Do you want to know what your credit score is but don’t want to pay for a report? Then you’ve come to the right place.
According to Equifax, the average Canadian credit score is 672 as of 2022. The maximum credit score you can have is 900.
Usually, you’d have to pay a fee to get a credit report done. But luckily, there are companies such as Borrowell that provide free credit score reports for Canadians.
Knowing your score, regardless of whether you have fantastic or poor credit is a good idea. Even though my credit score is excellent, I still use Borrowell to review my score every few months to detect if there is any credit fraud under my name.
Offers free credit score checking and monitoring in Canada. Compare credit cards, and take out loans.
Pros
Free credit score and monitoring
Quick and hassle-free loan access
An easy-to-use user interface
Good option as a lender for debt management
Top-notch bank-grade safety standards
Cons
Interest rates for loans are not as low as a Home Equity Line of Credit (HELOC)
Limited loan options
Highlights
Free credit score and report based on Equifax’s patented model
Free credit score monitoring – your credit profile is updated monthly for free
Offers unsecured loans— acquire loans up to $35,000 for three or five-year terms without needing any guarantor.
Offers credit card comparison— compare different types of cards with their features, fees, and interest rates
Offers Worry-free use— uses bank-level 256-bit encryption for data entry
Educates— free credit card improvement tips
What Is Borrowell?
Borrowell has been a key player in the digital lending market since its inception in 2014, offering low-interest personal loans with a fully online operation that eschews traditional brick-and-mortar branches.
Since launching, Borrowell has continuously expanded its range of services. A significant milestone was its partnership with Equifax in 2016, making it the first Canadian digital fintech platform to provide free access to credit scores. This innovation has played a crucial role in democratizing financial information, allowing Canadians to easily monitor and understand their credit status without a fee.
By 2025, Borrowell has grown to serve over 1.5 million members who utilize its array of financial services. The platform has remained popular due to its commitment to providing free credit score services without the prerequisite of purchasing additional services.
This user-friendly approach ensures that anyone can sign up and receive their latest credit score within minutes, all from the convenience of their device
Borrowell Reviews: What Does Borrowell Canada Offer?
Borrowell is more than just a free-of-charge way to find out your credit score. If you want to make the most of this online fintech platform, read on.
Free Credit Score and Free Credit Report
Offering free credit scores became a game-changer for Borrowell. Racing to one million members has a lot to do with this extraordinary offer. Borrowell started a free credit score service in 2016, which was soon followed by free credit reports.
The credit score and report furnished by Borrowell are based on Equifax’s score range of 300-850 and Risk Score of 2.0. Equifax Risk Score determines the chances that a borrower will let the debt fall into delinquency over the next year.
The introduction of free credit monitoring proves to be the icing on the top. Borrowell revises your credit profile every month without charging you a single dollar. This free-of-charge service allows you to be more diligent about your credit profile.
You can keep track of any error or fraud on your credit profile for which you have to pay money to credit bureaus otherwise.
How to Get Your Free Credit Score and Free Credit Report
The process of finding out your free credit score and getting a credit report is really simple. In a couple of steps, while providing the relevant details, you can retrieve the required information.
Here, we will take you through the process with a series of snapshots.
2) The signup process will be completed within a few seconds. This window will appear after that. Click on GET STARTED
3) Fill out the asked details in every window and keep clicking the CONTINUE button.
4) From the above window, you will be carried to a questionnaire from Equifax to make your detailed credit report. All of this will take a couple of minutes. Once you submit all the information, the following window will appear.
Fixed-Rate Personal Loans
The other good thing about Borrowell is its flexible loan-granting terms. Whether you are looking to get small personal loans without a guarantor or managing a debt consolidation plan, the fixed-rate loan service of Borrowell will come in handy.
You can borrow up to $35,000 on a three and five-year return basis. . You can return the loans before the term ends without incurring any pre-payment penalty.
I also like the fact that Borrowell doesn’t waste time in approving the loan. If you are eligible to get a loan, you will get it without painful, endless waiting. The eligibility criteria for obtaining a loan from Borrowell are as follows:
You must be a Canadian citizen or resident
You should have a credit score above 660
You haven’t filed for a consumer proposal or bankruptcy
Besides meeting the above-mentioned criteria, you need to provide these three details to apply for a loan with Borrowell.
The reason for borrowing the loan
A document to verify your monthly income
Details of your mortgage/rent commitments
After filling in all the details we have discussed above, you will land on a window such as this:
Once you chose the loan offer, you will need to either submit your two latest pay stubs or two notices of assessments from your most recent tax returns.
After submitting the verification of income, you will have to choose your bank account.
After verifying your income statement and bank account, Borrowell will send you the paperwork to fill out. You will have the loan deposited in your account soon after the submission of the paperwork.
It is important to mention here that all these submissions take 1-2 days and are done digitally.
Credit Card Comparison Portal
To make its credit-related services wholesome, Borrowell also lets its registered members compare different credit cards. You can compare different cards on the basis of their features, annual fees, and interest rates.
The type of credit cards you can compare on Borrowell are mentioned in the below snapshot.
Borrowell Free Credit Score and Credit Report FAQ
1. What does a credit score indicate about my financial health?
A credit score, ranging from 300 to 900, reflects your financial stability and creditworthiness. A higher score, typically above 650, suggests good financial health and enhances your eligibility for favorable loan terms.
2. Does checking my credit score affect it negatively?
No, accessing your credit score through Borrowell is a “soft inquiry” which does not impact your credit score. You can check as often as you need without any negative consequences.
3. How long does it take to check my credit score with Borrowell?
With Borrowell, checking your credit score is quick and straightforward. It only takes a few minutes to access your score online, directly from your device.
4. What information is included in my credit report?
Your credit report provides a detailed account of your credit history, including all credit accounts, credit inquiries, payment histories, and any consumer statements or discrepancies noted by creditors.
5. Can I trust the accuracy of the credit score provided by Borrowell?
Yes, Borrowell partners with Equifax to provide reliable and accurate credit scores. The scores provided are calculated using Equifax’s comprehensive credit scoring model.
6. How frequently does Borrowell update credit scores and reports?
Borrowell updates credit scores and reports monthly. This regular update allows you to monitor changes and spot any potential inaccuracies or fraudulent activities early.
7. Does Borrowell send frequent marketing emails or messages?
Borrowell respects user preferences and privacy. It sends only essential communications, such as monthly reminders to check your credit score. All other marketing materials are optional and can be customized based on your preferences.
8. How can I improve my credit score using Borrowell?
Borrowell offers tools and educational resources to help improve your credit score. By regularly monitoring your credit report and following tailored advice, you can take steps to enhance your creditworthiness.
9. What steps should I take if I find inaccuracies in my credit report through Borrowell?
If you discover any inaccuracies in your credit report, you can dispute them directly with Equifax through the Borrowell platform. Borrowell provides guidance on how to file disputes and correct information effectively.
10. Is there a cost associated with using Borrowell’s credit monitoring services?
Borrowell offers free credit monitoring services without any hidden fees. The platform aims to provide transparent and accessible financial tools to all Canadians.
Borrowell Loan Competitors
As of now, Borrowell has two competitors in the Canadian market: Grow and Mogo. Let’s have a quick look at how these two platforms fare against Borrowell.
Grow
Formerly known as Grouplend, has now been acquired by ATB Financial. It offers loans from $1,000 to $30,000 on different fixed-rate interest rates for up to a five-year return term.
It also offers free credit scores and reports but with its own RateTracker, which may not be as accurate as Equifax’s universally accepted propriety model.
Mogo
Mogois the oldest player among digital fixed-rate personal loan lenders, with more than 200,000 active members. It offers the same loan amount as Borrowell ($35,000). Like the other two platforms, it also offers free credit updates to its members.
Borrowell Fees and Costs For Loans
Besides the fixed annual interest rates, you need to take care of a couple of fees to acquire a loan from Borrowell. These costs include:
The origination fee will cover the cost of customer and administration services. It will depend on your credit profile and the amount of loan you are applying for. Usually, it doesn’t exceed 5% of the loan amount.
You will have to pay $25 if your account doesn’t have the required money on the beforehand agreed-upon repayment dates.
There is no fee for credit score and credit reports with no fine print terms and conditions.
Is Borrowell Safe and Legit?
Yes, Borrowell is safe to do business with. The company understands the importance of data encryption while acting as a third-party entity between users and their bank accounts.
Borrowell has implemented 256-bit encryption on all the data entries to protect sensitive financial information from hacking and online eavesdropping. This encryption complies with the requirements of all major Canadian banks.
How to Delete Borrowell Account
There is no automatic method to delete or deactivate your Borrowell account.
To deactivate your Borrowell Account, you need to send an email to [email protected], and one of its customer care representatives will guide you further from there.
Christopher Liew is a CFA Charterholder and has held several roles in the finance industry.
He’s worked as an investment wholesaler at Sentry and CI Financial, a financial advisor at RBC, and an energy trader at Enmax.
He is Alberta-based while he’s in Canada, but spends much of his time working and living in other countries.
Christopher speaks English and studied accounting and finance at the University of Alberta.
He is one of the founders of Wealth Awesome where he has written articles and created videos for our subscriber base of over 20,000 Canadian investors.
