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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 30, 2016) - Grow, Canada's fastest growing digital banking company, announced today the most recent evolution of its online loan product to continue to help Canadians improve their financial well-being. Grow now offers loan terms that range from 1 through 5 years. The company has also adjusted its personalized interest rates, which now range from 4.8%-18.99%.
"Our mission is to relieve financial anxiety and improve Canadians' financial health," said Kevin Sandhu, Founder and CEO of Grow. "An important part of that is giving our clients as many borrowing options as possible so they can make the best financial decisions for themselves."
The reduction in Grow's interest rates is further validation of its technology-driven approach to banking. As the company continues to expand, it is able to reduce its cost of funds, increase efficiency and further develop its lending algorithms. The benefits of scale allow Grow to further increase its competitiveness in the market, in regard to price and product development, and pass even more savings to its clients.
The expansion of Grow's personal loan offering comes on the heels of its recent partnerships with two of Canada's leading financial institutions: Conexus Credit Union and First West Credit Union. These partnerships will incorporate Grow's personal loans into the credit unions' product offerings, allowing them to further empower their members and communities.
"While we are excited about this evolution of our personal loans, this is just the tip of the iceberg in regard to how we want to use technology to revolutionize the way Canadians access banking products," said Sandhu. "In the coming months, with the support of our credit union partners, we will continue to deliver Canadians a world-class digital banking experience that pushes the boundaries of anything that exists today in Canadian financial services."
Grow is reinventing banking by leveraging the power of technology to make personal finances understandable and anxiety-free. Through cutting-edge software and data science, Grow gives Canadians a faster, easier and more affordable way to borrow. The company's no-fee personal loans are entirely online, the application can be completed in minutes, with the funds deposited by the next business day. Grow's newest product, RateTracker, provides unparalleled transparency into a person's creditworthiness by offering an updated interest rate on a monthly basis and information about what the person can do to improve their financial health. Grow was founded in 2014 and is headquartered in Vancouver, BC. Visit www.poweredbygrow.com to learn more.
VP Partnerships at Grow