NASSAU, BAHAMAS — A payday loan provider has expanded its offering to now facilitate private sector employees.
Easy PayDay Loans is now dedicating a percentage of its loan portfolio to the private sector, allowing for qualifying individuals employed for a minimum of five years to apply for a loan currently up to $5,000.
Ruthie Knowles, Easy PayDay General Manager told Eyewitness News, the company had been turning down customs from the private sector for years.
“But we now have the infrastructure in place,” she said.
“We have well-trained staff and we have invested in a new loan platform that can actually service an increased loan volume.”
According to Knowles, the Bahamian-owned company which began as an auto loan facilitator back in 2004 sees on average of 500 customers per month.
“With us now extending our services to the private sector, we don’t know what to expect. We are hoping we have an influx but we will see what happens,” she said.
Knowles added: Over time we will update policies on the current credit limit and loan term. During this initial introduction, we are seeking to assist persons who have been stable with one employer for at least five years. We are not exclusive to one age group, but we do believe the 25–35-year-old range – those who are not paying college tuition for children or individuals who are still living with their parents – will find this offering appealing.”
Easy PayDay also recently transitioned from cheque distribution to bank transfers. The move allows for swift deposits and has been appreciated and well-accepted by its growing clientele. Easy Payday specializes in one-hour loan approvals up to $30,000 and boasts the lowest annual percentage rate (APR) in the private lending sector.
