In this week's Competitive Intelligence Update we examine two new lenders, how Nium expands its payment network, and a new partner for Wealthsimple.

Circle K and iFinance partner

Convenience store chain, Circle K, and Canadian fintech, iFinance, have partnered to offer customers an opportunity to apply for small personal loans. The offer is currently only available at select Circle K stores in Ontario, although Circle K does have more than 2,000 locations across Canada.

iFinance

iFinance offers loans to consumers as well as financing solutions for businesses to offer to their clients.

iFinance promises a completely digital application process for loans ranging from $500 to $40,000 with “competitive low rates” and instant approval once a complete application is submitted. The fintech specializes in small consumer loans in these key areas: medical, dental, pet, home improvements, auto financing, and other.

New partnership

The partnership between the convenience store chain and the financing company allows consumers to apply for loans instantly through a QR code displayed in the stores. By scanning the code, customers are taken directly to a machine-learning-powered loan application. 

Loan amounts and terms currently offered through this partnership are narrower than what is available through iFinance. Loans range between $700 and $3,000, with repayment terms from 12 to 60 months. If approved, funds are deposited directly into the consumer’s bank account within 24 hours.