Monday, July 16, 2007

Imagine what it would be like to be able to acquire a loan for $2000 in a short space of two hours. St Lucians don’t have to imagine it anymore because an initiative by a non-banking financial company, Fast Cash is soon to make it a reality. The company held their official launching ceremony at the Sandals Grande Hotel on Thursday evening.

Fast Cash is a hassle free system where employees, once their company is one of the recognized Fast Cash participants and is willing to make salary deductions on their behalf, can receive short-term loans in very little time. Application forms can be filled online and persons meeting the criteria will be issued with a card within two hours. That card will enable them to go to any financial institution and withdraw money or spend money like a credit card.

Fast Cash loans are ideal for working people who find themselves in situations where they’re short of immediate funds. Robert Tonge, CEO of Fast Cash also spoke at the launching. “If your financial obligations can’t wait for financial institutions and the traditional loan process is too much for you then fast cash is for you. It’s not for people to buy clothes or buy jazz tickets. It’s for people who have emergency situations. Let’s say that Lucelec cuts your lights because you don’t have money to pay the bill. The reconnection fee is going to be $100 to $150. With Fast Cash, that's money you could save. No security is required so you don’t have to write a bounced cheque.”

“We’re hoping that since people are providing us with salary deductions, that would minimize our non performing loans because we’d have the guarantee from the companies. As the business develops maybe then we’ll undertake issuing higher loans.”

To be approved, customers must be employed for at least one year with a company that is on the Fast Cash system. No collateral is necessary, just a promissory note, salary deduction and salary confirmation. Loans can be paid off in four to six months at interest rates of 2.5 percent.“Whatever business you do with Fast Cash would be dealt with a high level of dignity and your confidential information will remain intact. The whole process takes very little time,” said Rudolph Francis.

News Reference: http://www.stluciastar.com/