Manage Borrowell

How to cancel borrowell and protect your credit-building goals

What borrowell is and why you might cancel

Borrowell is a Canadian fintech platform that gives you free weekly credit score updates, detailed credit reports, and personalized recommendations for financial products. If you want to accelerate your credit-building journey, Borrowell also offers paid plans like Credit Builder (which creates reported payment history for you), Rent Advantage (reports your rent to Equifax Canada), and Borrowell Boost (adds bill forecasting and account monitoring).

Cancelling Borrowell makes sense if you've built enough credit history, found a better alternative, want to reduce subscriptions, or simply don't use the platform anymore. Whatever your reason, Stopee is here to walk you through the process step by step-and help you avoid the traps that catch most users.

Why users typically cancel borrowell

You might cancel because you've achieved your credit goals, you're not seeing the results you expected, or the monthly fees no longer fit your budget. Some users cancel because they prefer managing credit through their bank directly. Others discover they've signed up for multiple paid plans and want to streamline expenses. Stopee has helped thousands of Canadians recognize that not every tool serves their situation forever-and that's okay.

What to know before you cancel

Your biggest risk is forgetting to cancel paid subscriptions before deleting your account. If you have Credit Builder, Rent Advantage, or Borrowell Boost active, those will keep charging your card even after your account is gone. Deactivation and deletion do not automatically stop recurring charges. Keep this in mind: you must cancel each paid plan separately in the app or browser before removing your account entirely.

Borrowell pricing and plans

Here's what Borrowell charges for each service option you might be paying for right now.

All prices are in CAD and reflect current publicly available rates. Promotional pricing or regional variations may apply to your account.

How much you might save by cancelling

If you're subscribed to all three paid plans, you're paying roughly $19.99 per month or $240 per year. Even one paid plan adds up: Credit Builder alone costs $120 annually. Before you cancel, decide whether that investment is working for your credit goals. If you're cancelling one plan but keeping others, Stopee recommends auditing each subscription to match your actual needs-not just your original intentions.

How to cancel borrowell in 5 steps

Follow these instructions in order, and you'll avoid the most common cancellation mistakes Stopee sees users make.

Step 1: cancel all paid subscriptions first

This is the most critical step. Your paid plans will continue charging you even after account deletion. You must cancel Credit Builder, Rent Advantage, and/or Borrowell Boost separately before deactivating or deleting your account.

1. Open the Borrowell app or visit Borrowell.com in your browser
2. Log in with your email and password
3. Navigate to Account Settings or your profile menu (usually your name or icon in the top corner)
4. Find "Manage Your Account" or "Subscriptions"
5. Select each active paid plan and tap or click "Cancel Subscription"
6. Confirm the cancellation when prompted
7. Save or screenshot confirmation messages for your records

Pro tip: If you're using the mobile app, ensure you've updated to the latest version. Older versions may not show all cancellation options clearly.

Step 2: confirm cancellation and check your next billing date

After you cancel each paid plan, Borrowell will show you a confirmation message with your final billing date. Write down this date for each subscription you cancelled. This is your proof that the cancellation worked. If Borrowell continues charging you after this date, you'll have documented evidence for a dispute.

Warning: Some users assume cancellation is instant. It's not. You may see one final charge if your billing cycle hasn't reset yet. This is normal-what matters is that no charges appear after the confirmed final date.

Step 3: delete or deactivate your account through the app or browser

Once all paid plans are cancelled, you can remove your account. You have two options: deactivate (you can reactivate later) or delete (permanent). Most users choose deletion if they're not coming back.

1. Open the Borrowell app or log in at Borrowell.com
2. Go to Account Settings or your profile menu
3. Scroll to "Manage Account" or "Account Management"
4. Select "Delete Account" or "Deactivate Account"
5. Read the confirmation message carefully
6. Enter your password to verify your identity
7. Confirm the deletion or deactivation

Pro tip: Before you hit delete, download your credit report if you might need it later. Once your account is gone, you'll lose instant access to that historical data within Borrowell (though your credit reports still exist with the bureaus).

Step 4: send a formal cancellation letter if you want extra proof

This step is optional but recommended by Stopee for users who want ironclad documentation. If Borrowell charges you after cancellation or disputes your request, a registered letter creates a legal record.

1. Write a short letter stating your full name, account email, and request for full account cancellation and cancellation of all active subscriptions
2. Include the date you cancelled through the app and the confirmation numbers (if you saved them)
3. Address the letter to:
   • Borrowell Inc.
   • 33 Yonge Street, Suite 1301
   • Toronto, Ontario M5E 1G4
   • Canada
4. Send via registered mail (Canada Post offers "Lettermail with Signature Confirmation")
5. Keep your postage receipt and tracking number
6. Keep a copy of the letter for your records

This formal step takes 5-10 business days but gives you written proof in case you need to escalate a billing dispute later.

Step 5: verify no charges appear on your next statement

Check your bank or credit card statement 5-7 days after your final billing date. You should see no new Borrowell charges. If you do see a charge after cancellation, contact Borrowell support immediately with your cancellation confirmation and request a refund. Stopee recommends screenshotting your statement with the unwanted charge as evidence.

What happens after you cancel

Losing access to your credit monitoring tools can feel disorienting-you've gotten used to checking your score weekly.

Once your account is deleted, you lose instant access to the Borrowell app and website. Any credit reports or scores you were tracking through Borrowell will no longer be visible in that dashboard. However, your actual credit history and score remain intact with the credit bureaus (Equifax and TransUnion). You can still request free annual credit reports directly from those bureaus.

What data borrowell keeps after deletion

Borrowell retains some of your data even after account deletion, in accordance with its privacy policy and Canadian data-protection laws. This typically includes billing records (required for tax and legal compliance), dispute resolution, and fraud prevention. Borrowell will not use this data to contact you or market to you after cancellation. If you want details on what data is retained and for how long, email Borrowell's privacy team-they're required to respond within 30 days under Canadian privacy legislation.

Credit reporting continues after cancellation

If you used Credit Builder or Rent Advantage, those services reported your payment activity to Equifax Canada. After you cancel, Borrowell stops reporting new activity, but the history they already reported stays on your credit file according to Equifax's retention schedule. This is usually good news-it means your positive payment history remains visible to lenders, which helps your credit score long-term.

Refunds and billing disputes

Borrowell's refund policy is not transparent in its public materials, which is why Stopee receives so many questions about this topic.

Can you get a refund?

Borrowell does not advertise a standard 14-day refund window for paid plans. However, Canadian consumer-protection law may work in your favour if you were charged without clear consent, if a service wasn't delivered as promised, or if you cancel within a certain window of purchase. Some users report receiving refunds after contacting Borrowell support; others have had to escalate through the Better Business Bureau.

Your best approach: contact Borrowell support within 30 days of the charge you dispute, provide your receipt and cancellation proof, and request a refund in writing. Stopee recommends being specific-explain why the service didn't meet your expectations or wasn't delivered as advertised.

How to request a refund from borrowell

1. Log into your Borrowell account (or use an old screenshot if already deleted)
2. Go to Help or Support and select "Contact Us"
3. Choose "Billing" as the reason
4. Write a clear message: include the date of the charge, the plan name, the amount, and your reason for requesting a refund
5. Attach a screenshot of the charge from your bank statement
6. Send and save the confirmation email
7. Expect a response within 3-5 business days

Pro tip: Use the phrase "I am requesting a refund as permitted under the Consumer Protection Act (Ontario)" or the equivalent in your province. This signals that you know your rights and makes Borrowell take your request more seriously.

What if borrowell refuses or ignores your refund request?

Escalate to the Better Business Bureau or your provincial consumer-protection authority. In Ontario, that's the Ministry of Government Services. In British Columbia, it's the Office of the Registrar of Mortgage Brokers and the Competition Act enforcement team. Stopee recommends filing a formal complaint with your provincial authority if Borrowell doesn't respond within 10 business days or denies a refund you believe is justified.

Your consumer rights in canada

Canadian consumer-protection law gives you specific rights when dealing with fintech platforms like Borrowell.

The consumer protection act

Under provincial Consumer Protection Acts (Ontario's is the strongest), you have the right to cancel most digital subscriptions within 14 days without penalty, provided you received clear disclosure of the subscription terms before purchase. If Borrowell failed to disclose the recurring charge, the cancellation period, or the amount clearly, you may be entitled to a refund even outside the 14-day window. Stopee advises documenting Borrowell's original ad or signup page as evidence of what was-or wasn't-clearly disclosed.

Your right to cancellation and refund

You have the right to cancel at any time. Borrowell cannot force you to stay subscribed or charge you termination fees. If the service was never delivered, was delivered incorrectly, or was clearly misrepresented, you may have grounds for a refund regardless of when you cancel. Keep records of every promise Borrowell made about Credit Builder, Rent Advantage, or Boost-especially claims about credit-score improvements.

Dispute your credit report if needed

If Borrowell's reporting activity (through Credit Builder or Rent Advantage) created errors on your credit file, you have the right to dispute those errors with Equifax or TransUnion directly. Contact the bureau, explain the error, and request an investigation. The bureau must respond within 30 days. Borrowell cannot prevent you from disputing inaccurate reporting, and the bureaus must remove or correct false information.

Common mistakes when cancelling borrowell

Cancelling feels simple until you realize you're still being charged-and by then it's frustrating.

Mistake 1: deleting your account before cancelling paid plans

This is the biggest trap. If you delete your account while Credit Builder, Rent Advantage, or Borrowell Boost are active, those subscriptions keep charging until they expire naturally or until you contact support. You lose the ability to cancel from within the app, so you have to email support and wait days for a response. Always cancel subscriptions first, then delete the account.

Mistake 2: not saving cancellation confirmations

Borrowell will send you a confirmation when you cancel a subscription, but that email can get buried or deleted by mistake. Stopee recommends screenshotting or forwarding the confirmation to yourself before closing the email. If you later see a charge, that screenshot is your proof of cancellation-it makes refund requests much faster.

Mistake 3: confusing deactivation with deletion

If you deactivate (not delete), your account still exists. You can reactivate anytime, but you're also still technically a Borrowell user. If you never plan to use Borrowell again, delete instead. If you might return in the future, deactivation is fine-but remember that paid subscriptions still need to be cancelled first.

Mistake 4: ignoring charges after cancellation

If you see a Borrowell charge 10+ days after your final billing date, contact support immediately. Don't wait for the next statement or assume it's an error that will resolve itself. The sooner you report it, the sooner Borrowell must investigate and refund you. Stopee has seen users lose hundreds of dollars by assuming one-off charges were mistakes.

Cancellation checklist

Print or bookmark this checklist to stay on track.

1. Log into Borrowell and note all active paid subscriptions (Credit Builder, Rent Advantage, Borrowell Boost)
2. Cancel each paid plan separately and save the confirmation message or screenshot
3. Wait 24 hours and verify the cancellations show in your account settings
4. Delete or deactivate your account through the app or browser
5. Save the account deletion confirmation
6. Optional: Send a registered letter to 33 Yonge Street, Suite 1301, Toronto, Ontario M5E 1G4
7. Check your bank or credit card statement 5-7 days after the final billing date
8. If you see unexpected charges, contact Borrowell support immediately with your cancellation proof
9. Keep all confirmations and screenshots for at least 6 months

Should you cancel or keep borrowell?

This depends on where you are in your credit-building journey and whether the paid features deliver real value.

Keep borrowell if:

• You're actively building credit and want weekly score updates to track progress
• You're using Credit Builder strategically and have a clear end goal (e.g., applying for a mortgage in 12 months)
• You're renting and Rent Advantage is the only way you can report rent to credit bureaus
• You value the financial product recommendations and referral bonuses
• You're within the first few months of a paid plan and see positive credit-score movement

Cancel borrowell if:

• Your credit score hasn't improved after 3-6 months despite using paid features
• You've achieved your credit goal and no longer need weekly monitoring
• The monthly fees don't fit your budget anymore
• You found a free alternative (like your bank's credit monitoring) that works just as well
• You signed up for multiple plans and now realize you're using only one
• Borrowell's reporting activity created errors on your credit file

Customer reviews and what they reveal

Borrowell has a 4.5 out of 5 rating on most review platforms, but the cancellation experience varies widely. Common positive feedback: fast account setup, accurate credit scores, useful product recommendations. Common complaints: difficulty reaching support, unexpected charges after cancellation, unclear subscription terms at signup.

Most cancellation complaints centre on users discovering they were still charged after deleting their accounts. This aligns with what Stopee has uncovered: the cancellation process is not intuitive, and subscriptions don't auto-cancel. Reading these reviews can help you feel less alone if you're frustrated-this is a systemic issue, not your mistake.

Why stopee exists for cancellations like this

Fintech platforms like Borrowell make starting a subscription easy-one tap and you're in. Cancelling should be equally simple, but companies have financial incentive to hide the cancellation button or confuse the process. Stopee has helped thousands of Canadians navigate exactly this scenario: discovering they're still paying for services they've already deactivated.

Your cancellation matters. By cancelling deliberately and on your terms-rather than drifting along with an unwanted subscription-you reclaim control over your money and your data. Stopee is here to make sure you know exactly what to do at every step.

Contact borrowell if you need support

If you need to reach Borrowell for a refund, account deletion issue, or billing dispute, use these channels:

• In-app support: Go to Help, then "Contact Us"
• Email: support@borrowell.com (expect 3-5 business days)
• Mailing address:
  • Borrowell Inc.
  • 33 Yonge Street, Suite 1301
  • Toronto, Ontario M5E 1G4
  • Canada

Pro tip: Email is always better than chat support if you need a refund or have a billing dispute. Email creates a written record that you can use as evidence if you escalate to your provincial consumer-protection authority or the Better Business Bureau.

Cancelling Borrowell is straightforward when you follow these steps in order and avoid the common traps. Stopee has guided thousands of Canadians through subscription cancellations like this one-and every user who takes back control of their billing is a win for smarter, fairer consumer practice. Start with your paid subscriptions, document every step, and don't hesitate to escalate if Borrowell keeps charging you. You have rights, you have leverage, and Stopee is here to remind you of both.