Monday 23 November, 2020

Niche Financing launches prepaid card for payday loan clients

Niche Financing Ltd's Operations Manager Sheree Cummings (left), and Venice Williams, Collections Officer, examine the new Niche Epay Mastercard.

Niche Financing Ltd's Operations Manager Sheree Cummings (left), and Venice Williams, Collections Officer, examine the new Niche Epay Mastercard.

Niche Financing, a local micro-financing company, has partnered with Alliance Payment Services, a direct affiliate of Mastercard International, to launch a new prepaid card for its payday loan clients.  

With the Niche Epay Mastercard, customers can now receive their loans on a secure prepaid card, which offers a safe alternative to large sums of cash.

“As a lender, we are always considering our consumers’ needs and preferences, and developing products designed with great flexibility to match those needs,” shares Denniston Brown, General Manager at Niche Financing Ltd. “Individuals who earn a fixed income are searching for more practical financial solutions and our objective is to satisfy their demands responsibly,” he explained.

In addition to its security benefits, the Niche Epay MasterCard also provides loan recipients with a convenient option for paying bills, conducting online transactions, transferring funds between the card and their bank accounts, as well as sending and receiving money from other Epay MasterCard holders.  

In order to withdraw funds from the card, customers can visit any BNS or NCB ATM islandwide. Additionally, since the card is reloadable, cardholders may also top up their balances at any time or add a new loan to the card once the original loan is fully repaid.

Through Niche Financing Ltd, applicants may access up to JMD $500,000 with up to 48 months to repay. To qualify, the basic requirements include a valid ID (driver’s license, passport, etc.), proof of income (job letter and pay slips), and a guarantor (where applicable). Applications are typically processed within 24 hours, provided that all loan requirements are met.

Niche Financing Limited is a founding member of the Jamaica Association for Micro-Financing (JAMFIN). The company was established in 2004, and currently has five locations in Kingston, May Pen, Mandeville, Morant Bay and Montego Bay.

 

 

 

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