LoanConnect vs Borrowell
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 | LoanConnect | Borrowell |
|---|---|---|
| Loan Amounts | $500 – $50,000 | $1,000 – $35,000 |
| Interest Rates | 6.99% – 29.99% APR (varies by partner lender) | 5.60% – 29.19% APR |
| Loan Terms | 6 – 60 months | 12 – 60 months |
| Credit Required | All credit types accepted | Fair to good credit (620+) |
| Funding Speed | As fast as same day | 1 – 3 business days |
| Headquarters | Toronto, Ontario | Toronto, Ontario |
| Founded | 2014 | 2014 |
| Best For | Borrowers who want to compare multiple offers at once | Borrowers with fair-to-good credit who want low rates and free credit monitoring |
Loan Amounts
LoanConnect
$500 – $50,000
Borrowell
$1,000 – $35,000
Interest Rates
LoanConnect
6.99% – 29.99% APR (varies by partner lender)
Borrowell
5.60% – 29.19% APR
Loan Terms
LoanConnect
6 – 60 months
Borrowell
12 – 60 months
Credit Required
LoanConnect
All credit types accepted
Borrowell
Fair to good credit (620+)
Funding Speed
LoanConnect
As fast as same day
Borrowell
1 – 3 business days
Headquarters
LoanConnect
Toronto, Ontario
Borrowell
Toronto, Ontario
Founded
LoanConnect
2014
Borrowell
2014
Best For
LoanConnect
Borrowers who want to compare multiple offers at once
Borrowell
Borrowers with fair-to-good credit who want low rates and free credit monitoring
Pros & Cons
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
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
Which Lender Should You Choose?
Choose LoanConnect if you're looking for a lender that specializes in borrowers who want to compare multiple offers at once. They offer loan amounts of $500 – $50,000 with funding as fast as as fast as same day.
Choose Borrowell if you're better described as borrowers with fair-to-good credit who want low rates and free credit monitoring. They offer $1,000 – $35,000 with fair to good credit (620+) 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 LoanConnect or Borrowell better?
It depends on your needs. LoanConnect is rated 4.1/5 and is best for borrowers who want to compare multiple offers at once. Borrowell is rated 4.3/5 and is best for borrowers with fair-to-good credit who want low rates and free credit monitoring.
Which has lower interest rates?
LoanConnect charges 6.99% – 29.99% APR (varies by partner lender), while Borrowell charges 5.60% – 29.19% APR. Your actual rate depends on your credit profile.
Which lender funds faster?
LoanConnect: As fast as same day. Borrowell: 1 – 3 business days.
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