Kasasa®, an award-winning financial technology and marketing provider, and Canadian Lenders Association (CLA), a national non-profit organization representing innovative lenders, are partnering to expand the Kasasa Loan® to the Canadian market.
Kasasa has been designated an approved vendor by CLA, which is the largest trade group for lenders in Canada. Together, CLA and Kasasa will provide a never-before-seen level of ease and flexibility to the lending process and allow financial institutions to grow their loan portfolio with a loan that meets consumers’ needs.
“The CLA’s mission is to provide our members the tools to grow and foster safe and ethical lending practices,” said Tal Schwartz, Head of Strategy at Canadian Lenders Association. “The Kasasa Loan is the first auto and personal loan that lets consumers pay ahead to reduce debt and still access those extra funds if they need them. By offering this consumer-friendly loan, we can continue to support the growth of companies that are lending to small businesses and individuals in an innovative way.”
The Kasasa Loan is the only loan on the market with Take-Backs™ that allow consumers to pay down loan principal faster, reducing interest payments, while maintaining the option to borrow back their funds in case of emergency. It drives a 52% increase in total loan balances and builds stronger banking relationships. Kasasa Loans are preferred by nine out of ten consumers over comparably priced loans, and according to a recent consumer survey, 98 percent of consumers said they would refinance existing debt at the same rate in order to get a Kasasa Loan with the Take-Back feature.
“Partnering with CLA enables us to expand our loan offering to banks and credit unions in Canada,” said Chris Cohen, EVP of Product Management for Kasasa. “Even in the midst of a pandemic, top performing banks and credit unions offering the Kasasa Loan continue to see more loans per borrower, more accounts and more transactions. The Kasasa Loan will provide unprecedented control, flexibility and transparency to Canadian borrowers and financial institutions alike.”
The CLA is composed of 80 consumer and small- and medium-sized enterprise (SME) lenders, representing $3.5 billion of economic activity and over a million businesses and individual Canadians supported.
About Canadian Lenders Association
The Canadian Lenders Association supports the growth of companies that are in the business of lending, or providing other means of credit, to small businesses and individuals by non-conventional or innovative means to exchange ideas and explore ways of improving the sector; encourage principled and professional practices by Innovative Lenders; educate the public at large about Innovative Lending; encourage individual potential borrowers to be informed about the appropriateness of Innovative Lending to the borrowers’ circumstance; and to advocate on behalf of, and represent the interests of Innovative Lenders.
Based in Austin, Texas, Kasasa® is a financial technology and marketing provider committed to driving results for over 900 community financial institutions by attracting, engaging, and retaining consumers. Kasasa does this by providing innovative banking solutions that increase loan volume and non-interest income to help drive immediate sources of revenue in a low-rate environment. Its branded retail products, world class marketing, and expert consulting enable community banks and credit unions to recapture market share. For more information, please visit www.kasasa.com, or visit them on Twitter or LinkedIn.