‘Pay Day Cash’ opens its doors for business

The solution to some of your financial problems is here.

‘Pay Day Cash’ has announced its grand opening on November 15.

It is a company that specializes in financial services without the hassle and long lines associated with more conventional banking entities.{{more}}

Lisa Providence, brain behind the outfit, says that her company will be offering two basic services: small loans of up to $500 and the cashing of cheques worth $1,000 and under.

“I decided that this will be a good business idea,” Providence said.

“Sometimes persons are working and they need $100 or $200 to get them through until they get paid. I will provide the money and they will pay me back,” she explained.

Having worked in the commercial banking sector for four years, Providence said that the idea for offering such a service came out of seeing people inconvenienced by having to stand in lines to have a cheque cashed.

“Persons working in stores or in the market, the requirements for loans are rigorous, and lending institutions don’t even offer such small amounts, and these are the ones who need the help,” she continued.

“Many of them do not want to go to a bank or credit union to borrow small amounts.”

All that is required to qualify is the applicant’s basic information and two valid pieces of I.D.

A promissory note is signed once the applicant is in agreement with the terms and conditions and the process is complete, Providence said.

All successful applicants will be subjected to pay a fee of $15, so for example a person borrowing $100 will be required to repay $115.

The fee increases for every $50 increment, so a person borrowing $150 will be required to pay an additional $20.

A one time fee of $4.50 will be charged on all cheque transactions conducted as well.

Providence is optimistic about her business venture, saying that she believes the services she is offering will be helpful to a lot of people in the general public.

“We are catering to the poorer class of people who may sometimes need a loan; instead of going to a friend, they can come here and feel comfortable,” she said. (DD)