In early May, Toronto was the latest of a host of municipalities to crack down on payday lenders. They imposed bylaws to restrict business activities by limiting the number of physical locations and requiring operators to be licensed. Meanwhile, the Ontario government had already decreased the cost of a payday loan from $21 to $15 this year.
Rather than waiting until the end of the transaction to know where their credit stands, Canadians can now secure financing online before walking into a dealership. That is because Rifco—the same company that has been offering Canadians non-prime auto financing since 2002—now has a new online brand, Splash Auto, that can answer all of their auto financing questions before leaving home.
Though they operate primarily through the Internet, Fast Access Financial is in many ways Canada’s anti-computer algorithm lender.
The online lender opened its digital doors to the public in April 2008 from its headquarters in Pickering, Ontario with the goal of providing an alternative to Beacon Credit Score-based traditional lenders. Over the past decade they’ve loaned millions in personal, car title and closing cost loans as well as mortgages to thousands of Canadians based in the provinces of Ontario, Saskatchewan and Alberta.
As businesses grow from startups to success stories they often look to new markets where they can expand their operations. After eight years building a reputation as a reliable and friendly business lender in Canada, however, Merchant Advance Capital is instead growing the suite of products and services it offers its existing client base in the Great White North.
Private car sales often had to take place through unverified ads on online public forums; there was no financial assistance of any kind, nor any inspection of the vehicle by a licensed professional, and certainly no way to guarantee the safety and security of either buyer or seller.
Rather than spending countless hours preparing applications and business plans only to wait weeks or even months to find out if they qualify for a bank loan, small businesses across Canada are now able to visit Lendified.com and get funded in as fast as 48 hours.
One of the pioneers in Canada’s fintech lending space, OnDeck fills the financing gap to small businesses such as local hairdressers, restaurants and mom and pop shops – often underserved by the major banks.
Unexpected stuff happens to every small businesses. It can be an unplanned opportunity or an unexpected emergency.
And for alternative lender Company Capital, those are the stories they hear regularly from potential borrowers. One of the nation’s most successful fintech lenders, providing short-term loans to small businesses, its ability to scratch below the surface of a computer algorithm to understand its customers is what sets it apart.
The holiday season creates pressure to spend—but many people find themselves short of cash. Either way, the children still need their prezzies and people still want to make the holidays a special time for their families. With flexible short term loans, Magical Credit gives Canadians a better financial option to get through the spending-heavy holiday season.
One of the country’s leading fintech innovators, Borrowell is committed to helping their clients better understand their credit health by offering them the option to monitor their credit scores on a monthly basis – the first company in Canada to do so for free. They also provide free educational tools, such as a seven-week email course, to help customers learn and understand what they need to do to improve their score.