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.
Founded in 2018 in Melboure, Australia, Symple 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 targets financially prudent borrowers (a.k.a those consumers with strong credit scores) with rates starting at 5.75% for up to $50,000.
“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.”