Network announces unsecured loan offering

Network announces unsecured loan offering

Network announces unsecured loan offering Centum Financial Group announced Tuesday it has struck a deal with easyhome Ltd. that will add unsecured loans to Centum brokers’ product offering.

"We have always tailored mortgage options to each client's specific needs, to provide them with the best value," Paul Therien, vice president of operations for Centum said in an official release. "We are excited to offer a loan product that's different: a fast and flexible solution to fit each lifestyle and budget.  We believe that the loans provided by easyfinancial will assist CENTUM’s clients in achieving their financial objectives faster.”

Centum will be the first – and only – mortgage broker network to offer easyfinancial’s unsecured loans to Canadians. Consumers can use these loans to for things such as improving their credit score, home renovations, car repairs and managing bills.

Ranging from $1,000-$5,000, approved customers will have access to the funds within 24 hours of submitting an application.

The loans are repayable over terms that range from 12-36 months. However, clients can repay their loan in full without incurring a penalty.

“The breadth and depth of the Centum network and the close relationships they have developed with their clients provides us with a new and innovative way to offer our financial products and services to a new customer group,” Jason Mullins, senior vice president operations for easyfinancial said.  “We are excited to announce Centum as a partner in our indirect lending platform.”
 
 
50 Comments
  • Hmmm . . . 2014-04-29 10:57:23 AM
    and what about Easyfinancial mortgages? Is Easy just scoring mortgage clients for themselves as well? And is it wise to associate with a co. that's barely a notch above payday loans and the negative connotation that comes with it, when us brokers can easily refer clients to such loan co's without the direct association? Just asking . . . .
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  • Kent Farnsworth 2014-04-29 11:19:21 AM
    I think they could have come up with a better partner. I'm guessing they have went this way so that they could brand them as Centum Loans nationally. I have 3 sources locally that our company can help our clients acquire personal loans and lines of credit. None of which would be nearly as high interest as EF. I'm a little surprised that this was their choice for financial backing.
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  • A Broker 2014-04-29 11:21:21 AM
    Easyhome APR is 46.96%. Usury to begin with. Add in a $500 broker fee and watch the rate soar. Is our industry actually getting that desperate to get into this type of business. Anyone who borrows money for only $5,000 maximum at those rates is on the extreme lower end of the financial spectrum. These borrowers already have terrible credit ratings to begin with never mind putting them in a most probable default situation. I wonder what FSCO would say about this. C'mon guys. You're making brokers look very bad here when you start scratching the gutter for business.
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