Online credit score service providers have made it easier than ever to check your credit score in Canada without having to pay anything.
Borrowell is one of three leading fintech companies in Canada that offer free credit score services.
Over the years, I have used other credit score services platforms to check my credit scores, but there’s something that sets Borrowell apart from the rest.
From free credit score services, credit education, credit coach, $75 (interest-free) cash advance on non-sufficient funds (NSF) to personalized financial products from over 50 partners, Borrowell has something for everyone.
However, there are many things you need to know before using Borrowell.
Here I provide everything you need to know about Borrowell, such as its products, pros and cons, competitors and more.
What is Borrowell?
Borrowell is one of the leading free fintech companies providing free credit score services in Canada.
Established in 2014, Borrowell was the first fintech company in Canada to provide free credit score services.
In addition to free credit score services, Borrowell also offers a wide range of financial products in collaboration with more than 50 partners. These financial products include:
- Credit cards
- Investing products
- Banking products
Thus, it’s obvious why Borrowell has attracted over 1.5 million users in less than a decade of existence.
So this Borrowell review covers everything you need to know about the fintech company based on my personal experience.
What Makes Borrowell Unique?
Borrowell is unique because of its free weekly credit score, credit report, and wide range of financial products from over 50 partners.
As the first fintech company to offer free credit score services in Canada, Borrowell offers customized credit coaching to help improve your credit score.
Thus, Borrowell recommends over 50 financial products from its partners at no cost to you based on your credit profile.
Additionally, Borrowell Boost is the help you ever need to avoid overdraft fees and credit score decreases.
This is because the tool predicts the probability of having insufficient funds in your account and offers a $75 (interest-free) cash advance to help you meet upcoming dues.
Here I discuss Borrowell’s major products, which set it apart from other fintech companies in Canada.
1. Free Credit Score
Borrowell offers a free weekly credit score and credit report based on Equifax’s proprietary model.
Thus, Borrowell automatically updates your score every week, offering customized ideas for improving your credit score and recommending the best financial products that suit your credit profile.
That said, you can print or download your credit report at no cost. You can also see all your payment history on the credit report, helping you improve your budget and debt payment.
2. Credit Coach
Borrowell has a free credit coaching tool that offers personalized credit monitoring services to its users.
With the Borrowell Credit Coach, you don’t have to bother analyzing the factors that constitute your credit score; it does the hard job for you.
Thus, this free tool analyzes your credit profile, monitors your credit, performs a credit check, and offers personalized suggestions on how to improve your credit score.
3. Borrowell Boost
Not only can you track your credit score and receive free credit monitoring services on Borrowell, but you can also boost your finance for free.
By paying your bills on time, you will avoid overdraft fees and improve your credit score and overall finance.
That said, Borrowell Boost is the first tool in Canada that offers free bills prediction and low balance alerts to its users.
Thus, Boost is linked to your bank account, allowing you to track your bills and receive notifications of upcoming payments.
In addition, the tool predicts the probability of having insufficient funds in your account. It then offers a $75 (interest-free) cash advance to help you avoid overdraft fees and your credit score decreases.
This is one of the greatest boosts you need to stay on top of your finances.
4. Financial Product Recommendations
As mentioned previously, Borrowell recommends over 50 financial products from its partners based on your credit file and goals.
When signing on Borrowell, you will be required to answer a questionnaire about your goals and credit file.
Accordingly, Borrowell’s AI-powered technology will recommend personalized products based on your credit report and goals. Some of the products Borrowell recommends include:
- Credit cards
- Bank accounts
- Investing products
Borrowell Pros and Cons
Here are the pros and cons of Borrowell as of the time of writing this Borrowell review:
- Ease of use
- Free credit score check, credit report, credit education, credit monitoring and tips.
- Personalized product recommendations
- $75 (interest-free) cash advance for non-sufficient funds (NSF).
- High loan interest rates (avg. 4.34% – 5.76% APR)
- Limited loan terms
Borrowell Review: My 5-Star Rating
Here’s how I arrived at the 4.8/5 star rating of this Borrowell review.
|Ease of Use||*****|
|Credit Report Frequency||*****|
The above table shows that Borrowell is performing well in most aspects, deserving the 4.8-star rating of this Borrowell review.
With its free perks and wide financial products, almost everyone interested in improving their credit score will find Borrowell ideal.
However, Borrowell needs to expand its loan term to accommodate more borrowers. It also needs to decrease its loan interest rate to attract more people that want to borrow well.
Overall, my Borrowell review is positive, and I recommend it to everyone who wants to improve their credit score and finances.
How to Open a Borrowell Account
Signing up to Borrowell takes just less than 3 minutes.
You can sign up to Borrowell through its website or app, available on Google Playstore and Apple Store.
Here are the steps of opening a Borrowell account through the Borrowell website:
- Visit the signup page
- Enter your email address
- Create a password
- Provide your full name
- Enter your current address
- Provide your personal details (DOB, telephone number, income)
- Provide your financial goals for a customized recommendations
- Answer questions about your credit file
That’s all. You are now one of the more than 1.5 million Borrowell users.
Can I Delete My Borrowell Account?
Yes, you can delete your Borrowell account any time you wish. The following are the steps for deleting the Borrowell account:
- Visit this page to submit a request
- Enter your email address
- Use “Delete Account” as the subject
- Write any comment/message about your decision (optional)
- Click “Credit Score and Report / Your Account” under the inquiry question
- Submit your request.
After that, you will receive an email from Borrowell confirming the successful deletion of your account.
Borrowell vs. Credit Karma: Which to Choose?
To help you make the best choice, here I compare Borrowell with one of its competitors, Credit Karma.
Formerly known as Noddle, Credit Karma is a free credit service provider based in the US with members across Canada and UK.
With more than 100 million users, Credit Karma also uses Equifax plus TransUnion to offer free credit scores, report monitoring and services to its members.
Thus, both Borrowell and Credit Karma offer accurate credit score services using the top credit bureaus: Equifax and TransUnion.
Accordingly, credit bureaus use your credit history duration, credit card usage and credit report to calculate your credit score.
Furthermore, other credit bureaus calculate your credit score by considering factors such as your likelihood of defaulting or filing for bankruptcy.
Thus, Credit Karma and Borrowell may not provide the same results since each bureau uses a different model to determine your credit score.
According to my research, Equifax and TransUnion calculate credit scores using over 20 factors. This means that you should expect different results from the two bureaus.
Therefore, it may be challenging to choose between Borrowell vs Credit Karma. However, it doesn’t have to be. All you need to do is decide what’s most important to you: credit score services or other financial products?
Or are you looking for credit score services plus free cash advance to help you avoid overdraft fees?
That said, it’s important to note that Borrowell offers credit score services, credit education, credit coach, non-sufficient funds (NSF) boost, credit cards, bank accounts, insurance, loans, mortgages and investing products.
On the other hand, Credit Karma offers credit score services, credit cards and personal loans.
Based on your needs, you may find either Borrowell Credit Karma or Borrowell ideal.
However, you can open both Borrowell and Credit Karma accounts to benefit from Equifax and TransUnion credit scores and reports, as both fintech companies offer free credit score services.
Overall, my Borrowell review is positive, and I recommend it to everyone looking for free credit score services, non-sufficient funds (NSF) boost and personalized financial products.
Verdict on Borrowell Review
From the above Borrowell review, it’s obvious that Borrowell has competitive offers than other credit score service providers in Canada.
As mentioned previously, Borrowell has something for everyone from free credit score services, credit education, credit coach, $75 (interest-free) cash advance on non-sufficient funds (NSF), and personalized financial products from over 50 partners.
I compared Borrowell vs Credit Karma to help you see how Borrowell is performing in the industry.
Although you can’t make a wrong choice with these fintech companies, Borrowell offers more than Credit Karma.
However, your choice of any credit score service provider should reflect your needs and financial situation.
As noted previously, both Borrowell and Credit Karma use reliable credit bureaus to offer accurate credit scores and credit reports.
While you may have different results from each credit bureau, the results are accurate as per the factors they measure.
So my Borrowell review is positive, and I recommend it to everyone looking to improve their credit score and overall finances.
FAQs on Borrowell Review
Is Borrowell Any Good?
Yes. Borrowell is good because of its free and accurate credit score services and other reliable financial products from over 50 partners.
Furthermore, Borrowell is on top of its game with its free credit score services, credit education, and credit coach to $75 (interest-free) cash advance for non-sufficient funds (NSF).
What is the Highest Credit Score on Borrowell?
The highest credit score on Borrowell is 900, and the least is 300. Borrowell uses the Equifax Risk Score 2.0 (ERS 2.0) to determine your credit score using your credit report.
Does Borrowell Affect Credit?
No. Borrowell’s credit check doesn’t affect your credit score because it’s not a hard check. Borrowell conducts a soft check which doesn’t hurt your credit score.
Is Borrowell Legit and Safe?
Yes. Borrowell is legit and safe because it has an A+ BBB rating and over 1.5 million trusted members in less than a decade of existence.
That said, Borrowell doesn’t share your information without your permission, and it uses 256-bit encryption to protect your personal information.
What Information Does Borrowell Need?
Borrowell needs your personal information such as your full name, date of birth, address and telephone number to provide your credit score and credit report.
Furthermore, Borrowell needs information about your credit file and goals to provide customized recommendations on improving your credit score and finance.
Does Borrowell Use Equifax?
Yes. Borrowell uses Equifax’s proprietary model, which the Equifax credit bureau offers.
Does Borrowell Lend?
Yes, Borrowell partners with over 50 companies to provide loans based on your credit profile. Once you sign up on Borrowell, you will see a range of loans that suit your profile.
How Often Does Borrowell Update?
Borrowell updates its credit score weekly. This means you will receive your credit score and credit report every week, helping you keep track of your credit score progress frequently.
Have more questions about this Borrowell review? Drop them in the comment section.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.