There’s a new player in town when it comes to short-term loans.
C.A.I. Financial, Canada’s leading private lending company catering to people without the use of credit, recently moved into Port Moody.
“Some people see short-term lending as trying to capitalize on the misfortune of others,” says President Shameer Dada, who opened the Tri-Cities franchise six months ago. “The truth is that 90 per cent of the people we loan to have nowhere else to turn.”
Dada describes what C.A.I. Financial does as falling somewhere between a payday loan and a bank loan.
Offering title loans, collateral loans and reciprocal loans, all without a credit check, C.A.I. Financial can make funds available in as little as 15 minutes. As long as you have collateral, says Dada, approval is guaranteed.
“We deal with a lot of people who have seasonal income,” he says, “or people who find themselves in need of cash to cover unexpected bills or expenses.”
With proper collateral, such as a vehicle, boat, RV, motorcycle or ATV, C.A.I. Financial offers loans from $1,000 up to $25,000 with payment terms ranging from three to nine months.
C.A.I. Financial has built a niche by being the only company to offer what’s called a ‘reciprocal loan’. Similar to a title loan, a reciprocal loan is where the company lends out money tied to some form of collateral. Unlike a title loan, however, a reciprocal agreement does not require that the company take title of the asset. Instead, they allow the customer to continue to use his or her collateral for a fee. Once the loan is finished, all contracts are then voided.
“The vast majority of people that we deal with are happy to have the chance to improve their circumstances so easily,” says Dada.