(CMR) Local cash to payday loan company FWC Loans Ltd. is complaining about consumers who take out small short term loans and then default on them.
The company reached out to Cayman Marl Road recently to request our assistance in tracking down delinquent clients. They shared why the reached out to CMR:
We reached out to you all because despite several attempts ot reach these people they have totally ignored us. It is clear they have no intentions of paying us back. CMR is the best medium to use to let other people in similar businesses or even just their friends and co-workers know how dishonest they are and hopefully never venture into any business dealings with them.FWC explaining why they reached out to CMR
FWC Loans operates a small loans company that provides same-day “cash to payday” in amounts from $100-1,000 according to their website.
Loans can be easily obtained by filling out an application form and providing a few supporting documents. No reference checks are required and loans are payable up to 4 weeks at 12% weekly interest. Clients can decide how much time they need. However, we are told most persons agree to repay the loan in two weeks.
The clients in the photograph provided have been delinquent for over 7 months and have failed to pay back anything at all. The company shared that have the option of paying back as little $25. However, thus far their efforts remain fruitless as the persons then ghost the company and disappear entirely.
A payday loan is a small, short-term unsecured loans that allow people to borrow and pay it back normally by their next pay period or shortly thereafter. CashWiz Pawnshop does similar schemes except they loan against some form of personal collateral.
Cayman currently has no legislation to control these types of loans and interest rates vary significantly. They are not considered financial institutions and are therefore not regulated. They are located off Dr. Roy's Drive.
Cayman Marl Road offers a consumer protection segment that allows both consumers and small business to air their small business complaints with us.
Please provide email us with your story and provide documentary evidence so that we may attempt to assist you in any way possible.