Many Canadians are choosing to forgo big banks in favour of digital lenders like Symple offering a hassle-free, low-cost, personal loan option.
While personal loans provide a way to access funds for things you might need, such as consolidating debt, making improvements to your home or any other major expenses, the challenge for many borrowers has been enduring a lengthy and cumbersome loan application process at traditional financial institutions; you must come to a branch, fill out forms and wait potentially weeks to get an approval — or not. A better option was needed. Enter Symple Loans. Just over a year ago, the digital lender launched in Canada – after getting its start in Australia in 2018 – with the goal of delivering a faster, easier, lowcost personal loan option to an underserved market segment — prime and super-prime borrowers. With its hassle-free approach, the digital lender is now disrupting the way Canadians access and borrow funds.
A better way to secure personal loans
“We’re doing what the big banks and fintech companies here have failed to do,” says Jennifer Bovaird, Head of Marketing and Customer Experience at Symple Loans. “We use supplemental data sources, which are often excluded or overlooked in traditional credit risk models, to create a more complete picture of a borrower’s financial and employment situation for a more personalized loan offer.”
The company uses its 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 starting in the 600s and above) term loans up to $50,000 for up to seven years via its fully digital, secure platform. Variable interest rates start as low as 6.99 per cent, with applicants often receiving same or next-day approval.
At Symple, we saw a gap in the Canadian market to serve an often-overlooked segment; consumers with strong credit. Symple is one of the few pure-play online lenders in the prime and superprime lending space offering unsecured personal loans with rates starting as low as 6.99 per cent for debt consolidation, home improvement, credit card consolidation, and more.
Bovaird notes, “We’re seeing a growing number of customers moving their balances from high interest rate credit cards and loan products to a lower interest rate loan from Symple which can save them thousands of dollars over the term of their loan.”
In the current economic environment of rising rates and high inflation, Symple offers a faster, easier, and low-cost solution to the current alternatives available to Canadians. This resonates among customers who value a simplified, fully digital borrowing experience and want to be rewarded with better interest rates and flexible payment terms.
There’s no need to visit a bank branch or deal with arduous paperwork.Borrowers can get a personalized interest rate quote in two minutes and have approved funds in their account the next business day. Because Symple doesn’t have physical locations and other costly overhead, it can pass on savings directly to credit-worthy borrowers with affordable loan rates.
Borrowing consumers feel secure about
“At Symple, we saw a gap in the Canadian market to serve an often-overlooked segment; consumers with strong credit,” explains Bovaird. “Symple is one of the few pure-play online lenders in the prime and super-prime lending space offering unsecured personal loans with rates starting as low as 6.99 per cent for debt consolidation, home improvement, credit card consolidation, and more.”
Consumers can feel confident about Symple. It is accredited by the Better Business Bureau and the Canadian Lenders Association. It works with global industry leaders such as Equifax and Flinks, owned by National Bank of Canada to offer a best-in-class digital lending platform to securely and quickly assess an individual’s banking data, allowing Symple Loans to make faster, more accurate lending decisions.
Canadians have welcomed this disruptive approach to lending. Symple has been recognized by the Canadian Lenders Association as a finalist for its 2023 Consumer Lender of the Year award and has an A rating from the Better Business Bureau.
Symple is great news for consumers. “We’re on a mission to lower the cost of borrowing for Canadians,” notes Bovaird. “Symple’s ability to offer lower interest rates and better loan terms helps level the playing field and increase financial inclusion for Canadian borrowers. With no penalties or fees for early repayments, Symple customers can pay off their loan faster and with less cost over time.