In this video, we break down the highlights from the Canadian FinTech Lending Study, the fourth annual industry research initiative conducted by Smarter Loans.
This study surveyed 2,462 Canadian fintech lending customers to better understand how digital borrowing habits, trust, and product satisfaction have evolved across the country.
About the Canadian FinTech Lending Study
Published on January 25, 2022, the Smarter Loans FinTech Lending Study provides an annual snapshot of how Canadians interact with online lenders, financial apps, and digital credit platforms.
Each year, Smarter Loans surveys thousands of borrowers to measure how technology continues to shape financial access – from loan application behaviour to consumer trust and digital adoption trends.
The 2022 findings reveal a maturing, fast-growing industry, where digital lending has become a mainstream option for both personal and business borrowers.
Key Findings from the 2022 Study
1. FinTech Lending Continues to Grow Rapidly
The demand for digitally accessible financial products in Canada is increasing at record speed.
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Over 60 verified lenders are now available on the Smarter Loans platform, giving Canadians more options than ever before.
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Loan applications are up significantly year-over-year, especially in categories like personal loans, business loans, and equipment financing.
2. Greater Trust and Satisfaction in Digital Lending
Canadians are showing more confidence in fintech lenders, with higher satisfaction scores and growing trust across all demographics.
Borrowers now view online lenders as credible alternatives to banks, thanks to faster approvals, transparent terms, and positive digital experiences.
3. Borrowers Are More Informed Than Ever
The study found that Canadians are increasingly comparison shopping and self-educating before applying for loans.
Borrowers are consuming more videos, articles, and social media content to understand loan products and find trusted lenders – emphasizing the growing importance of financial literacy and transparency.
4. Faster Loan Approvals and Funding
Technology continues to accelerate funding speeds. More than 50% of personal loans in 2022 were funded the same day the application was completed, compared to just 25% three years prior – a clear sign of digital progress in the lending process.
Our Take
The 2022 Canadian FinTech Lending Study confirms what we see every day at Smarter Loans — Canadians want speed, simplicity, and trust when it comes to borrowing.
As fintech adoption continues to rise, Smarter Loans remains committed to supporting innovation and helping Canadians make confident, informed financial choices through tools, education, and verified partnerships.
Watch the full video above to explore insights from the 2022 study.
Learn more about Canada’s top fintech lenders at Smarter Loans.
Visit our Tools section for calculators, credit estimators, and comparison guides to make smarter borrowing decisions.
Video by:
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
