MISSISSAUGA, ON, June 3, 2024
/CNW/ - goeasy Ltd. (TSX: GSY), ("goeasy" or
the "Company"), one of Canada's leading consumer lenders focused on
delivering a full suite of financial services to Canadians with
non-prime credit, announced today that its consumer loan portfolio
has surpassed $4 billion in gross
loan balances.
The Company began consumer lending in 2006, with the launch of
easyfinancial, after opening the first kiosk at an easyhome leasing
store in Edmonton, Alberta. Since
then, the Company has broadened its range of consumer credit
products and now offers a wide range of interest rates that serve
the entire non-prime credit market. Today, goeasy is one of
Canada's largest non-prime
consumer lenders, with over 400 locations across the country,
online and mobile lending platforms, and point-of-sale financing
offered in retail, powersports, automotive, home improvement and
healthcare verticals through over 10,000 merchant partners. Since
inception, the Company has originated over $13.5 billion in consumer loans and has acquired
and organically served over 1.4 million Canadians, who have been
denied credit by banks or other traditional lenders. goeasy aims to
provide its customers with a better financial future, with 60%
graduating back to prime credit after 36 months of borrowing
activity, and 60% improving their credit score.
"After surpassing the $3 billion
loan portfolio mark in April of 2023, we have leveraged the
benefits of scale and our diversified lending model to further
expand the loan portfolio, reaching the $4
billion loan portfolio milestone just 14 months later. We
are incredibly proud of this achievement and believe that it
further solidifies our position as a leader in the Canadian
non-prime consumer credit market," said Jason Mullins, goeasy's President and Chief
Executive Officer, "Based on the momentum in our business, we are
confident that we will achieve, or exceed, the high end of our loan
portfolio guidance for 2024 of $4.55
billion. We are excited to continue serving the millions of
everyday Canadians who rely on us for access to credit today, while
providing a path to rebuild their credit for tomorrow."
The Company remains well positioned to achieve its long-term
growth objectives, including a consumer loan portfolio of between
$5.8 billion and $6.2 billion by the end of 2026.
About goeasy
goeasy Ltd. is a Canadian company, headquartered
in Mississauga, Ontario, that
provides non-prime leasing and lending services through its
easyhome, easyfinancial and LendCare brands. Supported by over
2,500 employees, the Company offers a wide variety of financial
products and services including unsecured and secured instalment
loans, merchant financing through a variety of verticals and
lease-to-own merchandise. Customers can transact seamlessly through
an omnichannel model that includes online and mobile platforms,
over 400 locations across Canada, and point-of-sale financing
offered in the retail, powersports, automotive, home improvement
and healthcare verticals, through over 10,000 merchant partners
across Canada. Throughout the
Company's history, it has acquired and organically served
approximately 1.4 million Canadians and originated over
$13.5 billion in loans.
Accredited by the Better Business Bureau, goeasy is the proud
recipient of several awards in recognition of its exceptional
culture and continued business growth including 2024 Best
Workplaces™ in Financial Services & Insurance, Waterstone
Canada's Most Admired Corporate Cultures, ranking on the 2022
Report on Business Women Lead Here executive gender diversity
benchmark, placing on the Report on Business ranking of
Canada's Top Growing Companies,
ranking on the TSX30, Greater Toronto Top Employers Award and has
been certified as a Great Place to Work®. The Company is
represented by a diverse group of team members from over 78
nationalities who believe strongly in giving back to communities in
which it operates. To date, goeasy has raised and donated over
$5.6 million to support its
long-standing partnerships with BGC Canada and many other local
charities. In 2023, the Company announced a 3-year, $1.4 million commitment to BGC Canada's Food
Fund.
goeasy Ltd.'s. common shares are listed on the TSX under the
trading symbol "GSY". goeasy is rated BB- with a stable trend from
S&P and Ba3 with a stable trend from Moody's.
For more information about goeasy and our business units,
visit www.goeasy.com, www.easyfinancial.com, www.lendcare.ca,
www.easyhome.ca.
For further information contact:
Jason Mullins
President & Chief Executive Officer
(905) 272-2788
Farhan Ali Khan
Senior Vice President, Chief Corporate Development Officer
(905) 272-2788
SOURCE goeasy Ltd