Toronto-based CommunityLend announced the launch of Financeit.ca today – a financing platform for Canada’s multi‐billion dollar home improvement industry. Starting immediately, home improvement businesses will be able 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 portal, Financeit.ca gives both dealers and their customers a significantly better way to finance purchases.”
Financeit.ca offers instant loan approvals, a user friendly tracking dashboard and a commission program. Loan proceeds are deposited directly into the Dealer’s bank account, including the unique feature of multiple funding dates for larger jobs.
Loans are unsecured with interest rates starting at 8.9% and up to 5 year amortizations, and can be repaid at any time without penalty. Interest rates depend on the individual borrower’s credit score and loan amounts ranges between $2,000 to $25,000.
Smart move by CommunityLend and one of the reasons we identified CEO Michael Garrity as one of our Digital Media People to Watch in Ontario in 2011.