Canadian FinTech lender Loanz is planning to launch in the U.S. while also expanding its Credit Box in Canada, which offers loans to low credit customers in Canada with starting interest rates of 9.9%.
“The expansion of our brand into the USA, coupled with the effort to widen our credit band for Canadians, proves our consistent intent to become North America’s first stop and best place to obtain a personal loan,” Loans President Paul Hadzoglou said in a press release on Monday (March 7).
“Our customers are our family, and we want to ensure we have the widest reach with a rate that fits all of them, in accordance with their credit score, income and personal situations,” Hadzoglou added.
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Currently extending loans only in Canada, Loanz.com receives over 40,000 applications a month from citizens looking for a personal loan for any number of reasons. Consumers can apply directly online and get funded in less than a day for terms running one to five years. Expanding the Loanz credit box gives any Loanz.com applicant fast approval with low rates.
The Loanz brand is affiliated with LendingArch in Canada for Auto Finance Loans, a move that has helped Loanz grow its brand as it works to become a leading player in the personal lending space in both Canada and the U.S.
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“We are aiming to have the highest approval rates, with the widest credit band and in turn be the largest FinTech personal lending platform in North America,” Hadzoglou said.
The company plans to roll out in the U.S. in the second quarter of this year. Headquartered in Irvine, California, and launched in 2013, Loanz has been targeting the Canadian market since being acquired by Canadian FinTech loan comparison firm Consumer Genius Inc. in 2016. Consumer Genius recently launched in the U.S. and Australia.
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