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?
LoanConnect is best suited to borrowers who want to compare multiple offers at once, while Borrowell is best suited to borrowers with fair-to-good credit who want low rates and free credit monitoring. The better option depends on your credit profile and borrowing needs.
What are the interest rates for LoanConnect vs Borrowell?
LoanConnect charges 6.99% – 29.99% APR (varies by partner lender), while Borrowell charges 5.60% – 29.19% APR. Your actual rate will depend on your credit profile and the specific loan product you qualify for.
Which lender has faster funding — LoanConnect or Borrowell?
LoanConnect offers funding in as fast as same day, while Borrowell provides funds in 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