This Borrowell review provides a detailed overview of the services of the credit monitoring service for Canadians.
Most Canadians know that our credit scores are important, but if you’re like most, you probably don’t monitor your credit score and credit report on a regular basis. Credit scores determine whether or not we’re approved for a loan, the interest rate we’re given on a loan, and even our insurance rates in some provinces.
That’s why it’s important to monitor your credit score and credit report regularly. But before now, it cost an average of $20 to check your credit score in Canada.
Borrowell Overview
How Does Borrowell Work?
CHECK FREE CREDIT SCORE
Borrowell gets your credit data from Equifax Canada, one of Canada’s two major credit bureaus. It provides its services for free and makes money off partnerships with major financial institutions.
Once you have your report, Borrowell will provide you with an in-depth analysis of where you stand credit-wise, as well as tips on how to improve your score through its AI-powered credit coach, Molly.
It helps you see how factors like payment history, credit utilization, and types of credit affect your score.
Borrowell also provides a summary of your credit report so that you can check for any errors or red flags.
1. Free Credit Score and Report
Borrowell started with a straightforward mission: to help people improve their financial well-being.
To do this, Borrowell partnered with Equifax Canada to offer free credit scores and reports. Its free credit score and report are fully accessible online, anytime.
When you sign up, it’ll check your Equifax credit report and then tell you your credit score.
Whether you have a new credit history or just want to improve your credit score, Borrowell’s free credit score and report services help you stay on top of your finances.
2. Free Bill Tracking
Need to keep track of your bills? Are you tired of paying substantial late fees and having trouble staying on top of your accounts until they are paid?
Bills can pile up, and it can be hard to keep track of them, especially if you’re busy or they come by mail. Borrowell Boost takes the guesswork and stress out of managing your bills.
Borrowell’s bill tracker will let you know when a payment is due. That way, you can stay on top of your debts and spending. And with an automatic reminder, you’ll never have to worry about missing a bill again.
CHECK FREE CREDIT SCORE
3. Credit Cards
The best credit cards in Canada all have different strengths, so it’s essential to find a card that’s the best fit for you.
Whether you’re looking for a travel card or want to earn cashback on your purchases, Borrowell can recommend credit cards that suit your situation.
The company works with the most popular banks to find you the best credit cards. Borrowell can assist you in determining the best credit card for your requirements and circumstances, such as:
- Travel cards
- Cashback cards
- Low-interest cards
- Rewards cards
- Credit builder cards
4. Personal Loans
Want to find the best personal loan for you? Borrowell offers free personalized loan recommendations so you can find a loan that matches your financial needs.
The Borrowell personal loan marketplace lets you compare Canadian online loans from multiple lenders to get the best deal for your credit score.
Whether you need help covering your bills or just looking to consolidate some debt, Borrowell can help you get the perfect deal from multiple Canadian lenders.
Borrowell offers a variety of personal lending options, including:
- Business loan
- Credit card consolidation
- Debt consolidation
- Vehicle Financing
- Major purchase
- Home improvement
5. Mortgage Interest Rates
Getting a mortgage is a bit complicated, especially for first-time homeowners. Borrowell helps you get mortgage recommendations based on your credit profile and preferences.
You can choose from up to 50 lending partners and compare the terms they offer.
It only takes a few minutes to get the information you need to find the best mortgage interest rate for you.
Use Borrowell’s free mortgage and loan comparison tool to find the best fit for your needs, whatever they may be.
6. Banking
A bank account is one of the most powerful tools to manage your finances. With a reliable and transparent institution, you’ll be well on your way to keeping your money safe.
However, choosing the best bank for your needs can be time-consuming and confusing. That is why Borrowell has partnered with some of Canada’s leading financial institutions to help you find a bank account that works for you.
Through Borrowell, you can compare different bank accounts available in Canada and choose the one that suits your needs.
7. Insurance
Life is uncertain. That’s why it’s essential to protect your loved ones and properties with insurance.
Insurance can save you hundreds of dollars in the event of theft or damage. Get the coverage you need with Borrowell’s insurance product.
Through Borrowell, you can access a range of insurance products from the country’s highest-rated companies. You can instantly compare the rates and conditions from multiple providers to make the best decision.