Life happens. At some point in your life, you may need to make a purchase that you currently don’t have the money for. If you’re looking to further your education or purchase a new car to drive the family around, a personal loan can make your life easier and help you achieve your goals.
Take out a personal loan between $1,000 to $35,000 to cover your big purchase cost, without carrying expensive credit card debt. Get your credit score for free and we’ll show you the best loans suited to your financial profile.
This won’t affect your credit score!
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.
Have questions? Simply email our friendly customer service team.
1) 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.
2) Get a Quote (1 minute)
If you’re eligible for a 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
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!
Choosing a Borrowell loan gives you…
The affordability you’re looking for.
Most credit cards charge interest rates of 19.99%, which can quickly rack debt.
A loan with a 12-14% interest rate can save you thousands over time.1
Fast money. A Borrowell loan can be in your pocket by the next business day!
This means you get your money up-front, so you can use it for deposits and other expenses.
You can pay off your loan as early as you like with no prepayment penalties and in easy instalments.2
When is it a good idea to use a personal loan for a big purchase?
There are a number of different scenarios when a personal loan may be a good option for you. You may need to make a purchase that you simply don’t have the capital for. This includes:
Is using a personal loan to make a big purchase a good idea?
For many Canadians, a personal loan is a good option because it allows them to access credit to achieve a financial goal or help with a much-needed purchase.
If you know there’s a chance you may not be able to pay off the item in full, a personal loan may be right for you. Only making the minimum payments means you could be in credit card debt for much longer.
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.