Canada’s lending ecosystem is often viewed through a fragmented lens, where FinTech companies, financial institutions, and “alternative lenders” each play a unique and distinct role. Gary Schwartz, the president of the Canadian Lenders Association (CLA), however, doesn’t quite see it that way.
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Canadians are warming up to alternative lenders, but remain skeptical. When they’re in need of a loan, a majority of Canadians now look to online lenders as a viable alternative to traditional financial institutions, according to the State of Alternative Lending in Canada 2018 study conducted by online comparison service Smarter Loans.
Interest in alternative lending products is growing steadily in Canada, and as more consumers explore available options they are generally finding the information, products and level of service they are looking for, according to the State of Alternative Lending in Canada 2018 study published by Smarter Loans.
Alternative financing is steadily gaining popularity in Canada, but those offering auto or truck and trailer financing solutions still need to catch up with other online providers, according to the State of Alternative Lending in Canada 2018 study published by Smarter Loans.
Canadians are warming up to alternative lending options in recent years, with more turning to online vendors for services ranging from mortgages and car loans to business and equipment loans, according to the State of Alternative Lending in Canada 2018 study published by Smarter Loans.