The main reason our rates are cheaper than the rates offered by the competition is that we are a peer-to-peer lending company.
Banks use deposits from savers to lend to borrowers and charge high APRs, keeping the profits for themselves.
With us, you get to cut out the banks and borrow directly from fellow Canadians. Most of them are ordinary people wanting to get better interest rates than if they were to put their money in a savings account and so they are happy to accept lower APRs than the banks would charge. As we are internet based, we also don’t have the same overheads as banks do with multiple branches, so this helps keep the costs down.