TORONTO, Dec. 14, 2018 /CNW/ - When they're in need of a loan, a majority of Canadians now look to online lenders as a viable alternative to traditional financial institutions, according to the State of Alternative Lending in Canada 2018 study conducted by online comparison service Smarter Loans.
The research has confirmed that the industry has seen a lot more interest from consumers in Canada over the past few years, but as it continues to expand there are a number of key issues that still need to be addressed.
The study explores the sentiments of Canadians dealing with alternative lenders, including insights on how they discover providers, how they conduct their research, how they navigate the application process, how quickly they receive funds and their overall satisfaction with the industry.
The study explores:
- The most popular loan types offered by alternative lenders
- Priorities for Canadian borrowers, and how they differ between loan types, ages and geographies
- How Canadians search for information about alternative lending products and the options that are available to them. Of those surveyed 70% researched at least three companies before applying for a loan
- The speed & convenience of borrowing from alternative lenders, with 42.7% of applicants receiving funds the same day they applied, and 82% of respondents receiving their loan within three days.
- Overall satisfaction with the alternative lending industry, as well as areas where Canadians are hoping for improvement
- The level of trust between alternative lenders and consumers. 57% of those surveyed suggested that borrowing money from an online lender doesn't feel entirely safe, and another 45% suggested that lenders aren't transparent enough about their terms and fees.
Interested in learning more about the results of the study?
Click here to see the full Insights for The State of Alternative Lending in Canada 2018 Study
Alternative Lending in Canada 2018 – Insights for Consumers
Alternative Lending in Canada 2018 – Insights for Lenders
Alternative Lending in Canada 2018 – Insights for Auto Financing and Equipment Lenders
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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