Online Fintech Lender, LendingArch, Canada’s 4th Fastest Growing Technology Company, has announced their continued expansion throughout North America, building upon their initial strong success in the Auto Loan and Personal Loan market sectors within Canada since they opened in 2015. LendingArch has recently completed the signing of a major deal with a Lending Institution to provide Personal Loans to Canadians Nationwide and announced the signing of their 500th Car Dealership in Canada to provide real time, Auto Loan leads.
Paul Hadzoglou is President of LendingArch. “We are pleased to announce our continued growth throughout North America in both the Auto Loan and Personal Loan market sectors. We have developed tools for the United States markets to quote real time financial rates to consumers and have recently signed a major deal with one of Canada’s largest Institutional Lenders to provide Personal Loans to Canadians through LendingArch, direct to consumers Nationwide.” Says Paul. “Our Auto Loan division in particular has seen tremendous growth, based on the results we are seeing from our consumer leads to dealerships throughout Canada. Car dealerships have seen 8%, 9%, even as high as 12% + conversion rates on our leads on average, with some dealerships posting above 20% conversions based on their location in Canada. These numbers are helping our dealerships flourish in this environment, even as inventory tightens up, we are seeing a steady increase for the need for our Auto Leads.” Says Paul.
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LendingArch’s Platform is simple. A consumer visits the platform (for free), and applies for a no-obligation, pre-approval for an Auto Loan. Once that consumer is notified (usually within minutes) that they are pre-approved, they are then matched with the best dealership to fit their needs and requirements. Applicants are finding themselves into a new or used vehicle usually within days of applying with LendingArch. This process eliminates the headache of shopping around to multiple dealerships and eliminates the issue of finding a car that they like, only to then find out that they cannot get approved for financing for the vehicle.
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“Canada has a lack of options to allow for consumers to apply for Loans through a digital process without having to step foot in a bank, lender or brick and mortar storefront. This is a digital, seamless service that needs to be improved in Canada and brought to the forefront of FinTech, so that consumers don’t need to go through the time, effort and headaches caused by getting rejected for financing “after the fact”. That is what our platform does, it solves that issue and saves time and money for the consumer”. Says Paul.
LendingArch has proven its ability to provide loans to online applicants since 2015 having helped over 400,000 Canadians through its online platform and continues to work on many new initiatives that they have within their extensive development department.
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