The Canadian banking system is one of the oldest and most secure in the nation, which is why Adam Rice, founder of LoanConnect, supposes it was able to weather the financial storm of 2008 while other nations’ banking infrastructures crumbled. However, this robust banking infrastructure does come with pitfalls. One of the greatest downfalls is the length of time it takes banks to adjudicate a loan.
Canadian Banks Are Far Behind U.S. and U.K. Institutions
In terms of technology, infrastructure and innovation, Canada’s Big 5 are far behind that of banks elsewhere. While this is a detriment to the banks, it is even more so to its customers. If you, as a customer of one of the Big 5, want to borrow money, you must travel to your nearest banking institution and fill out a paper application. The bank will then fax (yes, FAX) the application to Toronto and wait to hear back about a decision, which often takes up to five days. Consumers cannot wait that long, and they shouldn’t have to. LoanConnect was born from the demand for immediate loans with fair interest rates and reasonable terms.
LoanConnect Is Like “Expedia for Loans”
Imagine if you could secure a loan with low rates and reasonable terms as easily as you could secure a hotel room. LoanConnect is a fully open platform that offers financing on a moment’s notice and that empowers customers to finance whenever and from wherever they want. When you use our platform, lenders compete in real-time for your business. From your phone, you can review competing offers and choose a loan that works best for your situation. However, for our system to work, loan adjudication needs to be almost immediate. Because the banks do not yet have the infrastructure to process loans in real-time, LoanConnect partners with credit unions, which are more agile and open to innovation. In return for handling the access end, LoanConnect simply ask that the institutions offer instant adjudication and low rates. Our goal at LoanConnect is to empower consumers where they are through a network of competing lenders. Learn more about how our product does just that.