If you are looking for a lender, it is important that you take the time to find one that will meet your needs and that will not make it overly confusing or difficult to get the loan you need. Of course, this is often easier said than done. Fortunately, the Internet has made it possible to find online lending options, which have the potential to provide borrowers with more choices and, more importantly, better choices. For those who have a fairly good credit score and a connection to the Internet, a Canadian online lender called Borrowell, appropriately, could be an option to consider. Let’s take a closer look and see if this is truly the best online lender.
What is This Company?
Borrowell.com is the largest online lender in Canada and it has been offering loans for those who have good credit since 2014. The goal of the company has been to offer very simple loans for those who need them. To keep things as easy as possible, they have a limited number of loan options. In fact they have three to five year loans that range between $1,000 and $35,000 and the keep everything simple to understand.
With these types of loans you will receive a set amount of cash at a set interest rate. Then, you make the same payment each month until you have paid off the loan. The end of the loan will be at 36 months or 60 months since they have three and five year options. You are able to use these loans for anything you might like. You can use them to get the money you need to start your own business, to pay off credit card debt, or anything else that you see fit to use the money for.
What Are the Interest Rates Like?
Before taking out a loan, one of the common questions that you are likely to ask is what type of interest rate you’re gonna be paying. The rate on these loans can vary from 5.6% up to 25%. However the average borrower will pay around 11%. While this might seem higher than some types of loans, it is important to remember that it is far lower than the rate you’ll find with most credit cards. In addition if you were to take a loan out from elsewhere, you would likely need to have collateral. That’s not the case with this company.
Can You Qualify?
In order to qualify for of these loans, you will need to meet certain requirements. You need to be a Canadian citizen or resident, you need to have reached the age of majority where you reside, you need to have a valid account with a Canadian bank or a similar financial institution, you need a valid email address, and a credit score that is at least 660. In addition, you need to have a minimum credit history of 12 months, as well as no bankruptcy, no collections, and no current delinquencies on file. You will also need to have an income of at least $20,000 a year before taxes.
In addition, there are certain parts of Canada where you will not currently be able to get these loan offers. They include Saskatchewan, Québec, the Northwest Territories, Nunavut, and the Yukon.
Consider the Benefits that Borrowell.com Offers
If you are still looking for the best online lender, Borrowell.com could be a good choice to consider. Of course, before you take any type of loan, you need to understand exactly what it is you are getting and what you will owe. Always take the time to read the fine print.