The Tribune

A newly-established ‘pay day’ lender yesterday said it had received “an overwhelming” demand for its services prior to Saturday’s opening, with more than 100 pre-registration forms received.

A spokesman for Dr Cash, which opens on Saturday opposite Starbucks in Palmdale, said it had hired around 12 full and part-time employees, and was starting to sign up brokers interested in selling the product.

“We have had an overwhelming response, with over 100 pre-registration forms submitted online and I’m sure near 200 phone calls between last week Monday and today,” the spokesman said.

“Calls have come in from both government and Private employees. Calls have also come in from many of the Family Islands.”

The latest ‘pay day’ lender to establish itself in what is a fast-growing, but sometimes controversial market, the business is offering loans of between $250 and $2,000 that have to be repaid over a six-month period.

“Already we have seen over 100 applications come in to our office within the last two weeks alone,” said managing director, Een Colebrooke. “It shows us that people out there are in need of the kind of loans that we are offering in the market.

“At a time when many Bahamians working at small businesses and making minimum wage are unable to secure bank loans, Dr Cash offers loans to all legal residents of the Bahamas as long as they have full-time jobs, and are eligible for salary deductions.”