Regional company launches employee loan solution in St Lucia
St Lucian businessman Gordon Charles has acquired a stake in Term Finance (St. Lucia) Limited, the local arm of Term Finance Holdings Limited.
Term Finance was established in 2014 as the Caribbean’s first completely web-based Credit institution, focused on providing employees of reputable organisations with a responsible and transparent alternative to credit when needed.
To date, the web-based lender has disbursed over 20,000 loans across Trinidad & Tobago, Barbados, Jamaica and Guyana.
According to Charles: “what all these regional markets have in common is that over the years employees have had limited short term lending options, borrowing from institutions or in some markets unregulated lenders who provide irresponsible amounts at inflated rates. Term Finance was specifically designed to offer a solution to this problem and I am excited that we can finally make this service available to employees across St. Lucia.”
Term Finance utilises proprietary systems and technology which enables it to make credit decisions a lot quicker than legacy financial institutions. “Our lending algorithms are designed to make credit decisions within minutes of receiving loan applications...the system manages our risk and compliance automatically, leaving our lending team completely focused on customer service and treating employees with respect and compassion.” explained Oliver Sabga, regional CEO of Term Finance.
Term Finance (St. Lucia) Limited will be run by St. Lucian national Jaden Charles. Jaden has recently returned home from Canada where he has been working in the Finance sector since graduating from the University of Toronto.
Term Finance (St. Lucia) disbursed its first loan on July 30 2019 and has been issuing loans every day since then.