Alternative lender Goeasy reports 41% jump in credit applications

TORONTO — Alternative lender Goeasy Ltd. says it had a record volume of credit applications in its first quarter, up 41 per cent from a year earlier.

The growth comes as inflation and elevated interest rates have led many Canadians to borrow more, while those with lower credit scores often have to rely on alternatives to major banks.The company says it saw stable credit and payment performance as its net charge-off rate, or the amount of loans it doesn't expect to get paid back, was within its targeted range at 9.1 per cent.

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Source: Loan Digest (loandigest.net)

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