{"id":62953,"date":"2015-06-18T12:06:00","date_gmt":"2015-06-18T08:06:00","guid":{"rendered":"http:\/\/localhost\/?p=62953"},"modified":"2015-06-18T11:06:08","modified_gmt":"2015-06-18T07:06:08","slug":"borrowell","status":"publish","type":"magazine","link":"https:\/\/brainstation.io\/magazine\/borrowell","title":{"rendered":"Borrowell Lowers Interest Rates as Canadians Show Promise Paying Down Debts"},"content":{"rendered":"<p style=\"font-size: 12.8000001907349px;\"><img decoding=\"async\" style=\"margin: 11px 22px; float: right;\" src=\"https:\/\/farm9.staticflickr.com\/8815\/17278227986_e454e87b6d_o.png\" alt=\"\" width=\"300\" height=\"105\" \/>In response to reports that Canadians are increasingly making scheduled payments on their loans,&nbsp;<a href=\"http:\/\/www.techvibes.com\/blog\/borrowell-2015-04-28\" target=\"_blank\">Borrowell, a Canadian lending marketplace<\/a>, is lowering interest rates.<\/p>\n<p><!-- pagebreak --><\/p>\n<p style=\"font-size: 12.8000001907349px;\">The lower rates come just as the company hits $50 million in loan applications.<\/p>\n<p style=\"font-size: 12.8000001907349px;\">Borrowell&rsquo;s lowest interest rate is being reduced to 5.6% APR from the previous low of 5.9% APR.<\/p>\n<p style=\"font-size: 12.8000001907349px;\">These adjustments come after Equifax released its National Consumer Credit Trends Report. While the report found consumer debt continues to climb, the national 90 day plus delinquency rate fell 3.7% compared to the same period last year, meaning Canadians are making regular payments to reduce their debt.<\/p>\n<p style=\"font-size: 12.8000001907349px;\">&ldquo;We carefully monitor national debt trends and respond immediately,&#8221;&nbsp;Scott Laitinen<strong>,&nbsp;<\/strong>Chief Risk Officer at Borrowell&nbsp;says. &#8220;With Canadians repaying debt responsibly, delinquency rates in Canada have continued to decline allowing us to confidently lower our interest rates because we know Canadians repay their loans.&rdquo;<\/p>\n<p style=\"font-size: 12.8000001907349px;\">&ldquo;We think all lenders should be reducing their interest rates,&rdquo; said Andrew Graham, CEO, Borrowell. &ldquo;There is a real improvement in Canadians paying back their loans. We&rsquo;re choosing to pass those savings onto the borrower, and we can still give the same rate of return to our investors.&rdquo;<\/p>\n<p style=\"font-size: 12.8000001907349px;\">Taking a similar approach to Airbnb, Borrowell operates exclusively online, matching investors with borrowers. Goldman Sachs estimates online lending could grow to take over&nbsp;$1.7 trillion&nbsp;of an addressable&nbsp;$4 trillion&nbsp;of debt worldwide.<\/p>\n<p>Last year Borrowell <a href=\"http:\/\/www.techvibes.com\/blog\/borrowell-announces-54-million-in-funding-2014-12-03\" target=\"_blank\">raised $5.4 million&nbsp;in seed funding<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In response to reports that Canadians are increasingly making scheduled payments on their loans,&nbsp;Borrowell, a Canadian lending marketplace, is lowering interest rates. The lower rates come just as the company hits $50 million in loan applications. Borrowell&rsquo;s lowest interest rate is being reduced to 5.6% APR from the previous low of 5.9% APR. These adjustments [&hellip;]<\/p>\n","protected":false},"author":54503,"featured_media":62955,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"magazine-region":[],"magazine-series":[],"magazine-topic":[],"class_list":["post-62953","magazine","type-magazine","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/62953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine"}],"about":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/types\/magazine"}],"author":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/users\/54503"}],"version-history":[{"count":0,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/62953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media\/62955"}],"wp:attachment":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media?parent=62953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/categories?post=62953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/tags?post=62953"},{"taxonomy":"magazine-region","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-region?post=62953"},{"taxonomy":"magazine-series","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-series?post=62953"},{"taxonomy":"magazine-topic","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-topic?post=62953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}