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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Creating an account is quick and easy. You’ll instantly see what options are available to you.
Your scheduled payments will be the same each month and won’t change. Plus, there are no prepayment penalties.
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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 (1 minute)
If you’re eligible for a low-interest loan powered by Borrowell, you’ll have the option to get a quote. Otherwise, we’ll provide you with alternate options from our trusted partners.
3) Verify Your Info (1 minute)
Provide proof of income (your two most recent pay stubs or Notice of Assessments) and verify your bank account electronically.
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 simple!
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
How can I use a personal loan to pay off my credit card?
Credit cards are a great financial tool to build credit, however, they shouldn’t be used as a borrowing tool because of the typically high-interest rates. A personal loan can help you pay off high-interest credit card debt. See how much you could save on interest with our loan calculator.
How do I get out of credit card debt?
A low-interest personal loan can help you pay off your credit cards. Borrowell offers loans ranging from 5.60% APR to 29.9%.* Taking a Borrowell loan could save you money on interest. See how much you could save with our loan calculator.
Is paying off my credit card with a personal loan a good idea?
If you’ve fallen behind on credit card payments, a personal loan may be right for you to help you save on interest. Paying the minimum balance on your credit cards means you could be in credit card debt for much longer.
If you’re a Canadian with good credit history, a Borrowell personal loan may be right for you.
How do I apply for a personal loan?
Personal loans are simple. First, get your credit score from Borrowell and then you’ll see the best loans suited to your financial profile. Checking your rate won’t hurt your credit score.
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.