An online credit offering for underserved Canadian consumers is being offered by Propel Holdings, a FinTech that provides users with access to credit in the United States.
According to a news release issued by Propel on Monday, Nov. 21, Fora Credit is now offered in Alberta and Ontario and will be expanded to more provinces in the upcoming months.
Propel CEO Clive Kinross stated in the statement that “consumers across the United States have trusted Propel and its operational brands for more than a decade to supply flexible credit options, and we are happy to bring our product home to Canadians.” We have high hopes that Fora will establish itself as a go-to option for the 25% of Canadians who struggle to obtain loans from conventional banking institutions.
According to a press release, Fora includes a digital application that allows users to apply for personal lines of credit and aims to help those who haven’t been able to access credit through conventional financial institutions by utilizing Propel’s existing technology infrastructure and artificial intelligence (AI) capabilities.
According to the statement, Propel’s self-service site makes it simple for consumers to manage their line of credit while its AI algorithms and technologies enable it to give speedy credit judgments.
In order to support the expansion of the new Canadian portfolio, the firm has also obtained a revolving credit facility shared by senior lender CWB Maxium Financial and junior lender Bastion Management.
