Borrowell, a marketplace lending platform, has launched in Canada.
The Toronto-born platform accepts applications from Canadians with good credit scores who want better alternatives to high interest rates on credit cards and avoid the inconvenience of bank loans.
According to Equifax, Canadians currently hold over $80 billion in credit card debt with a typical interest rate of 19.9 per cent or higher. Borrowell is designed to let responsible Canadians be smarter about their borrowing, and customizes interest rates based on the borrower’s credit profile. The marketplace lending platform offers loans up to $35,000 on three and five-year terms with rates starting from 5.9%.
“We believe Canadians deserve better borrowing options,” says Andrew Graham, CEO, Borrowell. “We reward responsible Canadians who have good credit by giving them an affordable alternative to the traditional, expensive and cumbersome options currently available. Our goal is to help Canadians conquer debt by giving them a smarter solution.”
“We’re seeing massive growth in marketplace lending around the world,” said John Bitove, Canadian businessman and Borrowell investor. “With Toronto-based Borrowell entering the market, Canadians now have an innovative and smarter way to borrow money, allowing them to get a better handle on their debt.”