CANADIAN TRUST FIRM OFFERS FIRST INTERNET LOANS
By Adnews Staff
Within a few days you'll be able to get a loan on the Internet if you're in Canada. And as soon as Bayshore Trust Company is able to do credit checks outside Canada it will extend its electronic loan business to other countries. The Toronto-based trust company announced yesterday that it will soon have the world's first Internet site offering on-line approval for financial products such as loans. A release says: "The launch of Bayshore's own World Wide Web site and the proposed introduction of this new service will transform Bayshore Trust from a small eight-branch trust company into a potential supplier of financial services to Internet clients throughout most of Canada and around the world." Anyone sitting at a computer with a modem and an Internet account can apply for a loan of $5,000 to $15,000 and be given a "yes" or "no" within less than two minutes. Once a loan is granted and the borrower's signature received, Bayshore will deposit the money directly into the customer's bank account. The Bayshore Web site was set up by Quadravision Communications, a Toronto interactive marketing company with an office in Atlanta. Bayshore, founded in 1977, has branches in Toronto, Calgary and Ottawa.