Friday, July 11th
2025 Canadian Personal Loan Reviews
Borrowell
- Service matches you with 75+ trusted lending partners for your personal loan
- Create an account to get your free credit score and weekly updates
- Personal loans available to residents of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, PEI, and Saskatchewan
- "A+” rated and accredited by the BBB
Borrowell is "proudly Canadian” and was the first to offer free credit scores nationwide. Their service predominantly focuses on credit education, with free weekly scores and report monitoring, credit improvement tips, and more.
You'll have to create a free account
Before Borrowell will give you any personal loan quotes, you'll have to create an account and access your free credit score report. Your loan possibilities will automatically be filled in, assuming you've used your accurate information and Equifax has confirmed your identity. We tried using a fake profile and, as you might expect, got nowhere because "her” identity wasn't able to be confirmed.
Over 75 lenders in the network
It's worth doing, though: Borrowell has relationships with more than 75 trustworthy lenders, including big banks like BMO and Capital One, plus smaller options like stnce and sympleloans. You'll still have to be a resident of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, PEI, or Saskatchewan to qualify for a personal loan recommendation here.
Might have more lending options now
Still, it's hard to give you more details about what Borrowell can do for you, because they're a little more tight-lipped than they used to be. In the past, we were able to tell you what minimum credit score you'd need, how much income you should have, and so on. Now? There's none of that. However, that's very likely a good thing: it may mean that Borrowell's network of lenders includes institutions that don't have a minimum score or income requirement. The only way to find out is to register for a free account and go from there.
Strong reputation
Borrowell still has an "A+” and accreditation from the Better Business Bureau. Most people who use the service, either for credit monitoring or to get a personal loan, are very satisfied with the overall experience. Although there are some Canadians who have been the victims of identity theft and Borrowell is one of the places that the fraudsters went to, to take out credit or a loan in the victims' names, their reps responded promptly and appropriately to rectify the situation.
Great all-around service
We've had to move Borrowell down a little in our rankings. There's another loan referral service that makes it a bit easier to get loan quotes quickly, and that doesn't require signing up for free credit monitoring to do so. But, overall, Borrowell is still a smart way to get connected with multiple lenders in one place, and it probably can't hurt to keep an eye on your credit score too.
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Who Offers the Best Personal Loans in Canada?
In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.
Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.
Canadian Personal Loan FAQ
Continued from above...
A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.
Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.
Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.
As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:
- Direct funding or referral platform. Will the provider directly fund your loan, or will they connect you with various lenders for comparison? If it's a referral service, who are their lending partners, and can they be relied upon?
- Transparency. Does the service disclose upfront the average interest rates paid by borrowers? How hard is it to find out how much you can borrow? Are any fees clearly outlined?
- Reputation. What do other borrowers say about the lender or referral platform? Are they rated and/or accredited by the BBB? Is the provider established and trustworthy?
- Timeframe for receiving funds. How long will it take to get your loan funded? Some lenders can transfer money within an hour of your loan's approval, while others may have you waiting for a week or longer. Choose accordingly if you're trying to get money quickly.
For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!
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