FOLLOWING Term Finance’s acquisition of Fast Cash Saint Lucia, consumers have seen increased savings with the company, Country Manager Jaden Charles said Thursday.
Charles said that Term Finance is committed to revitalizing Fast Cash Saint Lucia, bringing it into the 21st century with ease, comfort, and style.
Charles who spoke to THE VOICE noted that when the company took over Fast Cash Ltd. in 2022, “we were trying to… bring their procedures into the 21st century. What I mean by that is a lot of the people in the lending industry still operate in the old way where you have to come into the office, bring in your documents to sign it physically when we have technology so people don’t have to do that if they don’t want to.”
“That’s sort of what Term Finance (St. Lucia Ltd.) was here to do. Term Finance was a digital platform and the whole process was very easy and straightforward; communication could be done online, we were really driving a digital platform for our clients and we wanted to bring that to Fast Cash. We wanted to offer that convenience to their clientele – being able to stay at your home and get access to money without ever really leaving unless you want to,” Charles stated.
This option has worked quite well for some of the company’s customers. But according to Charles, “our aim is never to force people to go online if they don’t want to. Technology is a tool for us to use to make things easier for ourselves but if you’re a 70-year-old retired pensioner for example and you prefer to come into the office, that’s what the office is for. We’re meeting clients where they want to be met and where is most convenient for them which is why we invested into the physical location but we also have that digital option,” he added.
The micro-lending institution operates with some of the lowest interest rates, the country manager told THE VOICE. Further, he stated, “when Term Finance entered the market we had the lowest rates in the business. We were coming down from Trinidad and we kind of kept our rates from over there the same as here. It is a higher interest industry and we were trying to change that and we brought that to Fast Cash.”
“When we took over we dropped their rates which we’ve maintained and we’ve also gotten rid of all associated fees. In the banking industry … there are all sorts of hidden fees that come along with loans that we didn’t think were necessary… transparency is very important to us. We’ve definitely brought down the rates over the last two years and the customers have really enjoyed that,” Charles added.
Customers seeking loans can acquire as much as $25,000. Micro lending, as Charles explained, “usually is personal credit – so no vehicle loans, no land loans or mortgages, just personal loans. We’re operating in a space where if you need money maybe more quickly than the bank can offer or the credit union and you don’t really need that much we’re really there to kind of fill the need.”
Fast Cash/Term Finance is excited to bring better value and a new feel to the lending industry and moving forward will continue its consumer-focused strategies.
During the last quarter of 2023, Fast Cash now powered by Term Finance uplifted the shopfront of its 44 Micoud Street location, displaying both brands’ trademark colours. This marks the completion of phase one of their long-term goal of revamping their legacy branch experience into a more customer-friendly experience that will provide patrons with comfort and banking luxury. Term Finance plans to kick off phase two of the project in 2024 and is eager to continue elevating the consumer experience.
For phase two, Charles said, “we are looking at an internal architect to sort of get some ideas on how we can refurbish the inside so that people get that more comfortable experience.”