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Propel Holdings Launches Inclusive Canadian Credit Product, Fora

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Propel Holdings Fora - Propel Holdings Launches Inclusive Canadian Credit Product, ForaPropel Holdings Inc. (TSX: PRL), a Fintech company dedicated to credit inclusion, announced that it has entered the Canadian market with its new brand, Fora CreditTM (Fora) – “a convenient online credit solution for underserved Canadian consumers.”

  • Currently available in Alberta and Ontario and Propel has plans to roll out Fora into additional provinces across the country in the coming months.”
  • To support the growth of this new Canadian portfolio, Propel announced it has “secured a revolving credit facility with an aggregate initial capacity of approximately C$26 million shared between senior lender CWB Maxium Financial Inc., a part of the Canadian Western Bank Financial Group of companies (CWB), and junior lender Bastion Management and affiliates thereof (Bastion), an existing lender to Propel.”

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Key features of Fora include:

  • A flexible line of credit product that allows customers to draw from their available credit as needed;
  • Simple online application that can be completed in minutes at www.foracredit.ca from any desktop, tablet or mobile device;
  • Quick credit decisions using Propel’s proprietary AI algorithms and technology;
  • Seamless online customer experience, including an easy-to-use self-service portal that customers can access 24/7 to manage their line of credit; and
  • No origination fees, no annual fees, no late fees and no pre-payment penalties.

Clive Kinross, Propel’s Chief Executive Officer:

Consumers across the United States have trusted Propel and its operating brands for more than a decade to deliver flexible credit solutions and we are delighted to bring our offering home to Canadians. We fully expect that Fora will become a leading solution for the 25 per cent of Canadians who are unable to access credit through traditional financial institutions.

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