iFinance Canada surpasses $2 billion in consumer loan applications as more consumers seek financing solutions in 2020

TORONTO, Dec. 7, 2020 /CNW/ - iFinance Canada, a Canadian FinTech lending company has announced that it has exceeded $2 billion in consumer loan applications as Canadians search for additional ways to buy now and pay later.

"People need the comfort of knowing they can get a medical, dental, or veterinary procedure done when they need it and spread out their payments without incurring the full upfront cost," said Dr. Ann Kaplan, iFinance CEO. "During these challenging times, there is a growing need for our financial solutions that are currently offered through 16,000 registered merchants or preapproved online at iFinance."

iFinance lending solution provides consumers with the comfort of affordable monthly payments. In the last year, the company surpassed $240 million in loan applications despite the various shut down of many medical, dental, and veterinary clinics throughout the country demonstrating the continued demand for such financial solutions.

iFinance uses Artificial Intelligence (AI) and machine learning integrated with a proprietary algorithm to determine a person's credit in seconds. The borrower's account is then debited monthly over the course of the next six to 72 months based on the borrower's preference quickly and seamlessly.

"We have provided instant unsecured loans to consumers for over 24 years," said Kaplan who uses her experience and doctorate in consumer credit to continuously enhance the company's consumer risk modeling. "Our strategic investments in technology and infrastructure have positioned us to continue to grow our lending products online in advance of purchase, at point-of-sale, and at retailers which include doctors, dentists, veterinarians, home improvement suppliers, and others."

The installment payment business is booming around the world and growing in popularity among Canadians seeking 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 lending. U.S. retail purchases under point-of-sale financing arrangements grew in value from $49 billion in 2015 to $94 billion in 2018

About iFinance:
iFinance is a leading Canadian FinTech company, is one of the country'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 numerous times as one of the Top 100 Companies in Canada. Since its inception in 1996 by Dr. Ann Kaplan, iFinance has realized more than $2 billion in loan applications. 

SOURCE iFinance Canada