Borrowell Review: How To Get Your Canadian Credit Score For Free

Borrowell Review: How To Get Your Canadian Credit Score For Free

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Borrowell is a Canadian fintech company that gives you your credit score for free. If you’re familiar with Credit Sesame in the US, Borrowell is the Canadian version.

Get Your Free Canadian Credit Score

What Is Borrowell?

Andrew Graham created Borrowell, which is headquartered in Toronto, in 2014 to help Canadians get their personal finances in order through consumer loans and personal finance content.

Borrowell is a Canadian personal finance company. They offer you free access to your Equifax credit score and help you raise your credit score by giving you advice via content and low-interest personal loans if you’re drowning in credit card debt. Borrowell has recently started partnering with CIBC as well, to help consumers increase their credit scores.

Over 700,000 Canadians have already used Borrowell to check their free credit score.

Borrowell gives you your credit score for free

How To Get Your Credit Score For Free With Borrowell

Borrowell’s flagship benefit is giving you your credit score for free. Before Borrowell, you had to pay up to $15 per credit report, which is insane! Now you can get it for free.

Go to the Borrowell site and put in your basic info — Borrowell will give you your credit score in less than 2 minutes.

How to get your credit score for free with borrowell

Is Borrowell Safe And Legit?

Borrowell uses bank-level encryption and SSL. Borrowell has also partnered with CIBC, Amex, and Sonnet, 3 of the largest Canadian financial institutions.

How Does Borrowell Work?

Consumers who track their credit score for a lengthy period of time, such as 15-18 months, increased their credit scores by an average of 20 points. Those who have subprime credit scores of under 600 increase their score by an average of 43 points, according to Borrowell.

56 percent of canadians have never checked their credit score

Borrowell Personal Loans

Borrowell personal loans go from $1,000 to $35,000 with APRs from 5.99-29.19%.

The origination fee ranges from 1-5% depending on your credit score for loan terms of 3-5 years.

Borrowell covers Canada with the exception of Quebec, Saskatchewan, Nunavut, the Yukon, and the Northwest Territories.

It doesn’t have prepayment clauses, which means you can pay off your loan early without any penalty. You’ll generally receive your funds in 1-2 business days, or less than 48 hours.

The requirements to get a Borrowell loan consist of being an 18+ year-old resident of Canada, a 12-month credit history, bank account, and no bankruptcy, delinquencies or collections on your credit report. You’ll also need 2 recent paystubs or Notice of Assessments and your bank account details. There is a minimum salary of $20,000 to qualify for a loan.

Borrowell has already given out $500+ Milion in personal loans.

Canadian Consumer Debt

Canadians owe over $1.8 Trillion in consumer debt. Monitoring your credit score is a great way to start getting your personal finances together.

How Does Borrowell Make Money?

Any time a company offers something for free and no premium product they’ll be making money other ways.

In this case, Borrowell tries to help those who are deep in high-interest consumer debt pay it off faster. Consumer debt, or in this case credit card debt, has insanely high-interest rates up to 27.99 APRs. Getting a personal loan in the single digit interest rates will help you pay off your consumer debt much sooner and get your personal finances back on track.

Borrowell Credit Card Help
Borrowell Credit Card Help

If you have a low credit score because of delinquency, Borrowell might recommend a credit card. Always be sure to pay off the balance each month so you don’t get charged late fees or interest. If your credit is too poor, they also have secured credit cards.

Experian also has an ongoing credit report that you can pay for. However, this isn’t necessary because Borrowell lets you see your credit score for free once a quarter.

Big Banks Partner With Borrowell

CIBC recently partnered with Borrowell to offer 1-click loans so that consumers can borrow personal loans even easier.

American Express (AMEX) and Sonnet have partnered with Borrowell as well. With such big companies partnering with them, it’s safe to say these large conglomerates have done their research and checked that Borrowell is legit.

Here are some other large corporations and startups that have partnered with Borrowell:

  • BMO
  • Capital One
  • EQ Bank
  • Scotia Bank
  • Wealthsimple

Borrowell Referral Program

If you’re a Borrowell customer and happy with your loan and customer service, you can become a Borrowell partner. You’ll get $200 per funded loan after the first repayment payment is made.

Borrowell Pros And Cons


Borrowell is the only Canadian company that offers free credit scores.

Though you don’t need to use its recommendations, Borrowell also checks for the lowest interest rates for personal loans and gives you the best financial recommendations for credit cards that save you money with cashback and travel rewards.

Lastly, Borrowell doesn’t hard pull your credit report, which means it doesn’t affect your credit score. It does a soft pull.


You’ll only get access to your free credit score once per quarter. I wish you could check every day, but there isn’t another company that offers free credit scores for Canadians.

Canadians, Get your credit score for free with Borrowell

Get Your Free Canadian Credit Score

Author: Olivia

Olivia worked in finance and wants you to learn the secrets of financial independence. She believes there are so many ways to monetize your life and make money doing the things you're already doing because so many companies offer free money.

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