Fast Cash introduces Group Payment Protection Plan

Fast Cash Country Manager introducing the plan
Fast Cash Country Manager introducing the plan

On its tenth anniversary, financial lending institution, Fast Cash, has introduced the Group Payment Protection Plan.

Under the Group Payment Protection Plan, customer’s obligations to Fast Cash will be covered in the event of: Death, Critical Illness, Temporary Total Disability and Involuntary Loss of Employment.

Speaking at the launching of the plan, yesterday, Country Manager of Fast Cash, Lester Samuel, elaborated on the coverage offered within the plan.

“The plan, based on the condition, it covers up to different tiers,” he explained. “For example, if somebody dies, the plan covers your loan balance, and up to $3,000 in expenses. If you’re disabled temporarily, the plan covers up to six (6) months of your loan instalment. If you’re involuntarily terminated from your job, it covers up to six (6) months of your employment.”

According to Samuel, the initiative, crafted in negotiation with Pan-American Life, was designed to benefit customers.

“We thought of the plan also as we did not want to only be taking from our customers. We wanted to be able to give back to our customers,” he noted. “If you know that you take a short-term loan, and it is secured, in the sense of insurance—if something happen to you, you know it’s not going to cost you anything, but your loan will be paid off, or a portion of it will be paid off, with minimal cost to you, it’s a great benefit.”

This benefit will only impact new or refinanced loans obtained on or after 3rd May, 2016.

Customers were urged to come to any local branches for details on benefits, and terms and conditions.

The plan was launched in fifteen (15) branches, across seven (7) islands, on Tuesday, May 3, 2016.

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6 Comments

  1. AAGabriel
    May 5, 2016

    We wanted to give back to our customers… the country manager states and at first glance it would appear to be free of charge. Make no mistake it is not free of charge and the cost out weights the benefits by far. This and similar schemes caused the consumer watchdog in the UK and Europe to intervene and they forced banks and other lenders to stop selling such products. In fact they ordered them to repay the premiums to customers since most of the policies were ‘missold’. So beware and read the small print carefully.
    Don’t forget, there is no such thing as a free lunch! Not even if you go to the Red Clinic! They always ask for something in return.

  2. May 5, 2016

    I do agree, do not borrow money, U are a slave to the lender and it does cripple and bring u to zero and misery tomorrow loan is not for everybody.

  3. UDOHREADYET
    May 4, 2016

    All I can say is that do not borrow money. Period, debt is more crippling than disease, these are not the good guys. you will end up enslaving yourself… working for nothing, all you money going toward debt payment. unless you borrowing to invest in education or a business Don’t borrow money its a game for fools.
    A so called rich man worth 10 million dollars with a $20 million dollar house and $100,000 in cars is worth less than a man making $ 30,000 with no debt.

    • Concerned
      May 5, 2016

      Advice from the wise. Good and solid advice.

    • Ridiculousness
      May 5, 2016

      I agree with you! I always say debt is slavery!

      But let’s say, there’s this struggling person, who doesn’t have $1 saved! Here comes a medical emergency and the cost are unable to be met…. even for the doctor visit! Family and friends are unable to help cause…. they say you working…what you doing with your money. But truth and in fact…. cost of living is high, you have your bills and children to feed and the salary just don’t cut it! So you run to fast cash, get a loan and ease yourself for a little while and then… you can’t afford to pay it back cause….. things tight. So you go back to being a slave.. you beg, you borrow and you eat fig and oil!

    • Zack
      May 5, 2016

      Great wisdom my friend UDOHREADYET….great wisdom

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