft credit inquiry that doesn’t affect your credit score or appear on your credit report.
How does debt consolidation work?
Debt consolidation is when you take a new, larger loan to pay off a number of smaller debts, loans, or bills, that you’re making payments on. This brings the numerous debts together to create a combined loan and only one monthly payment.
Of course, it’s impossible to actually merge different loans together. All debts have different interest rates and repayment terms. So debt consolidation means getting a low-interest personal loan to pay off higher-interest debt, then paying off the loan in one easy payment each month.
What is the difference between a secured loan and an unsecured loan?
A secured loan is a loan that’s backed with something valuable you own. This could be your house, car, or even expensive jewelry. If you default on your loan, the lender may take possession of the deed and can apply the proceeds of the sale of the collateral to the outstanding debt.
An unsecured loan is money you can borrow without collateral, such as a Borrowell personal loan.
Can I pay my Borrowell personal loan off all at once?
Yes, you can pay off your Borrowell personal loan off all at once, at any time. Unlike the competition, we don’t charge any prepayment fees, so you can make extra payments or pay it off completely without extra fees.
How soon can I get the funds from my Borrowell loan?
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. Funds can be in your account in as little as 48 hours from the start of the application.
Do I need to go to a bank to get a Borrowell loan?
No. Borrowell is 100% online. You can apply for your loan from the comfort of your home and get access to your funds in as little as 48 hours.*
How much can I save?
Let’s say you decide to borrow $10,000 from Borrowell at 10.5% (APR) to consolidate your credit card debt. By moving $10,000 of credit card debt into a lower interest Borrowell loan, you could save more than $4,800.* Your total cost of borrowing would be $1,700 with a Borrowell loan, compared to $6,500 borrowing from your credit card.**
What is the Annual Percentage Rate (APR)?
APR stands for Annual Percentage Rate. It shows the cost of borrowing including the fee on a yearly basis. The APR on a Borrowell loan includes both the interest rate and origination fee. Our annual percentage rates (APRs) range from 5.60% to 29.19%. Check your credit score for free and find out what you qualify for. Checking your rate won’t hurt your credit score.
What are the maximum and minimum loan terms?
Choose a loan between $1,000 and $35,000 and select the term, either 3 or 5 years, that works best for you. We offer fixed rates starting at 5.6% APR. The maximum loan term is 5 years. There is no minimum loan term because you can pay off your loan at any time, with no prepayment fees.
What’s the Origination Fee?
This is the only fee associated with taking out your Borrowell loan. The one-time origination fee covers the costs of 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 proceeds. The percentage depends on your credit profile – the better the credit profile, the lower the origination fee – as well as the term of the loan.
We will add the origination fee to the loan amount we’ve approved. So if you are 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 Borrowell would receive a $100 origination fee.
*Please note that final approval of your application for a Borrowell loan is conditional on completion of the steps set out in your application (including identity, income, and bank account verification) as well any further underwriting review deemed necessary. Additional documents may be required. Borrowell retains the right to adjust any loan options presented to you or to decline your application at any time prior to final approval.
**Based on credit card APR of 19.9% and credit card debt repayment of $250 per month.