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Canadian Lenders Association

Avg. Rating: 5.0 (1 review)

The Canadian Lenders Association (CLA) is the largest association and national non-profit organization representing innovative lenders. Their members are Small & Medium Sized Business & Consumer Lenders including banks, credit unions and (public and private) finance companies, and FinTech companies.

CLA members effectively and responsibly use innovative underwriting technology and business practices to address the needs of Canadians and support their ability to improve their credit rating.

TIME IN BUSINESS: Since 2016
# OF CUSTOMERS: 200+ Lenders

Visit CLA

hello@canadianlenders.org 120 Albany Ave, Toronto, ON, M5R 3C4

Call Center: Mon - Fri, 9AM - 5PM EST

Support Offered:

Call Centre
Email Inquiry Submission
Social Media
Email
Blog
Newsletter

Availability: Everywhere in Canada

Products Offered

Below are all the products offered by this company.

The Canadian Lenders Association Summary

The Canadian Lenders Association (CLA) is a borrower-centric organization and represents the voice of the consumer and small-business owner.

Members

The CLA represents Canada’s fintech lending community. All lender-class members are vetted and accredited based on their corporate standards and values.

CLA Certification Criteria

Must comply with the regulatory environment that protects business and consumers from predatory practices.
The member company and any related entities, must not participate in Canada’s payday loans industry, in any province or territory in Canada.
Must report their respective lending tradelines to Lenders API, Equifax and Transunion Canada consumer credit profiles.
Must uphold CLA Lenders Values.

CLA Lender Values

Financial Innovation
Financial Inclusion
Regulatory Certainty
Regulatory Consistency

Pricing

CLA Member’s membership is determined by capital under management:

Up to 25 million = $3,800.00
25 – 50 million = $4,750.00
50 – 100 million = $7000.00
100 – 250 million = $9,800.00
250 – 500 million = $13,000.00
500m – 1 billion = $19,000.00
1b – 100 billion = $22,000.00
100 billion + = $26,000.00

CLA also offers non-lender memberships to vendors and suppliers to the industry.

Videos

Articles About Canadian Lenders Association

How the Canadian Lenders Association is Elevating the Industry From ‘Alternative’ to ‘Innovative’

By Jared Lindzon

Jared Lindzon is an experienced journalist, writer and public speaker. He specializes in Business, Technology, Lending and FinTech industries in Canada and abroad. Jared is a regular contributor to Smarter Loans and top tier publications around the World, including Fortune Magazine, Fast Company, the Guardian, Rolling Stone, the Globe and Mail, and many more.

Gary Schwartz, President of the CLA, Is On a Mission to Bring “Open Banking” to Canada

By Jared Lindzon

Data Analytics in Lending 2020

By Smarter Loans

Smarter Loans is Canada's online loan directory for any type of financing. The website helps Canadians find reputable lenders & financial companies all over Canada and compare their products, rates, and terms in one place.

Frequently Asked Questions About Canadian Lenders Association

What is the Canadian Lenders Association?

The Canadian Lenders Association (CLA) supports the growth of fintech companies that are in the business of lending. They represent and advocate for over 200 companies across Canada that participate in SMB, BNPL, consumer, home, auto, and mortgage sectors.

What does the Canadian Lenders Association member's do?

Many of the CLA's lenders offer loans to individuals who are new to credit, have little credit history or are temporarily going through difficulties financially but are likely to repay their debts.

What does the Canadian Lenders Association do?

The CLA works to provide credit product resources and inform the consumer on how best to graduate to higher credit scores.

What's a CLA membership like?

One of the pillars of CLA membership is innovation. CLA members are moving the needle in a myriad of ways that incumbent lenders, due to the stage of their business, are simply not built to do. Member innovation is improving the accuracy of underwriting so Canadians receive credit they are financially equipped to pay back.

What aspects of the Canadian lending ecosystem does the CLA represent?

The CLA represents all aspects of Canada’s lending ecosystem including: policy, advocacy, standards, and innovation. The CLA's role is to support the highest level of lending in Canada.

What are some CLA Member benefits?

There are multiple CLA member benefits including: 1. Lender certification and membership accreditation 2. Government relations advocacy and support 3. Access to leadership roles on the board, committees, round tables and task-force initiatives 4. Free integration for Lenders API, data exchange service and more.

How many newsletter subscribers does the CLA have?

You can join the over 5 thousand fintech and lending executives who read the CLA's monthly news briefing by subscribing to their newsletter on their website.

What are some examples of the CLA's Non-Lender Members?

Prospective non-lender members must agree to support the Canadian Lenders Association (CLA) purposes and conduct themselves in accordance with the mission. Composed of those companies that provide best-of-class services that are non-lenders include: 1. Corporate finance / Investment banks, 2. Law firms / Accounting firms, and 3. Fintech Vendors.

Is the CLA safe?

The CLA has doubled in size each year, and now counts a number of major financial instructions amongst its members. In fact, in 2020 an executive from one of Canada’s “Big Five” banks, the Bank of Montreal (BMO) joined the CLAs board.

Canadian Lenders Association Reviews

Avg. Rating: 5.0 (1 review)

WRITE A REVIEW

Excellent Organization

CLA is a collection of Canada's top lenders, fintechs, banks and other companies that are collectively moving the financial industry forward in Canada. Smarter Loans is a proud member of the association and we appreciate all the work they are doing for the lending community.

Vlad Sherbatov