By John Reynolds on Friday 20 December 2019
Borrowell Boost will launch early next year.
Toronto-based fintech Borrowell has launched a suite of digital tools which will use predictive technology to help those “struggling to track and pay their bills on time".
Called Borrowell Boost, the service, currently being beta tested, will be available early next year as a monthly subscription.
The service links to an existing bank account of a Borrowell customer, allowing them to track their bills and notifying them of upcoming due-dates.
Predictive technology then determines the likelihood of insufficient funds and offers an interest-free advance - or "boost"- to help maintain credit scores.
“Borrowell Boost was developed after recognising a clear need from our members who told us they were struggling to track and pay their bills on time. We’re excited to continue to meet their needs and offer a new way for people to improve their credit.”
The service has been launched following a report which showed that 53 percent of Canadians live pay cheque to pay cheque with little or no savings.
Borrowell Boost marks a push by the lender into a service where consumers can stream a percentage of their wages into their bank account before they get paid.
One of Canada’s best-known online lending outfits, Borrowell, whcih launched in 2014, claims to have over a million Canadian customers.
It offers a number of services including AI-driven financial product recommendations, credit coaching tools and free credit scores.