Loan World, a short-term lending agency, officially opened its May Pen branch on August 31 with the hope of offering Clarendonians an affordable alternative to mainstream loan bureaux.
The company lends up to $50,000, which is accessible within 1-3 working days, to first-time borrowers. Sharon Walker, managing director, explained that the entity offers a wide variety of loans, ranging from business, insurance premiums, back-to-school, salary advance, pay day, funeral, and taxi loans.
"Potential borrowers are able to use appliances and electronics as security for their loans, but it must be three times the value of the loan they are borrowing," she said. "They must also be able to show proof of income."
Borrowers have up to four months to repay their loans.
Loan World client Kerry Spencer (centre) and Justice of the Peace Ron Francis (2nd left) cut the ribbon to mark the official opening of Loan World, located at 4 Manchester Avenue, May Pen, while officer manager Randolph Ledgister (left), general manager Colette Baugh (2nd right) and managing director Sharon Walker share in the moment. (Photo: Moray Jemeison)