Symple Loans seizes opportunity to capitalize on slow adoption of digital lending technology and addresses unnecessarily high unsecured personal loan interest rates
TORONTO, Oct. 14, 2021 /CNW/ – Canada’s newest financial technology company, Symple Loans is open for business, providing a better and faster online borrowing experience along with lower interest rates for credit-worthy, prime, and super-prime Canadian consumers.
Symple uses state-of-the art technologies to digitize the end-to-end borrowing experience for applicants and advanced analytics to offer financially prudent borrowers (those consumers with strong credit scores) rates starting at just 5.75%.
The company was founded in Australia in 2018 and is part of a wave of progressive fintech companies helping to transform digital lending globally. Today’s announcement advances Symple’s mission to have an international impact by addressing what it sees as an opportunity to lower the cost of borrowing for Canadian consumers.
“The launch of Symple in Canada will help solve a gap for Canadians looking for great rates and a fast and easy online application process, which is critical in today’s environment. Big banks have been slow to adopt modern lending technologies and fintech companies here fail to offer compelling interest rates needed to effectively compete against the incumbents,” said David Gold, President & Chief Operating Officer of Symple Canada.
Symple has developed a set of proprietary credit and pricing strategies that includes the use of supplemental data sources often excluded or overlooked in traditional credit risk models. This allows the company to create a more complete picture of a borrower’s financial and employment situation and in doing so, more accurately assess the applicant’s creditworthiness and corresponding interest rate for a more personalized loan offer.
Gold added, “Our sharp focus on the prime and super-prime segment allows us to offer interest rates materially lower than what consumers are able to get elsewhere. This, along with a world-class online lending experience is great news for Canadians who now have more choice for their personal lending needs and represents a clear strategic advantage.”
Additional Symple Loans features include:
- Borrow up to $50,000.
- Get a personalized interest rate quote in 2 minutes.
- Complete a fully digital loan application in 7 minutes.
- Receive an automated credit decision in 60 seconds.
- Have approved funds available in 1 business day.
- No early payment fees or charges.
- Loan terms up to 7 years.
Visit www.sympleloans.ca for more information or to get your Symple Loan experience started.
Symple Financial Group Pty Ltd is a Melbourne, Australia headquartered global consumer financial technology company founded in February 2018 by Bob Belan and Paul Byrne – senior banking executives with extensive local and international experience managing large-scale lending businesses. The company uses its state-of-the-art digital lending platform, advanced analytics, and global best practices to offer unsecured personal loans funded by institutional investors. Symple’s global management team is comprised of technology, credit risk, operational risk, marketing, and investment management specialists with deep subject-matter expertise in Australia, Canada, Asia, and U.S. markets. Symple Loans Canada was established as a subsidiary of Symple Financial Group in February 2021 and is based in Toronto, Ontario, Canada. Latitude Financial Group Holdings Ltd. announced to the Australian Securities Exchange (ASX) on August 9 that it had agreed to acquire Symple Loans.