About lender
Symple Loans is a lending organization aiming at providing Canadians with access to better, faster, and more affordable personal loan options. It was founded in Australia in 2018; the Canadian branch was opened in February 2021 and is headquartered in Toronto. Now it is a global lending fintech company granting quick customized personal loans to Canadian consumers.
Symple Loans charges a relatively low-interest rate to consumers who have strong credit. The company’s mission is to reduce borrowing costs for Canadian consumers while making the entire borrowing process much more convenient than what traditional lenders offer.
Features
First of all, it is essential to note that the company was founded not in Canada, but Australia in 2018, and the Canadian branch was launched at the beginning of 2021.
Symple Loans offers personal loans that can be used for various purposes. For example, refinancing a credit card, debt consolidation, home improvements, a car purchase, significant purchase coverage, traveling, high education, and investments.
The terms and borrowable amounts are flexible and depend on the customer’s credit. For example, the customer can take from $5,000 to $50,000 for 1 to 7 years. All the conditions depend on the client’s credit score.
The interest rate varies between 6,99% and 22,99%, and loan establishment fees are between 0% and 5%. Moreover, a customer is allowed to pay off the whole loan before the end of the term and will not be charged any extra penalties and fees.
Also, the company doesn’t operate across the whole country. So, for example, they don't deal with New Brunswick, Nova Scotia, Quebec, and Saskatchewan customers.
Pros and cons
Here is an overview of Symple Loans’ strong sides and setbacks.
Pros
Symple Loans have adjustable and flexible conditions;
The company is accredited by BBB and featured on such platforms as fintech.ca;
The company has many options for loan usage;
Customers will not have any extra fees and penalties charged in case they need to pay the loan off earlier;
The application process is quick and 100% online;
The customer will receive funds on the next day after approval;
Symple Loans protects the privacy of their clients’ data;
The customer is allowed to change the repayment schedule.
Cons
The company doesn’t operate in New Brunswick, Nova Scotia, Quebec, and Saskatchewan;
The customer will be charged a $45 fee in case they don’t pay on time;
To be approved, the customer must have at least a 650 credit score;
If the customer has a prior bankruptcy, they won’t be approved;
If the customer’s credit score is low, they may get tough conditions.
As we can see, this company has some significant advantages, such as adjustable rates and terms. Also, the customers are not charged any penalties if they want to pay off the loan before the end of the period. Finally, Symple Loans guarantees the complete security of clients’ data.
Unfortunately, there are some significant disadvantages. Symple Loans do not operate in many provinces and have strict requirements. Also, if the customer cannot pay back on time, the company will charge a $45 fee.
Loan conditions
In the beginning, a customer must complete the Quick Quote to determine their personalized loan rate. Usually, it takes about 2 minutes. Secondly, the application form must be filled out, and after that, the company's operator will approach the client to tell whether they are approved or not.
The company’s requirements are pretty strict. To be approved by Symple Loans, a customer must be older than 18 and be a citizen of Canada (except New Brunswick, Nova Scotia, Quebec, and Saskatchewan). Also, customers must have annual revenue of more than $25,000 and have no previous bankruptcies. Finally, their credit score must be at least 650 to get suitable loan conditions.
The customer can borrow the amount in the range between $5,000 and $50,000 for the term starting from 1 year up to 7 years. The interest rate depends on the client’s credit score and starts from 6,99% up to 22,99%. Also, Symple Loans may charge a fee that varies between 0% and 5%.
Methods of loan funding
Customers receive the borrowed amount by direct deposit.
