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04:28
04:28
 
  • Propel (PRL) has launched Fora Credit, an online credit solution for underserved Canadians
  • Fora enables online applications for personal lines of credit up to C$10,000
  • The solution is intended to improve the lives of the nearly 25 per cent of Canadians that are either unserved or underserved in the credit market, according to a TransUnion study
  • CEO Clive Kinross spoke with Coreena Robertson about the news
  • Propel is a financial technology company powering fair, fast and transparent access to credit through its proprietary online lending platform
  • Propel Holdings (PRL) is up by 0.68 per cent trading at $7.45 per share

Propel (PRL) has launched Fora Credit, an online credit solution for underserved Canadians.

Fora uses Propel’s scalable technology and AI capabilities to enable online applications for personal lines of credit up to C$10,000 with no origination fees, annual fees, late fees or pre-payment penalties.

The solution is intended to improve the lives of the nearly 25 per cent of Canadians that are either unserved or underserved in the credit market, according to a TransUnion study.

Fora is available in Alberta and Ontario with additional provinces scheduled in the coming months.

To support its entrance into the Canadian market, Propel has secured a revolving credit facility with initial capacity of $26 million from CWB Maxium Financial (part of the Canadian Western Bank Financial Group) and Bastion Management.

CEO Clive Kinross spoke with Coreena Robertson about the news.

Propel is a financial technology company powering fair, fast and transparent access to credit through its proprietary online lending platform.

Propel Holdings (PRL) is up by 0.68 per cent trading at $7.45 per share as of 9:59 am EST.

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