goeasy Ltd. Surpasses a $1 Billion Consumer Loan Portfolio
MISSISSAUGA, Ontario, Aug. 15, 2019 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY), a leading provider of financial services for non-prime Canadians, announced today that its easyfinancial division has surpassed a $1 billion consumer loan portfolio, its most significant milestone to date.
The Company opened its first easyfinancial kiosk in 2006 to fill the gap between traditional banks and high cost payday loans. It has since grown to over 400 combined easyfinancial and easyhome locations across the country, offering a full suite of unsecured and secured personal lending products to the 7 million Canadians with non-prime credit. easyfinancial accelerated its expansion journey through the introduction of its first stand-alone branch in 2011, followed by a fully digital online loan application in 2012 and the launch of point-of-sale financing in 2016. With a centralized credit adjudication system that utilizes custom proprietary scoring models built from data on over $3.4 billion in originations and over 400,000 loans issued since inception, goeasy aims to provide everyday Canadians with access to the credit they need, while putting them on a path to a better tomorrow, today.
“We are incredibly proud to achieve such a significant milestone on our journey to become the leading non-prime lender in Canada,” said Jason Mullins, goeasy’s President & Chief Executive Officer. “This accomplishment, which has been thirteen years in the making, is a true testament to the passion and dedication that our entire team has for improving the lives of our customers. From an idea sketched on a napkin in 2015 by our Executive Chairman, David Ingram, to $1 billion in consumer loans today, we have experienced many successes and significant learning. Most important, we have never wavered from our commitment to develop deep and meaningful relationships with our customers as we help improve their financial outcomes.”
goeasy continues to fulfill its mission through four strategic imperatives, including expanding its suite of financial products, developing it’s omni-channel distribution model, increasing penetration in key geographic markets and developing a best-in-class experience focused on providing customers a path to improve their credit and graduate to prime borrowing. With 1 in 3 customers graduating to prime credit, and 60% increasing their credit score, within 12 months of borrowing from easyfinancial, the strategy is a win-win for both goeasy and its customers. These customers tend to carry about half the debt level of the average Canadian and have proven to be quite resilient during times of economic stress. The Company has previously provided further detail on its customer segment in a shareholder update issued on December 10, 2018, which can be found on the goeasy investor website at: http://investors.goeasy.com/news-releases/news-release-details/goeasy-ltd-provides-shareholder-update-0
“While eighteen straight years of profitable revenue growth is remarkable, our future remains more exciting than ever,” Mr. Mullins continued. “We continue to embark on the most ambitious period of growth and transformation in our history. It took thirteen years to achieve our first billion, but we plan to achieve our next billion in less than four. With industry-leading brand awareness, a strong and well-capitalized balance sheet, and an award-winning culture of engaged and talented team members, we are well positioned to capture a leading share of the $223 billion non-prime consumer credit market in Canada.”
goeasy Ltd. offers leasing and lending services in the alternative financial services market and provides everyday Canadians a path to a better tomorrow, today. goeasy Ltd. serves its customers through two key operating divisions, easyfinancial and easyhome. easyfinancial is a non-prime consumer lending business that bridges the gap between traditional financial institutions and costly payday loans. easyfinancial offers a range of unsecured and secured personal instalment loans supported by a strong central credit adjudication process and industry leading risk analytics. easyhome is Canada's largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. Both operating divisions of goeasy Ltd. offer the highest level of customer service and enable customers to transact through an omni channel model that includes over 400 stores and branches across Canada and digital eCommerce enabled platforms.
goeasy Ltd.’s. common shares are listed for trading on the TSX under the trading symbol “GSY” and goeasy’s convertible debentures are traded on the TSX under the trading symbol “GSY-DB”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. For more information, visit www.goeasy.com.
Director, Communications & Public Relations