Credit card debt is something that can easily get out of hand. Whether it be an unforeseen cost, or just overspending in general, your small debt can quickly become a big one. The average credit card interest rate in Canada is 19.99% – and store cards can go up to 29.99%! We offer highly competitive interest rates that can help you save thousands of dollars.
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1) Get Your Free Credit Score
Get your free credit score. Then, we’ll show you the best loan options suited to your financial profile.
2) Get a Quote
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.
3) Verify Your Info
Provide proof of income and verify your bank account.
4) 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 easy!
The average Canadian has over $20,000 in consumer debt. This means that Canadians are spending way too much money because of expensive credit card debt. Say you have a total credit card balance of $10,000 and you carry it month over month on your credit card. With an interest rate of 19.99%, you’ll end up paying $6,547 in interest and you’ll carry your debt for a lot longer.1
Now let’s say, instead, opted for a Borrowell loan with an interest rate of 10.5%. You would pay off your debt in 3 years, and only pay $1,734.93 in interest. You would save a total of $4,812.2
1Based on credit card APR of 19.9% and credit card debt repayment of $250 per month.
2Please 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.