Below is our recent interview with Cris Ravazzano, CTO of Loans Canada:
Q: What is Loans Canada?
A: Loans Canada is Canada’s first loan comparison website. People from all over the country use our platform to search for the best loan to meet their needs. We started this project in its current form back in 2012 and we are very proud of how well our brand has been received. Thousands of Canadians visit our website and apply for financing with Loans Canada every week.
Q: What makes Loans Canada special?
A: I think transparency is the key. Our focus has been on financial literacy and education from the very beginning. We have a massive educational library that we have spent years building, and a great lender review platform that Canadians use to compare lenders every day. I think our focus on providing trustworthy information has been the key to our success. For example, you look at other lender review websites in Canada and all lenders have the same perfect rating and so you know they are being dishonest or the reviews are being purchased. I think consumers can tell when the information isn’t honest and I think it’s important to respect your customers. This is especially true in the field of finance. What makes us special is our devotion to good, honest resources and a great customer experience.
Q: Why should Canadian borrowers use Loans Canada instead of applying with lenders directly?
A: In short, it saves borrowers a lot of time. It can even help with their credit. To give you an example, let’s say you apply for a loan with one lender but you don’t qualify. It’s very likely the lender performed a credit inquiry on you to make that decision. Now you have to try your luck with another lender and you might fail to qualify again. With Loans Canada, you only have to apply once to get matched with the best possible offer.
Q: Why should borrowers trust Loans Canada?
A: Our goal is to connect Canadian borrowers with the best possible financial solutions, so our business aligns well with consumer goals. And there’s a reason why we’re integrated with so many of Canada’s largest financial institutions. We take consumer privacy and data security very seriously, and that’s why large financial institutions work with us, and it is why Canadian consumers trust us.
Q: Who are the lenders Loans Canada works with?
A: If the lender allows you to apply online, it’s very likely they are a partner of ours. Given that we were first to market, we have long and established relationships with more lenders than anyone else in Canada and we have the entire credit spectrum covered. We are uniquely situated with the largest lender network in the country.
Q: If you have bad credit, can you still get a loan through Loans Canada?
A: Most definitely. When we first launched, our branding initiatives were heavily positioned on the notion of Loans Canada being an alternative to payday loans and by working with alternative lenders we continue to service individuals with more constrained credit.
Q: Does Loans Canada offer any services other than loans?
A: We do. Our platform can connect individuals looking for debt relief, credit building, mortgages, credit cards and other services with the appropriate provider. We also offer commercial solutions such as small business loans and merchant cash advances.