Symple Loans was founded in 2018 in Australia and is now one of the newest fintech firms operating in Canada. Symple Loans Canada was established in February 2021 and is headquartered in Toronto.
The company offers a quick and streamlined online lending platform for borrowers using innovative digital technology, advanced analytics and other modern lending technologies. They also offer interest rates as low as 6.99% to applicants with strong credit profiles.
The goal of the fintech company is to reduce the cost of borrowing for Canadian consumers while making the entire process of borrowing much more convenient compared to more traditional lending routes.
Symple Loans is able to assess a borrower’s financial and credit profile through the use of supplemental data sources that conventional credit risk models tend to miss. In turn, Symple Loans can more accurately determine a borrower’s creditworthiness and come up with a more appropriate interest rate and a customized loan offer.
Consumers with particularly healthy credit scores will find this platform helpful as it can offer lower rates compared to what big banks can offer this specific demographic of borrowers.
A personal loan is a type of installment loan in which a borrower is provided with a one-time lump sum of money that is repaid in regular installments. The full loan amount and interest must be fully repaid by a specific date, known as the loan term.
Details of personal loans from Symple Loans are as follows:
With a low-rate personal loan, you can use the funds as a financial solution in a variety of settings, including the following.
The interest rates associated with credit cards tend to be among the highest in the world of financing. If you are carrying a high outstanding credit card balance month after month, you’re spending a lot of money just on interest. The funds obtained from a low-rate personal loan from Symple Loans can be used to pay off this high-rate debt quickly and with less interest over time.
If you have several bill payments to make every month, you might find managing them and their different due dates a bit difficult. Plus, many of these debts, like credit card debt, might have high-interest rates associated with them.
By consolidating your debt, you can use one loan to pay off all other loans and credit accounts, leaving you with just one easy-to-manage debt to worry about. And if you can secure a lower interest rate with a personal loan from Symple Loans compared to the rates you’re currently paying on your existing loans, you can save a lot of money overall, too.
Home renovations are known to be very expensive, especially certain projects like total kitchen makeovers and basement suites. A personal loan can provide you with the funds needed to cover the cost of these expensive upgrades. In turn, this can add instant value and equity to your home.
Rather than take out a car loan that uses your vehicle as collateral, an unsecured auto loan from Symple Loans might work out to be a better deal.
You can borrow as much as $50,000 to finance your auto purchase, choose from a variety of loan terms, and benefit from the flexibility to fully repay your balance at any time without being slapped with an early repayment penalty fee.
Whether you’re looking to buy a boat, pay for a lavish wedding, or cover the cost of outfitting your home with new furniture, the final bill can be a hefty one. A low-rate personal loan from Symple Loans can help cover these costs so you don’t have to spend years saving up to afford them.
From airfare to accommodations, to experiences abroad, travelling can be one of the costliest expenditures you will ever make. A personal loan from Symple Loans can help cover these expenses with easy-to-manage, affordable payments.
College or university tuition can cost you tens of thousands of dollars. While student loans may be available, they can be difficult to get approved for. Instead, a personal loan from Symple Loans can give you the funds at a low rate, with the flexible terms needed to cover these costs.
If you’re looking to take advantage of a lucrative investment opportunity but don’t have the cash to do so, a personal loan from Symple Loans can give you the capital needed to invest and help you build wealth over time.
When choosing to work with a lender, it’s important to weigh the pros and cons and consider all the features they offer. These are some of the benefits of choosing Symple Loans.
Before you apply for a loan with Symple Loans, consider the costs. As mentioned above, interest rates range between 6.99% to 22.99%, and fees range between 0% to 5%, both of which are based on your credit and financial profile.
It’s also important to understand that a $45 late payment fee may be charged if you miss a due date on a payment (this is typical for most lenders). A one-time loan origination fee may also apply to your personal loan, which ranges from 0% to 5%. This fee is added to the principal portion of your loan and repaid over the course of your loan term.
| Loan Amount | $5,000 – $50,000 |
| Term | 1 to 7 Years |
| Interest Rate | 6.99% – 22.99% |
| Fees | 0% – 5% |
| Late Payment Fee | $45 |
| Loan Origination Fee | 0% – 5% |
You’ll need to meet the following criteria to get approved for a loan with Symple Loans:
To apply for a loan with Symple Loans, follow these steps:
A personal loan can come in handy in all sorts of situations. Symple Loans not only makes the process of applying and getting approved for a loan easy, but it also offers competitive interest rates to keep costs low.
*All loans are subject to credit and underwriting approval. Symple Loans’ loans range from $5,000 – $50,000 with terms from 1 – 7 years. APRs range from 6.99% to 32.00% and will depend on our assessment of your credit profile, financial position, and ability to service additional loan commitments. Maximum APRs are inclusive of the maximum interest rate and loan establishment fees. Loan establishment fees range between 0 – 5% and are based on the applicant’s credit profile. In the event of a missed or late payment, a late payment fee of $45 may be applied and is not included in the APR calculation.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
|---|---|---|---|---|---|
Personal Loan |
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Symple was very easy to deal with. I was able to consolidate my credit card debt at a much lower interest rate. The process was quick and I had my fun... read more
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