Lendful

The company's primary offering consists of unsecured personal loans ranging from $5,000 to $35,000. These loans are designed for various purposes, with a significant focus on debt consolidation to help customers refinance high-interest debts into a single, more manageable payment. The business model is centered on a technology-driven online marketplace that directly connects borrowers with loan originators. Lendful generates revenue through interest payments and origination fees, which are automatically withdrawn from the borrower's bank account. The platform uses a proprietary algorithm to assess a borrower's risk profile by analyzing factors like employment, credit history, and even social media data, which allows for rapid credit decisions.

Significant milestones for Lendful include securing a $15 million investment from Alterna Bank in early 2016, a deal that enhanced its credibility and competitive position. This was followed by a strategic acquisition in June 2018 by Peoples Trust Company, a federally regulated financial institution, for an undisclosed amount. This acquisition integrated Lendful into the Peoples Group of Companies, providing it with a more substantial institutional backing and allowing it to expand its services nationally. The platform targets Canadian residents with a fair to good credit score, typically requiring a minimum score of 600, and at least three years of credit history. While initially accepting direct applications, the company later shifted its model and no longer accepts them directly, instead forming referral partnerships, such as the one established with Mogo in August 2020. Keywords: online lending, personal loans, consumer finance, debt consolidation, fintech, Canadian lender, loan marketplace, digital borrowing, unsecured loans, credit risk assessment, financial services, interest rates, loan refinancing, alternative lending, online application, borrower platform, Peoples Group, Alex Benjamin, loan origination, consumer credit