Canadian online lender Grow and First West Credit Union are investigating the expansion of online consumer lending in Canada. Should they proceed people living in the province of British Columbia will be able to borrow online through First West.
A partnership between a marketplace lender and credit union make sense given the unique environment in Canada, where the banking system is much more centralized than America’s. Credit unions are better positioned to understand the needs of individual borrowers while marketplace lenders offer technology which can more efficiently meet those needs.
“The way Canadians access and use financial services is rapidly changing,” says First West Credit Union CEO Launi Skinner. “We want to lead these changes to ensure we’re providing our members with the services they want and need.”
“First West has a strong commitment to innovation and keeping the banking relationship simple. Grow has built a great product.”
In order to properly meet consumer needs, a couple of conditions must be met, Grow Founder and CEO Kevin Sandhu said.
“We are excited to broaden our reach and provide new and existing First West members access to compelling products that are competitively priced, and easy to understand.”