CEO: Cash advance offer is no scam!

Chief Executive Officer of Cash Express, the newest financial institution in St. Vincent and the Grenadines, is determined to assure skeptics, that his company is not scam.

Dominican Robert Tonge, in an interview with Searchlight Newspaper, emphasized that the cash advance service should be used mainly when there is an urgent need for money, which cannot be easily accessed anywhere else.{{more}}

“I recommend that persons take advantage of our services only for financial emergencies, and emergencies do not include wanting to buy a suit for a show or party, but rather the critical need to pay a bill or even for medicinal reasons.”

Tonge, who had established the first Fast Cash franchise four years ago in his native Dominica, indicated that a customer can receive as much as EC $2,000 at an interest rate of 2.5% per month or 30% per annum, over a maximum repayment period of six months.

To receive a loan, an employee working for over a year for a recognized company must fill out an application, and can receive a loan in less than two hours.

There is no down payment and no security on the loan.

According to Tonge, recognized companies are companies that are registered with the local Chamber of Commerce, as well as government agencies.

If a company is not registered, they must have proper accounting and payroll systems in place.

Tonge noted that there are advantages and disadvantages to applying for a cash advance.

“The major disadvantage is the interest rate, which most people may consider higher than that of a bank or credit union.” he said. “But where else can you receive money in such a short space of time?”

He also indicated that instead of cash or cheque, the customer receives a debit card, which can be used at a bank or swiped at the place of transaction.

Cash Express also offers money management advice to its customers, and counseling to persons with financial difficulties.

There are also plans to introduce bill payment, cheque and money changing services, and also the establishment of a credit bureau early next year.

The local office of Cash Express staffs three employees. The Manager is Corrine Persaud.