easyhome Ltd. Fills a Void in the Consumer Finance Market With the Opening of Its 90th easyfinancial Location
MISSISSAUGA, ONTARIO--(Marketwire - March 28, 2012) - easyhome Ltd. (TSX:EH), Canada's largest merchandise leasing company and a growing provider of financial services, is pleased to announce the opening of its 90th easyfinancial location this past Saturday, March 24th, 2011 in Toronto, Ontario at 652 Yonge Street.
"In the Canadian marketplace today, there is a large gap between the services offered by the traditional banks and the high cost payday lenders", said Jason Mullins, easyfinancial's Senior Vice President of Operations. "The recent decision by HSBC to exit the consumer finance business, which comes only a few years after Wells Fargo Financial departed Canada, creates a large void that now leaves many working class Canadians without an affordable solution to their short to medium term financing needs. The lack of options leads consumers to pay the high cost of payday loans. At easyfinancial, we offer a true alternative, providing access to loans from as little as $500, up to $5,000 and approval in less than 24 hours."
Conveniently located at 652 Yonge Street in Toronto, the new location's hours are Monday through Friday from 10 am to 7 pm, and Saturday from 10 am to 5 pm. Along with unsecured consumer loans, every easyfinancial branch also offers loan protection insurance and a prepaid card product, which gives consumers immediate and convenient access to their money.
"The opening of another easyfinancial location continues to expand our financial services footprint in Canada," said David Ingram, easyhome's President and Chief Executive Officer. "We continue to believe that there are many Canadians without access to credit, or stuck in the cycle of payday loans, that need another viable option. As we expand our retail presence, we provide opportunities for these consumers to borrow money in an affordable and flexible way. This new location also marks the addition of our third stand-alone branch, which will continue to be our primary sales growth channel for the easyfinancial business into the future," said Mr. Ingram.
As at March 28, 2012, easyhome Ltd. had 261 stores, including 49 franchised/licensed locations. The Company also operated 86 easyfinancial kiosks within existing easyhome stores, three stand- alone easyfinancial locations and one national loan office.
easyhome Ltd. is Canada's largest merchandise leasing Company and the third largest in North America, offering top quality, brand-name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. In addition, the Company offers a variety of financial services, including loans, prepaid cards and cheque cashing through its easyfinancial services business. easyhome Ltd. is listed on the TSX under the symbol 'EH'. For more information, visit www.easyhome.ca.
President & Chief Executive Officer
Senior Vice President and Chief Financial Officer