Toronto-based lender Fig Financial has announced that its personal loan services are now open to all Canadians.
“We’re providing a real alternative to banks for all Canadians who need better lending options, and we’re doing something banks won’t do – moving this experience completely online,” Fig Financial CEO François Cote said in a news release on Tuesday (July 9). “Whether it’s 3pm or 3am, if you need to cover an unexpected bill or expense, need to make some home improvements or pay off a debt fast, turn to Fig.”
According to the announcement, Fig has helped provide over 9,000 people with over $135 million in funding through various partnerships, and its services are now available directly to consumers.
The company claims that its portal provides loan approval in just 10 seconds, enables customers to complete their application in under 10 minutes and gives them the freedom to choose the loan amount, tenure and repayment schedule.
Fig Financial’s rollout comes at a time when, as we noted here on Tuesday, “individuals and businesses seem primed to build more digitally-based relationships with financial institutions.”
As detailed in PYMNTS Intelligence’s latest “Global State of Digitalization” report, of the 60,000 consumers surveyed in 2023, 42% use online banking and 46.8% conduct banking transactions on their mobile phones.
Nearly two-thirds of consumers conducted their banking transactions via an app on their phone (mobile banking, 68.6%) or a desktop browser (online banking, 66.6%) at least once a month.
“Banks are examining and re-examining their technology stacks to more fully leverage initiatives like instant payments, digital account opening and embedded financing,” PYMNTS wrote.
At a panel discussion here last month, Michael Haney, head of product strategy at Galileo, said composable banking is “becoming essential for these legacy banks to improve operational efficiency and better meet customer needs and industry trends.”
This latest generation platform is based on the MACH principles: microservices, APIs, cloud and headless.
In a recent technology-driven initiative, Bankjoy and Pinwheel partnered in April to help financial institutions set up seamless direct deposits for their customers. Through this partnership, Bankjoy will help bank and credit union customers integrate Pinwheel’s digital deposit switching solution.
Read more about: banking, consumer banking, consumer finance, consumer lending, digital banking, digital lenders, Fig Financial, lending, loans, news, personal loans, PYMNTS News, Featured News
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