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Farewell HSBC, Hello Financeit!

TORONTO, March 22, 2012 /CNW/ – HSBC Finance recently announced that they would be shutting down their Canadian consumer finance business after an unsuccessful sale process. Up to 500 people are being let go as a result along with countless retailers that were relying on HSBC’s retail credit card program to power their sales.

This announcement is certainly disappointing news for the employees of HSBC Finance but for the retailers there is some good news here. For the companies that had relied on HSBC Finance, you are now free to engage one of the set of Canadian-based sales finance companies who have emerged in the last few years to serve the growing needs of Canadian retailers. Financeit.ca (operated by CommunityLend Finance Inc.) is one of the fastest growing of these new sales finance companies and one with a very unique value proposition, a significantly better rate structure and one of the best sales finance technology platforms in Canada.

Since launching in early 2011, Financeit.ca has signed up over 900 Partners and taken over $60 million in loan applications. The company’s specific mission is to provide a better domestic alternative to those internationally owned and now departing sales finance companies.

Here are just some of the unique features of the Financeit system for our Partners and their customers:

  • A state of the art online application platform which operates 24/7 and will decision your financing applications in less than a second.
  • For qualifying loans, our QuickFund process will guarantee funding for your application in less than 5 minutes without requiring additional customer validation.
  • Our interest rates are some of the best in the industry, starting at 6.99% for Home Improvement & Vehicle loans and never exceeding 12.99% in the Retail & Health Services industries.
  • Very flexible and very reasonably priced marketing programs – such as payment deferrals and rate buy downs.
  • Consumer-friendly payment deferral programs that NEVER back date interest.
  • A Canadian owned and operated company with a stable funding source which uniquely leverages the balance sheets of major Canadian financial institutions and private lenders.

“We started last year with a focus in the home improvement market and have since expanded into vehicles, retail and health,” noted CEO, Michael Garrity. “Initially businesses were skeptical to work with us because they had been burned in the past by big international banks closing shop in Canada but we have had early success in the market due to our uncompromising focus on delivering the best experience possible to our vendor partner and their customers.”

“The consumer finance space in Canada has seen very little innovation because of the traditional bank programs and we have been able to develop relationships with many big box retailers and national distributors as a result of our focus on service and technology”, added Casper Wong, Vice President of Business Development.

For further information:
Casper Wong
Vice President
Business Development & Operations
T 416-646-2177 x103

www.communitylend.com
www.financeit.ca