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Below is our recent interview with Cris Ravazzano, CTO of Loans Canada:
Q: Could you provide our readers with a brief introduction to Loans Canada?
A: Loans Canada is a financial technology company that matches Canadian borrowers to lenders and alternative solution providers. When a borrower submits an application on LoansCanada.ca, the request is processed through Loans Canada’s proprietary lender matching technology and the borrower is matched with multiple, alternative solutions for their request. Home to one of Canada’s largest lender networks, Loans Canada is the best online destination for loans, debt relief, credit improvement and related services.
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Q: What are your plans for the first half of 2019?
A: We’ve already launched two new products this year, a lender directory, and a unique new iFrame widget that our partners can use to expand their service offerings to their customers. So we’re already making big moves. We have other products in the pipeline, but our goal is to continue to provide our users with the best tools, the best content and the best service in the industry.
Q: When was Loans Canada created?
A: Loans Canada was launched in 2012. As one of the first (if not the first) loan comparison websites in the country, we were pretty early to the game. A lot has changed in the last 5 or 6 years, with a lot more online lending options becoming available. Being a first mover, we’ve been able to establish more partnerships and provide more choice than anyone else in the industry.
Q: What problem does Loans Canada solve?
A: There’s two parts to this question. When we first started the payday loan industry was lot more prominent than the installment loan industry in Canada. We started off as a great alternative to payday loans because we helped bring awareness to alternative options. However, as the online lending market matures, consumers are presented with a lot of choice and when it comes to borrowing making the best decision isn’t always easy. With all the lenders out there, the banks, the credit consolidators and everyone in between, it’s hard for consumers to find the best solution to their problem. The way we solve this issue is with our centralized loan search platform, where a customer can submit a single application and be presented with a series of different alternative options.
Q: What is Loans Canada’s mission?
A: Our mission is to empower the Canadian borrower. That’s why we put so much emphasis on educational content and tools. We think that having a lot of lending partners is not enough. Canadians need to have access to digestible and informative resources that answer their questions and satisfy their concerns.
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Q: What makes Loans Canada different from other loan search platforms?
A: Since we’ve been around much longer we have more partners, a much larger product set, and obviously understand our customers a lot better. We’re unique in that not only do we work with personal loan providers, but alternative solution providers as well, such as credit consolidators, mortgage refinancing specialists, credit building companies, etc. Our customers get to leverage our entire partner network every time they apply with Loans Canada.
Q: Why should borrowers visit Loans Canada instead of going straight to a lender?
A: It’s just so much more efficient. If you’re having trouble finding a loan, or if you’re not happy with the offers you’re receiving, why apply at a bunch of different locations
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