Overview of Borrowell
Borrowell is a Canadian fintech company dedicated to helping Canadians make informed decisions about their credit and financial health. Founded in 2014, Borrowell has grown to serve over 3 million members, offering a comprehensive suite of financial products and services.
Core Service: Free Credit Score and Report
At the heart of Borrowell’s offerings is the free credit score and report service, provided in partnership with Equifax Canada. Users can access their credit score and detailed credit report without any impact on their credit score. This service is updated weekly, allowing users to track their credit health in real-time.
Key Features and Functionality
Credit Monitoring and Building
- Credit Score Monitoring: Users receive weekly updates to their credit score, enabling them to monitor their progress and take timely action if needed.
- Credit Coach: Borrowell’s AI-powered Credit Coach, named Molly, provides personalized tips and insights to help users understand and improve their credit scores.
Financial Product Recommendations
- Credit Cards: Borrowell’s platform analyzes users’ credit profiles and spending habits to recommend the best credit cards, whether for rewards, cashback, or low-interest rates.
- Personal Loans: Although Borrowell currently does not offer loans directly, the platform allows users to compare loan rates and terms from over 75 financial partners.
- Mortgages: Users can compare mortgage rates and assess their likelihood of approval, with access to calculators and detailed information on mortgage topics.
- Banking: Borrowell helps users find the best checking and savings accounts based on their financial profiles, often featuring limited-time promotions from top Canadian financial institutions.
- Insurance: The platform offers recommendations for insurance products from top Canadian insurance agencies.
Credit Building Tools
- Credit Builder: This program involves secured installment loans over 36 months, designed to help users build a strong credit profile. Payments are reported to Equifax, and users receive a refund of their payments minus subscription fees at the end of the term.
- Rent Advantage: For a monthly fee of $8, users can have their on-time rent payments reported to Equifax, helping renters build their credit score. There is also an option to report up to two years of past rent payments for a one-time fee.
Additional Tools and Services
- Debt Management and Budgeting: Borrowell provides tools for managing debt, tracking bills, and setting financial goals.
- Financial Health Dashboard: Users can view a comprehensive dashboard of their financial health, including alerts and notifications.
- Identity Theft Protection: Borrowell offers protection against identity theft, adding an extra layer of security for its users.
- Educational Resources: The platform includes a wealth of educational content, such as blogs, webinars, and guides, to enhance financial literacy.
User Experience
Borrowell’s platform is designed to be user-friendly and intuitive, available both online and through a mobile app. The interface is clean and easy to navigate, making it accessible to users of all technical skill levels. Customer support is available via phone, live support, and ticket systems.
Mission and Impact
Borrowell’s primary goal is to make financial prosperity possible for everyone. By providing free access to credit scores, personalized financial recommendations, and a range of credit-building tools, Borrowell aims to empower Canadians to take control of their financial futures.