Borrowell vs LoanConnect
A detailed side-by-side comparison of two popular Canadian lenders. See how they stack up on rates, loan amounts, eligibility, and overall experience.
Borrowell
Borrowers with fair-to-good credit who want low rates and free credit monitoring
Full Review →Side-by-Side Comparison
| Feature | Borrowell | LoanConnect |
|---|---|---|
| Loan Amounts | $1,000 – $35,000 | $500 – $50,000 |
| Interest Rates | 5.60% – 29.19% APR | 6.99% – 29.99% APR (varies by partner lender) |
| Loan Terms | 12 – 60 months | 6 – 60 months |
| Credit Required | Fair to good credit (620+) | All credit types accepted |
| Funding Speed | 1 – 3 business days | As fast as same day |
| Headquarters | Toronto, Ontario | Toronto, Ontario |
| Founded | 2014 | 2014 |
| Best For | Borrowers with fair-to-good credit who want low rates and free credit monitoring | Borrowers who want to compare multiple offers at once |
Loan Amounts
Borrowell
$1,000 – $35,000
LoanConnect
$500 – $50,000
Interest Rates
Borrowell
5.60% – 29.19% APR
LoanConnect
6.99% – 29.99% APR (varies by partner lender)
Loan Terms
Borrowell
12 – 60 months
LoanConnect
6 – 60 months
Credit Required
Borrowell
Fair to good credit (620+)
LoanConnect
All credit types accepted
Funding Speed
Borrowell
1 – 3 business days
LoanConnect
As fast as same day
Headquarters
Borrowell
Toronto, Ontario
LoanConnect
Toronto, Ontario
Founded
Borrowell
2014
LoanConnect
2014
Best For
Borrowell
Borrowers with fair-to-good credit who want low rates and free credit monitoring
LoanConnect
Borrowers who want to compare multiple offers at once
Pros & Cons
Borrowell
Pros
- Free Equifax credit score for all users
- Among the lowest APRs for non-bank lenders (from 5.60%)
- AI-powered personalized financial product recommendations
- Over 2 million Canadian users — well-established platform
Cons
- Requires fair to good credit (620+ score recommended)
- Not ideal for borrowers with poor or no credit history
- Personal loans not available in all provinces
LoanConnect
Pros
- Compare multiple lender offers with one application
- Soft credit check for initial comparison — no impact on score
- Wide range of loan amounts from $500 to $50,000
- Fully online process with no branch visits required
Cons
- Rates vary significantly depending on which partner lender you're matched with
- Not a direct lender — acts as a marketplace/aggregator
- Loan terms and conditions vary by individual lender
Which Lender Should You Choose?
Choose Borrowell if you're looking for a lender that specializes in borrowers with fair-to-good credit who want low rates and free credit monitoring. They offer loan amounts of $1,000 – $35,000 with funding as fast as 1 – 3 business days.
Choose LoanConnect if you're better described as borrowers who want to compare multiple offers at once. They offer $500 – $50,000 with all credit types accepted credit requirements.
Still unsure? Apply through 365 Loans to compare offers from both lenders and more — with no impact on your credit score.
Frequently Asked Questions
Is Borrowell or LoanConnect better?
It depends on your needs. Borrowell is rated 4.3/5 and is best for borrowers with fair-to-good credit who want low rates and free credit monitoring. LoanConnect is rated 4.1/5 and is best for borrowers who want to compare multiple offers at once.
Which has lower interest rates?
Borrowell charges 5.60% – 29.19% APR, while LoanConnect charges 6.99% – 29.99% APR (varies by partner lender). Your actual rate depends on your credit profile.
Which lender funds faster?
Borrowell: 1 – 3 business days. LoanConnect: As fast as same day.
Other Lender Comparisons
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Compare Loan OffersEditorial Note: Our content is reviewed by financial experts for accuracy. We may receive compensation from partner lenders, which does not influence our rankings or recommendations. Read our full disclosures