Cancel Borrowell: The Right Way

How to cancel Borrowell and take control of your credit strategy

What Borrowell is and why you might cancel

Borrowell is a Canadian fintech platform that delivers free weekly credit score updates, detailed credit reports, and personalized product recommendations. If you want to accelerate your credit journey, Borrowell also offers paid add-ons: Credit Builder (which creates reported payment history for you), Rent Advantage (reports your rent payments to Equifax Canada), and Borrowell Boost (provides bill forecasting and account monitoring).

You might cancel Borrowell because you've achieved your credit goals, found a better alternative, want to reduce monthly subscriptions, or simply don't use the service anymore. Whatever your reason, Tocancel is here to walk you through the process step by step and help you avoid the mistakes that trap most users.

Why canadians typically cancel Borrowell

You might cancel because you've hit your credit targets, 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. The reality is simple: not every tool serves your situation forever, and that's completely 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 payment method even after your account is gone. Account deactivation and deletion do not automatically stop recurring charges. You must cancel each paid plan separately in the app or browser before removing your account entirely.

Borrowell pricing and what you might be paying

Here's a breakdown of every Borrowell plan and what each one costs in Canadian dollars.

All prices are listed in CAD. Promotional pricing or regional variations may apply to your specific account.

How much you could save by cancelling

If you subscribe to all three paid plans, you're paying approximately $19.99 per month or $240 per year. Even a single paid plan adds up over time: Credit Builder alone costs $120 annually. Before you cancel, decide whether that investment aligns with your actual credit goals. If you're cancelling one plan but keeping others, audit each subscription to match your real needs, not just your original intentions. Tocancel recommends this review process to help you make a conscious, cost-effective decision.

Your consumer rights when cancelling Borrowell

Canada's consumer protection laws give you clear rights when cancelling subscriptions and recurring billing services.

What the law says about cancelling subscriptions

Under Canada's Competition Act and various provincial consumer protection laws (such as Ontario's Consumer Protection Act), you have the right to cancel a paid subscription at any time. The service provider must make cancellation easy and must stop charging your payment method within one business day of your cancellation request. Borrowell must also provide you with clear, accessible cancellation instructions before you purchase a paid plan.

Your legal position is straightforward: if Borrowell keeps charging you after you've cancelled, or if they make cancellation deliberately difficult, that violates consumer protection rules. If disputes arise, you can file a complaint with your provincial consumer protection authority. In Ontario, that's the Ministry of Government and Consumer Services. In British Columbia, it's the Office of the Registrar of Mortgage Brokers and the Consumer Protection BC. Tocancel recommends keeping documentation of your cancellation request and any confirmation emails as proof of your action.

Your right to refunds and chargebacks

If Borrowell continues to charge you after cancellation, you have the right to request a refund from your bank or credit card issuer within a set time frame. Most financial institutions allow chargeback requests for up to 90 days. You can also contact your provincial consumer protection authority to lodge a complaint if the company refuses a legitimate refund request. Tocancel has helped thousands of Canadians recover unauthorized charges through both direct refund requests and formal complaints.

How to cancel Borrowell in 5 steps

Follow these instructions in order to avoid the most common cancellation mistakes.

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 Borrowell Boost separately before deactivating or deleting your account.

1. Open the Borrowell app or visit borrowell.com in your web browser
   • On the app, tap the menu icon (usually three horizontal lines) in the top left or bottom right corner
   • On the website, click your profile icon in the top right and select "Account Settings"
2. Navigate to "Subscriptions" or "Billing" in your account settings
3. Locate each active paid plan (Credit Builder, Rent Advantage, Borrowell Boost)
   • If you see a "Cancel" or "Pause" button next to the plan name, click it immediately
   • If no button appears, scroll down to see more options
4. Confirm the cancellation when prompted
   • Borrowell may ask why you're cancelling (optional feedback)
   • You should see a confirmation message stating "Your subscription has been cancelled"
5. Check your email for a cancellation confirmation from Borrowell within 24 hours
   • Keep this email as proof of cancellation
   • Verify that the cancellation date matches your request

Step 2: verify all paid subscriptions are cancelled

Return to your Subscriptions section and confirm that Credit Builder, Rent Advantage, and Borrowell Boost no longer appear as active. If any plan still shows as active, repeat Step 1 for that specific plan. Take a screenshot of your cleared subscriptions page for your records.

Step 3: request account deletion (if you want to fully leave)

If you want to delete your entire Borrowell account, look for a "Delete Account" or "Close Account" option in Account Settings. Some users prefer to simply keep the free tier active and stop using it, which is also acceptable. If you choose deletion:

1. Return to Account Settings
2. Scroll to the bottom and select "Delete Account" or "Deactivate Account"
3. Borrowell will ask for confirmation
   • You may need to re-enter your password
   • Review the message: deleted accounts cannot be recovered
4. Confirm the deletion
5. Watch for a final confirmation email within 48 hours

Step 4: monitor your bank statement

Check your credit card or bank statement for the next two billing cycles. Your paid plan's billing date should have passed without a charge. If you see any charges from Borrowell after your cancellation date, document them immediately and contact your bank to dispute the transaction. Tocancel recommends setting a calendar reminder to check your statement one week and one month after cancellation.

Step 5: contact Borrowell if charges continue

If unauthorized charges appear after you've cancelled, send a formal written request for a refund to Borrowell's support team. Include your cancellation confirmation email and a copy of the disputed charge from your bank statement. Request a response within 10 business days. If Borrowell does not respond or refuses to refund, escalate to your provincial consumer protection authority.

What happens after you cancel Borrowell

Once your cancellation is complete, you should know what to expect next.

Your account and access after cancellation

If you delete your account, you lose all access to your credit reports and scores immediately. Your Borrowell history cannot be recovered. If you choose not to delete your account and simply cancel paid plans, you retain access to the free core service: weekly credit score updates and basic credit reports. The choice depends on whether you might want to return to Borrowell later or prefer a clean break. Neither choice affects your actual credit score with Equifax Canada or other credit bureaus.

When charges should stop

Borrowell must stop charging you within one business day of your cancellation request. If you cancelled on a Monday, you should not see a charge on the next billing date. However, if your subscription renewed just before you cancelled, that final charge is legitimate and will not be refunded (unless it was unauthorized or fraudulent). All subsequent charges after cancellation must be disputed and refunded.

Refund timeline and what to expect

If you paid for an annual plan upfront and cancel partway through the year, Borrowell's policy on partial refunds varies. Check your original purchase agreement or email Borrowell support to ask about pro-rated refunds. If the company refuses and you believe the refund is fair under consumer law, Tocancel recommends filing a complaint with your provincial consumer protection body. Most refunds process within 5 to 10 business days if approved.

Common cancellation mistakes and how to avoid them

Cancelling a service should feel straightforward, but many users stumble into traps that cost them extra money and stress.

Mistake 1: deleting your account without cancelling paid plans first

This is the most costly error. If you delete your account while Credit Builder, Rent Advantage, or Borrowell Boost are still active, those plans will continue to charge your payment method even though you no longer have access to the service. You'll have no way to cancel them through the app, and you'll need to contact Borrowell support or dispute the charges with your bank. Always cancel paid plans first, then delete your account if you choose.

Mistake 2: not keeping cancellation confirmation emails

Without proof of your cancellation request, it becomes your word against Borrowell's if a dispute arises. Save every confirmation email you receive, take screenshots of your cleared subscriptions page, and note the date and time you cancelled. These documents are your evidence if you need to file a chargeback or consumer complaint. Tocancel advises treating cancellation confirmation like a receipt: keep it until you're certain no further charges will appear.

Mistake 3: assuming the free tier is enough without checking your needs

Before you cancel, consider whether you actually want to cancel the free tier or just the paid plans. The free version still gives you weekly credit score updates and reports, which many users find valuable. If you only need to cut costs, cancel the paid add-ons and keep the free account active. You can always delete it later if your needs change.

Mistake 4: ignoring pro-rated charges or final billing dates

If your paid plan renews on the 15th of each month and you cancel on the 10th, you may still see a charge on the 15th if the system had already processed the renewal. Verify your renewal date in the subscription settings before you cancel. If a final charge appears, contact Borrowell within 5 business days to request a refund of that charge. Document when you cancelled and when the charge appeared to show the timeline to support.

Comparing alternatives if you cancel Borrowell

If you're looking for another credit-monitoring service after leaving Borrowell, here's how the main Canadian alternatives compare.

Many Canadians cancel Borrowell but keep the free tier because weekly updates beat annual reports from Equifax or Transunion directly. If you want to leave entirely, your provincial government also provides free annual credit reports by mail or online. Tocancel can help you navigate those options as well.

Checklist before you cancel Borrowell

Use this checklist to make sure you're ready and won't regret the decision.

• I have downloaded or saved my current credit report and score (if I want to keep a record)
• I have confirmed my Credit Builder, Rent Advantage, and Borrowell Boost renewal dates
• I have checked whether I'm eligible for any pro-rated refunds from annual plans
• I have identified what I'll use instead to monitor my credit (if anything)
• I have ensured all my important financial accounts and passwords are saved separately
• I have confirmed the current payment method on file so I know what will stop being charged
• I am ready to cancel my paid plans before deleting my full account
• I have set a calendar reminder to check my statement 7 and 30 days after cancellation

How to contact Borrowell if you need support

If you encounter issues during cancellation or need to dispute a charge, you have several options to reach Borrowell.

Cancellation and support address

For formal written cancellation requests or to dispute charges, send correspondence to:

Borrowell Inc.
33 Yonge Street
Toronto, ON M5E 1G4
Canada

Send your request by registered mail (Canada Post) so you have proof of delivery. Include your full name, email address, account number, the date of your cancellation request, and any supporting documentation (such as screenshots or confirmation emails). Request a written confirmation of receipt within 5 business days. If you cancel by app or email, always follow up with a registered letter to create a paper trail.

If Borrowell refuses to refund or stop charging

If you cancel and Borrowell continues to charge you, or if they refuse to process a refund you believe is legitimate, file a complaint with your provincial consumer protection authority. In Ontario, contact the Ministry of Government and Consumer Services. In British Columbia, contact Consumer Protection BC. In Alberta, contact Fair Trading Alberta. In Canada overall, you can also file a complaint with the Competition Bureau if you suspect unfair or deceptive billing practices. Tocancel has guided thousands of Canadians through this escalation process when companies don't comply with cancellation requests.

Final thoughts on cancelling Borrowell

Cancelling Borrowell is a straightforward process when you follow the right steps and protect yourself with documentation. The key principle is this: always cancel your paid plans before deleting your account, keep proof of every cancellation, and monitor your statement for at least one month afterward. Your consumer rights are clear under Canadian law, and you have multiple enforcement options if Borrowell fails to honor your cancellation.

Whether you're leaving Borrowell to save money, switch to a different tool, or simply stop using credit monitoring, your decision is valid and within your rights. Tocancel has helped thousands of consumers cancel subscriptions confidently and recover unauthorized charges. If you run into resistance from Borrowell or face unexpected charges, return to this guide for escalation steps and contact information. You don't have to accept unauthorized billing, and your provincial consumer protection authority stands behind you if the company refuses to comply.