goeasy Ltd. Passes $1 Billion in Loans Originated and Launches New Risk Adjusted Rates
MISSISSAUGA, ONTARIO - (Marketwired - March 7, 2016) - goeasy Ltd. (TSX:GSY), ("goeasy" or the "Company"), the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians, today announced that it has reached a milestone of $1 billion in loans originated at easyfinancial, the company's alternative financial services operating division.
"easyfinancial's achievement of reaching $1 billion in loans originated represents a significant milestone for the company and demonstrates our ability to help our customers, approximately 60% of which have been denied access by traditional financial institutions and do not want to incur the extreme costs of payday lenders," said David Ingram, goeasy's President and Chief Executive Officer. "We have worked hard since 2006 to solidify easyfinancial's position as a leader in Canada's alternative financial services industry by providing access in an underserved market where there is strong need for loan options that help people rebuild their credit and get back on a path towards a better financial future."
To help its customers along the journey back to lower interest rates, easyfinancial also announced the introduction of risk adjusted interest rates and an increase in the maximum loan size to $15,000 for eligible customers. The new loan products are designed to reward existing customers with improved credit and attract new ones that are eligible for the lower rate that now starts at 29.99%.
"The introduction of risk adjusted rates is core to our mission of helping everyday Canadians have an option to get back to bank rate products. Our new rate structure, coupled with our financial education program goeasy Academy and the credit monitoring service we offer are designed to assist our existing customers as their credit scores improve and attract new customers that are eligible for the lower rate products," said Mr. Ingram.
goeasy Ltd. is the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians. Today, goeasy Ltd. serves its customers through two key operating divisions, easyhome and easyfinancial. easyhome is Canada's largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. easyfinancial is the leading provider of alternative financial services, offering consumer loans between $500-$15,000, and is supported by a strong central credit adjudication process and industry leading risk analytics. easyfinancial also operates an indirect lending channel, offering loan products to consumers at the point-of-sale of third party merchants. Both operating divisions of goeasy Ltd. offer the highest level of customer service and enable customers to transact through a national store and branch network of over 180 easyhome Leasing and 200 easyfinancial locations across Canada and through its online and mobile eCommerce enabled platforms.
goeasy Ltd. is listed on the TSX under the symbol 'GSY'. For more information, visit www.goeasy.com.
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer