By YOURI KEMP
Tribune Business Reporter
ykemp@tribunemedia.net
A pay-day loan provider yesterday said government employees had ensured its business remained steady throughout the COVID-19 pandemic.
Raphy Adderley, Easy PayDay Loans’ marketing representative, told Tribune Business that its focus on the only employee group to fully retain both their jobs and salaries over the past 12 months had pay dividends for the lender.
Ms Adderley said: “We are just a financial company that supplies loans to Bahamians without all of the paperwork, so we get straight to the business. We only supply loans to government employees. Simply because we cater to government employees, and they weren’t really affected, things remained stable for us.”
She added that Easy PayDay Loans has no plans to expand its lending to private sector employees given that COVID-19 has made the company “unsure” about its future prospects, and the risks associated with industries that have yet to fully recover from COVID-19.
“All persons looking for a loan have to present two forms of identification along with a utility bill or a passport, voter’s card or NIB (National Insurance Board) card, then they come in and fill in an application form. If they have all of the documentation they can be approved right on the spot,” Ms Adderley said.
The turnaround time from application to approval can take anywhere from 24 hours to a week, depending on the information clients bring in and whether or not they have to obtain additional information from their company’s human resources department.
“For us we really we don’t focus on the need, like how some have to apply for a loan from the bank and they have to state the need,” Ms Adderley added. “It’s just cash, so whatever they may need it for sometimes we don’t even know, because they come in and they apply and that’s it.”
First-time borrowers can obtain up to a maximum of $7,500, while existing clients can borrow up to $15,000. “They are personal loans most times for persons to do different stuff, as they all have different reasons like vacation, and their small projects. They are strapped for cash,” Ms Adderley said.
“I just want people to know how easy it is to get access to cash. I think that here in The Bahamas it’s really a daunting experience for a lot of people. When you go into a bank it’s hard to get in. You can see a loan officer, but it’s not that way with us. Our clients can actually apply online, or they can do it by telephone or they could visit our offices, where we have a ten-member staff that can help.”
Comments
ohdrap4 3 years ago
At exotbitant rates, just below legal limits and a lot of hidden fees, I am sure many of hus clients deeply regret the deals, as now they could use some of the money being deducted to make up for their family members who lost jobs.
As the radio ad says, you do mot have to have money to spend, you just need salary to deduct.
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