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Online fintech lender signs deal to offer real-time auto loans

Online fintech lender LendingArch signed a major deal with a lending institution to provide personal loans to Canadians across the country, and signed its 500th car dealership to provide real time auto loan leads.

“We are pleased to announce our continued growth throughout North America in both the auto loan and personal loan market sectors,” said Paul Hadzoglou, President of LendingArch, adding that the company signed the deal to provide personal loans to Canadians through LendingArch, “direct to consumers nationwide.”

Hadzoglou said the auto lean division has seen significant growth, based on the results from consumer leads to its dealerships clients throughout Canada. He said dealerships have seen as high as 12 per cent-plus conversion rates on its leads (on average), with some dealerships posting above 20 per cent conversions based on their location in Canada. 

“These numbers are helping our dealerships flourish in this environment, even as inventory tightens up, we are seeing a steady increase for the need for our auto leads,” said Hadzoglou.

He said Canada lacks options for consumers to apply for loans through a digital process without having to step foot in a bank, lender, or brick and mortar storefront. 

“This is a digital, seamless service that needs to be improved in Canada and brought to the forefront of fintech, so that consumers don’t need to go through the time, effort and headaches caused by getting rejected for financing ‘after the fact,’” said Hadzoglou.

The platform from LendingArch is meant to solve that issue, and save time and money for the consumer.

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