With Borrowell’s free mobile app, Canadians can clearly understand their credit—allowing them to improve their credit score and get access to better financial services. Increasingly, personal finance is a major source of anxiety for many Canadians. In a 2019 study published in the Globe and Mail, 40% of participants said finances were their biggest stress and Borrowell is looking to solve this problem by helping members better navigate the financial landscape in Canada.
The Borrowell app makes it easy to access financial education through many exciting features. It allows users to check their credit score, receive their credit report in minutes at no cost, access Molly the Credit Coach – Canada’s first AI-powered credit coaching tool, and browse personalized financial product recommendations. Before Borrowell, Canadians had to pay $23 every time they requested an electronic copy of their score. The app is saving customer's time and money.
The app helps users improve their financial well-being by providing important context and information about their finances. Users receive push notifications when their credit score is updated, allowing them to stay up-to-date on any changes to their account. To help them improve their credit score, Molly, the Credit Coach, provides personalized tips on improving their credit. With products from over 50 financial services companies—including major financial institutions like RBC, CIBC, Scotiabank, National Bank, TD and BMO—Borrowell can offer products specific to every users’ current situation.
Borrowell now has more than one million members, meaning that one in 25 Canadian adults are using the platform. The company has also managed to make an app that everyone can use. Borrowell’s oldest member is 103, and its members access it from as far north as Grise Fiord, Nunavut, which is 1,000km north of the Arctic Circle—the northernmost civilian settlement in Canada.
Since launching in May 2019, the app already has more than 200,000 downloads and boasts a rating of 4.8. in both the Google Play and Apple Stores. Borrowell’s engaged users have provided positive feedback:
“This app is fantastic! I love being able to keep track of my credit history and use the tips to continue improving my score!”
“Very clean UI, easy to navigate and definitely useful. One of the most useful apps I have downloaded and am using. =)”
“Has really helped me develop good credit habits and keep regular watch on my credit rating. I even used their recommendations section which further boosted my rating. Great app from an interface point of view. These apps can only show you the way to better credit. On-time payments, low utilization and an established history of good credit is the only way to get and keep a good (or elite) rating. Bravo Borrowell.”
What’s next for the Borrowell app? The company is excited to announce the launch of the app’s next feature: Borrowell Boost! Boost is Canada’s first bill-tracker and predictive advance. Late or missed payments are one of the leading factors that impact credit scores, determining a whopping 35% of a score. Borrowell Boost securely links to a user’s existing bank account, allowing them to track their bills and notifying them of upcoming due dates. Predictive technology then determines the likelihood of insufficient funds and offers an interest-free advance or ‘boost’ to prevent non-sufficient funds (NSF) fees and help to safeguard their credit score. Borrowell Boost is available on the app in early 2020 – join the waitlist today!