A $100,000 personal loan has been created by a Canadian bank for anyone with $10,000 in debt.
The Canadian Bankers Association (CBA) has been working with an online lender to create a personal loan for anyone who has less than $10.000 in personal debt.
This new personal loan will be issued on the bank’s own terms.
CBA chief executive officer Kevin Lampert said this is the first time a personal bank loan has ever been created through an online platform.
“We are excited to partner with a bank to create this loan, which will provide a new option for Canadians struggling with debt and their families,” Lampert wrote on Twitter.
Lampert noted that this new personal mortgage loan is only available on the CBA’s website.
With this new program, we can continue to support those who need help while still providing our own community bank loan guarantee for our customers.
We are proud to have a partnership with an independent and reputable institution that is focused on helping Canadians get the help they need.
We have seen the benefits of this partnership, with CBA customers seeing a lower monthly payment of $7.49 and saving $3.24 in interest on their mortgage, according to Lampert.
This new personal banking loan is for those who do not have the means to access their own financial services or who are not able to access a financial adviser, according the CAA.
These are the very same people that are being helped by the CSA’s online loan service, which Lampert says is the fastest growing service in its nearly 25-year history.
I have heard so many positive things about CBA online banking and I am excited to see more Canadians join the CFA online banking community, Lampert added.
For more information, go to: www.canada.ca/cba/personal-loan-exchange-providers-online-financial-service/personal.aspx This story has been updated to reflect that the CNA is also helping people with their own personal loan via the CMO program.