TORONTO, April 15, 2019 /CNW/ - Smarter Loans is proud to announce the addition of Money Line Capital to its growing roster of alternative lenders in the truck, trailer and equipment leasing and financing space.
Over the past eight years the Mississauga-Ontario based lender has built a strong reputation providing leasing and financing options for Canadian business owners in the construction and transportation industries.
According to Smarter Loans' annual Alternative Lending in Canada 2018 report, those seeking truck, trailer and equipment financing are hungry for information, and not always satisfied with what's available. With this partnership Smarter Loans will further help to bridge the information gap, and provide new customer opportunities to a reputable Canadian alternative lender.
"Canadians are increasingly seeking information about alternative lenders online, especially in the truck, trailer and equipment financing space, and it's our job to help deliver it to them," said Rafael Rositsan, CEO of Smarter Loans. "This partnership helps us further deliver on our promise of providing a one-stop-shop for Canadians seeking information on any type of loan product."
According to the Alternative Lending in Canada report, more than half of truck and trailer finance seekers ultimately found their provider through an online search. In addition, more than one-third spent over three hours conducting research on that provider, typically using their website, online reviews and articles as resources.
"It's hard for new businesses to walk into a bank and ask for a loan, so they go online and Google it," said Hardeep Ghatehorde, the vice president of sales for Money Line Capital. "Smarter Loans (https://www.smarter.loans/) will probably be one of the first sites to pop up, so customers go there to find a solution, whether it's for a mortgage, an operating line or a bulldozer."
Ghatehorde adds that the website offers a new generation of entrepreneurs an opportunity to find information about the financial products they're looking for in a single, convenient location.
"A lot of people are more open to [alternative lending] in Canada now, but still have some concerns. When they go to a website like Smarter Loans it helps relieve some of their concerns, because Smarter Loans has already vetted all listed providers," he said. "Canadians can now feel like they have an information partner to help them pick the right financial partner."
Money Line Capital joins a growing roster of alternative lenders partnering with Smarter Loans to ensure Canadians have access to all the information they need in order to make an informed decision about their equipment financing options.
"Not long ago customers were only presented with the financing options provided by their dealership. While this is still a great option, customers are now able to go online and find even more ways to get the capital that they require " said Rositsan. "We're happy to be working with a great company like Money Line Capital to make it easier for Canadians to get the right equipment, truck and trailer financing to suit their business's needs."
Rositsan adds that, as a company that takes its role of vetting and evaluating lenders seriously, Smarter Loans is proud to showcase one of the industry's top providers.
For example, the Alternative Lending in Canada 2018 report found that 20% of Canadians had to wait more than two weeks to receive an approval for equipment, truck and trailer financing, while less than 20% felt the process was smooth and painless. Furthermore, when it came time to submit their application, only half felt comfortable with the amount of information they had about the provider's services, interest rates, products and reputation, compared with an average of 70% of loan seekers across all product types.
Money Line Capital, on the other hand, has built its reputation in Canada on providing fast and convenient service, with applicants receiving approval and funds within a 24-hour period.
"We're teaming up to give Canadians more options, and more information about those options, so that there's a higher likelihood of finding the right provider," said Rositsan. "By letting customers compare interest rates, terms and products side by side we're able to provide more transparency to the industry as a whole, and provide another way for reputable lenders like Money Line Capital to get discovered by prospective customers."
About Smarter Loans:
Smarter Loans is Canada's online loan directory for any type of financing. The website helps Canadians find reputable lenders and compare their financial products, rates, and terms in one place.
SOURCE Smarter Loans
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