January 11, 2011
Financeit.ca to deliver much needed in-house financing directly to Canada's multi-billion dollar home improvement industry, firm says
TORONTO--CommunityLend, Canada's only online loan marketplace, today announced the launch of Financeit.ca, its innovative in-house financing platform for Canada's multi-billion dollar home improvement industry. Starting immediately, home improvement businesses will be able to register at www.financeit.ca to provide their customers with immediate loan approvals for purchase financing.
"Canadians want finance solutions for their home improvement purchases," explained Michael Garrity, CEO CommunityLend. "In 2009 alone, over 50 cents on every $1.00 of home improvement purchases ended up in high interest credit cards or lines of credit because of the lack of reasonably priced finance solutions available to Canada's home improvement companies. Our new Financeit.ca portal, gives both dealers and their customers a significantly better way to finance purchases."
Garrity announced today that in addition to being free, Financeit.ca offers immediate loan approvals, an application tracking system and a user friendly loan dashboard. Loan proceeds are deposited directly into the dealers bank account, including the unique feature of partial funding for larger jobs.
"Financeit.ca provides our dealers with what we believe will be the easiest online application process in Canada," continued Garrity, "It takes about 30 seconds to get a loan approval."
Loans are unsecured with interest rates starting at 8.9% and up to 5 year amortizations, and can be repaid at any time. Again, Financeit.ca is free to use and vendors can even earn commissions. The service is available in British Columbia, Ontario and Quebec for now.
"The initial response to the platform has been overwhelmingly positive," stated Casper Wong, VP Business Development & Operations. "We started speaking with select businesses in December and now have over 40 Financeit.ca Partner applications ready for launch."
Alex Sel, owner of Entry-Doors Toronto said, "I didn't offer financing before, and now that I'm on Financeit.ca I'm expecting to get more sales because more customers will be able to afford my installations."
CommunityLend Inc. is Canada's only peer to peer lending service, a financial services innovation which allows borrowers to connect directly with private lenders through open online loan auctions. Called "game changing" by financial industry analysts, this new lending model permits direct investment by eligible investors in the personal lending market. CommunityLend Inc. is registered as a Portfolio Manager and an Exempt Market Dealer in the provinces of Ontario, British Columbia and Quebec and is a wholly owned subsidiary of CommunityLend Holdings Inc., a Canadian corporation based in Toronto, ON.