iFinance Canada exceeds $ 2 billion in consumer loan applications as more consumers seek financing solutions in 2020
TORONTO, December 7, 2020 / CNW / – iFinance Canada, a Canadian FinTech loan company announced that it has overtaken $ 2 billion in consumer loan applications as Canadians look for other ways to buy now and pay later.
“People need the reassurance that they can have a medical, dental or veterinary procedure when they need it and stagger their payments without incurring the full upfront cost,” said Dr. Anne Kaplan, CEO of iFinance. “In these difficult times, there is a growing need for our financial solutions which are currently offered by 16,000 registered or pre-approved merchants online on iFinance. ”
The iFinance loan solution offers consumers the convenience of affordable monthly payments. Last year the company surpassed $ 240 million in loan applications despite the closure of many medical, dental and veterinary clinics across the country, demonstrating the continued demand for such financial solutions.
iFinance uses artificial intelligence (AI) and machine learning built into a proprietary algorithm to determine a person’s credit in seconds. The borrower’s account is then debited monthly over the next six to 72 months depending on the borrower’s preference, in a quick and transparent manner.
“We have been providing instant unsecured loans to consumers for over 24 years,” said Kaplan, who uses his experience and PhD in consumer credit to continuously improve the business’s consumer risk modeling. “Our strategic investments in technology and infrastructure have allowed us to continue to develop our online loan products before purchase, at point of sale and at retailers which include physicians, dentists, veterinarians, suppliers. home improvement and others. ”
The installment payment industry is booming around the world and growing in popularity among Canadians looking for an alternative to traditional credit card purchases. According to a report by McKinsey & Company, point-of-sale financing is growing at a much faster rate than traditional unsecured loans. Retail purchases in the United States under point-of-sale financing arrangements increased in value by $ 49 billion in 2015 at $ 94 billion in 2018
iFinance is a leading Canadian FinTech company, is one of the nation’s largest and most recognized lenders of unsecured consumer loans, and is the parent company of Medicard, Petcard, Dentalcard and iFinance Home Improvement. iFinance has been recognized several times as one of the top 100 companies in Canada. Since its inception in 1996 by Dr Ann Kaplan, iFinance has achieved more than $ 2 billion in loan applications.
SOURCE iFinance Canada
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