Welcome to Innovation!

Expect a seamless loan transition from Symple Loans to Innovation. Learn more about any impacts and how you can earn profit sharing cash on your loan!

Welcome to Innovation!

Symple logo and Innovation logo

Your loan with Symple Loans is being transferred to Innovation Federal Credit Union. 

This page contains information about what this transition means for you and both Symple’s and Innovation’s commitment to ensuring a seamless experience. Please refer to this page and for the most up to date information on the transition process.

Contact Innovation for all your lending and customer service needs at 1.866.446.7001. We have a dedicated service team ready to assist you with any questions or concerns you may have.

Who is Innovation?

Innovation is a Canadian federal credit union with over 400 employees devoted to Responsible Banking™ and profit sharing with its 65,000+ members. We simplify banking for Canadians!

What is a credit union?

A credit union offers the same services as a bank (accounts, mortgages, loans, investments).

The difference? We share our profits with the people who bank with us!

Profit Sharing: Save, Earn, Give

Sharing our profits is part of our Responsible Banking™ philosophy. You deserve to keep more of your hard-earned dollars and make an impact on your community. And you can do both by banking with us! How?

  • You save money through products like our free No-Fee Bank Account. Say goodbye to bank fees!
  • You earn profit sharing dollars; you share in our success!
  • You help us give back to the communities we serve simply by banking with us.

So, how can you earn profit-sharing cash on your loan? Simply by becoming an Innovation member! Here’s an example:

Profit Sharing Example

Loan AmountLoan RateProfit-Sharing Cash*
$20,00014.5%, 5-year term$249.67

We will be in touch to share additional information on becoming a member. 

*The example provided above is solely for illustrative purposes and may not reflect the specific terms of your current loan. Additionally, please note that profit sharing is not guaranteed.

Frequently Asked Questions

I have a question about my loan. Who should I contact?

Starting  December 18th, you can contact Innovation for all your lending needs at 1.866.446.7001.

What will change once my loan is transferred to Innovation?

  • Your loan payments will go to Innovation instead of Symple. Once your loan is transitioned you will see your loan payment appearing as “Innovation FCU Symple Loan” on your account history. After 30 days, this will change to “Innovation FCU AFTs”.
  • Your loan statements will come from Innovation.
  • Your loan account number will change.
  • Should you have questions or concerns about your loan, you can contact us.
  • You will no longer be able to view your loan(s) using the Symple online portal. You can instead access your loan through Innovation’s online banking or mobile banking app. We will provide you with enrollment details once your loan is transitioned. Keep an eye out for communications from us!

What won’t change?

  •  Your loan payment amounts will be the same.
  •  Your key loan terms such as interest rate, payment amounts, balance owing ability to repay without penalties will remain the same.
  • You will continue to receive the high level of borrowing support from Innovation Federal Credit Union. 

Do I need to do anything?

No immediate action is required. If your current bank account information remains the same, you are good to go! We encourage you to log into your Symple online portal at www.sympleloans.ca to obtain important documents or information. Your Symple Loans portal will be available until further notice to ensure that you have access to prior loan payment history and statements.

If you are changing your banking information, to avoid loan arrears, please contact Innovation so we can adjust it for you.

How do I earn profit-sharing cash on my loan?

If you become an Innovation member, we will automatically open a Member Rewards account for you. You’ll earn cash on your savings and loans that we'll deposit quarterly into your Member Rewards account.

The more you bank with us, the more you’ll earn!

Transfer the money from your Member Rewards account to any account you like to spend or save.

What do you mean by “become an Innovation member”?

Credit unions are co-operatives, which means Innovation is owned and controlled (through a board of directors) by our members. If you become a member:

  • You have a voice in how we're run, and
  • You share in the profits or benefits of the credit union.

Am I now a member of Innovation?

You’re not a member of Innovation just yet. Your loan is currently being transferred to us.  We will be in touch in early 2024 to share additional information on becoming a member.

After you become a member, you’ll start earning profit-sharing dollars in no time!

Does Innovation have an online banking and/or a mobile banking app?

Absolutely, we have both! You can sign up for Innovation’s online banking and/or mobile banking app. We will be in touch with you soon about how to enroll.

Once you are set up for online banking, you can view your loan balance and terms. We encourage you to become an Innovation member, which will enable you to have a full suite of products and services available through our online and mobile banking.

What other banking services do you provide?

You can enjoy a number of other convenient services through Innovation:

  • No-Fee Bank Accounts
  • Savings Accounts
  • Investments, like GICs, TFSAs, RRPS, and RESPs
  • Debit Cards & Credit Cards
  • ATM Services Across Canada
  • Online and Mobile Banking