Grow and First West Credit Union Begin Exploring Online Personal Loans Service
VANCOUVER--Grow, a Canadian online lender, has begun collaborating with First West Credit Union to explore the expansion of online consumer lending in Canada.
This new venture between Canada's fastest growing fintech company and one of Canada's most innovative credit unions is among the first of its kind. The two organizations are working side-by-side to explore the opportunity to expand online consumer lending. Grow brings its cutting-edge lending technology while First West provides insight from the in-person consumer-facing experience and the strength of a trusted and respected financial institution.
Grow's online lending technology allows users to apply for a loan online 24 hours a day and to receive an instant quote without impacting their credit score. If approved, loans can be funded in as little as a few hours. By working with First West, Grow aims to be the first to provide people living in British Columbia access to on-demand and fully digitized online lending through a Canadian credit union or bank.
"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. We're really looking forward to working more closely with them and exploring the next wave of financial service delivery."
Grow Founder & CEO Kevin Sandhu shares Skinner's enthusiasm for the collaborative approach.
"We're thrilled to be working with First West Credit Union, one of the country's most innovative financial institutions," says Sandhu. "Our companies share a similar culture, focused on constant innovation and unparalleled customer service to improve our communities' well-being. 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."
Grow is reinventing banking by leveraging the power of technology to make personal finances understandable and stress-free. Through cutting-edge software and data science, Grow gives Canadians a faster, easier and more affordable way to borrow. The company's no-fee personal loans are entirely online, only take minutes to apply for, and are funded by the next business day. Grow's newest product, RateTracker, provides unparalleled transparency into a person's creditworthiness by offering an updated interest rate on a monthly basis and information about what the person can do to improve their financial health. Grow was founded in 2014 and is headquartered in Vancouver, BC.
First West Credit Union offers members the financial strength, comprehensive product selection and extended branch network of a large financial institution while maintaining local brand identities and a unique grassroots approach to service. Led by Launi Skinner, First West is British Columbia's third-largest credit union with $10 billion in assets under administration, nearly 240,000 members and more than 1,700 employees. It operates 54 branches throughout the province under the Envision Financial, Valley First, Enderby & District Financial and Island Savings brands. Visit firstwestcu.ca for more information on First West Credit Union.