Is Borrowell safe?

Short Answer

Yes, we believe that Borrowell is safe to use. We based it from its privacy policy and associate partners.

Detailed Answer

What is Borrowell?

It is a Canadian credit services company that offers products and services such as credit scores, credit reports, rent reporting, credit builder, personal loan services, banking services, insurance advice and comparative reports. It is not a credit bureau and it is only associated with Equifax, which is one of the credit bureaus in Canada. Hence, many doubt if it is safe to use Borrowell as you will be required to link your bank account and pay subscription fees for some of its services. Let us find out.

Safety of Borrowell

  1. Borrowell was founded in 2014 and has been in the market for nearly 8 years now.
  1. It is a legal and a registered company in Canada.
  1. The company has reported that it has over 2 million customers.
  1. It is associated with Equifax Canada.
  1. Its insurance partners are Surex,, National bank, Square one, Sonne, Apollo and Policy me.
  1. Its banking partners are Scotia bank, BMO, national bank, EQ bank, Motusbank and Wealthsimple.
  1. Its credit card partners are CapitalOne, American Express, BMO, Scotiabank and National bank.
  1. The company’s privacy policy promises its clients that it will not share the client's information with third parties. Borrowell’s website mentions that the company invests in fraud detection and protection technology and maintains “rigorous security procedures” to ensure the safety of the financial information you may share with it.
  1. You can find reviews from Borrowell users on its website: Borrowell Reviews

Is Borrowell safe?

Based on the above points, we believe that Borrowell is safe to use. For more information, you can use its Help Centre

Tagged With: what is borrowellis borrowell safeborrowell safetyborrowell securityborrowell privacy policy
Categories: Finance
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
Related FAQs
Is Qtrade safe and legit stock broker in Canada?

Wondering, if Qtrade is safe and legit stock broker in Canada? Know details on the leading Canadian online trading platform and see how it adds up to the security layers and keeps customers satisfied.

Is Wealthsimple Trade Safe and Legit?

Looking at the whole bunch of emerging stock brokers, one is surely to worry about their safety and legitimacy. Are you wondering if Wealthismple is a safe and legit broker? Here we have a quick answer for you.

Is it good to invest in the Canadian stock market?

Yes, Canadian stocks prove to be a shelter to investments with its wide variety of natural resources and stable banking system.

Is Alterna bank safe?

We believe that depositing your funds in Alterna bank is safe. Upto $100,000 of your total deposits with Alterna bank is guaranteed.

Is TFSA Canada safe?

Yes, Tax-Free Savings Account (TFSA), Canada is one of the safest places to invest your money. As a Canadian investor it may prove to be a good place to park your extra earnings.

Is Mint app safe to use?

Yes, it is safe to use Mint app given that is uses strong data encryption, two factor authentication, four digit login code etc. It is also already widely trusted and used.

What is GIC amount in Canada for International students?

The GIC (Guaranteed Investment Certificate) amount for international students in Canada is 10,200 CAD. This is a requirement for obtaining a study permit and is meant to cover living expenses during the student's stay in the country. The GIC amount must be held in a designated financial institution for the duration of the study period.

Is Virtual Brokers safe?

Yes, Virtual Brokers is a safe online trading platform. Let's analyze the safety and security features that make the Virtual Brokers a popular platform.

Is Wealthica safe to use?

Wealthica uses AWS, AES-256 encryption and TLS 1.2 technology to secure the data of its users. It applies two factor authentication on log in and can only read the data in your accounts. Hence, it is safe to use.

Is Neo Financial safe?

Neo Financial is not a traditional bank. However, it is deemed to be safe as it is insured by CDIC, under IIROC and is partnered with well-established brands.