Rates and Fees
At Borrowell, our number one goal is to save you money. That’s why we provide low rates and no hidden fees. You can check your rate and apply for a personal loan in less than a minute, completely free of charge.
When you check your rate for a loan through Borrowell, you’ll find out right away if you’re eligible to receive a loan option. Those who qualify will find out their loan amount, interest rate, origination fee and annual percentage rate (“APR” – which includes all fees).
We offer fixed rates starting at 5.6% APR. The Borrowell interest rate is an annual percentage rate including the origination fee. To get an idea of how your credit matches up to an interest rate, see the table below:
Your rate may be different. Borrowell does not guarantee applicability regarding your individual circumstances.
Loan Amount and Terms
Choose a loan between $1,000 and $35,000 and select the term, either 3 or 5 years, that works best for you.
This is the only fee associated with your Borrowell loan. The one-time origination fee covers the costs of evaluating loan applications, finding the right lenders, 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 you pay gets returned to the lender.
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.
What is the “APR”?
APR stands for Annual Percentage Rate. It shows the cost of borrowing including fee on a yearly basis. It can help you compare different loans or credit cards on an apples-to-apples basis. The APR on a Borrowell loan includes both the interest rate and origination fee.
No Hidden Fees
As long as there are enough funds in your account when your payment is due, there are no additional or hidden fees. If there aren’t enough funds in your bank account to cover your payment, we will charge an NSF (Non-Sufficient Funds) fee of $25. You may also incur additional interest if you don’t make your loan payment on time as stated in the loan agreement.