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Fast Cash Barbados: More information Please!

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Michael Williams - CEO of Fast Cash
Michael Williams – CEO of Fast Cash

Kindly note that we are aware of this entity which is not licensed by the Central Bank of Barbados. You may refer to our website for a list of financial institutions whom we have licensed to undertake banking business as defined in the Financial Institutions Act, Cap 324A and International Financial Services Act, Cap 325 – www.centralbank.org.bb/Financial System/Licensed Financial Institutions

– Response from Central Bank of Barbados in response to the inquiry ‘Ís this company (Fastcash) licensed to operate in Barbados?’

They say if it walks like a duck and quacks like a duck, it MUST be a duck. Here what we know about a company promoting itself in Barbados under the name Fast Cash Barbados with branches listed in St. Kitts, Antigua, Dominica, St. Lucia, Grenada and Antigua.

The Barbados Advocate published full page advertisements last week promoting the company’s services. An official of the company appeared on the CBCTV 8 last night proudly stating that they have captured the second highest amount of ‘instant loans’ in Barbados in the two months they have been operating – link to CBCTV8 article. The local website (fastcash.bb) when clicked as at 5.40AM appears to be a dead link. The parent website (http://www.fastcash.lc/) as at the same time does not list Barbados under ‘select country’ dropdown menu. Dead links exist on the parent website also. The Facebook page of the company list the following information:

If we assume Fast Cash Barbados is a financial company then it falls under the Financial Institutions Act, Cap 324A and International Financial Services Act, Cap 325 which the Central Bank has responsibility. The response quoted by Central Bank indicated Fast Cash in not compliant with the laws of Barbados. A check of the Central Bank of Barbados website does not list Fast Cash Barbados (confirmed by Central Bank via email).  The Financial Services Commission is responsible for regulating Credit Unions, Insurance companies, pensions and securities.

If the company has its bona fides BU will give prominence to a response from Fast Cash Barbados.  One has to wonder about the role of the media in Barbados.

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83 responses to “Fast Cash Barbados: More information Please!”

  1. David Avatar
    David

    Information anyone?

    Let us begin with how is this company funded and where are its latest financials.

  2. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    Pretty girl, fast talker, news item where is the problem?

    It meets all of the criteria as a desirable item for CBCTV8 doesn’t it?

  3. lawson Avatar
    lawson

    In Canada we have companies that offer fast cash, at higher than bank rates, but if you need money and regular institutions wont lend to you where else can you go??? the poor and desperate are the targets as usual

  4. Sunshine Sunny Shine Avatar
    Sunshine Sunny Shine

    @David
    What you mean one has to wonder about the role of the media in Barbados. The role of the media is clearly spelt out: If it carries a Sir Duncan Oneal, a Sir Grantley Adams or Samuel Jackman Prescod that its fine with us. We will print and pretend that we made an error. We will keep you out as long as the price is right; we will serve your interest as long as you serve our pockets. Wallah – that spells MEDIA.
    M – Mainly
    E – Excepting
    D – Dollars
    I – In
    A – Anything

  5. Sunshine Sunny Shine Avatar
    Sunshine Sunny Shine

    The nationnews, many politicos and political PIMPS , I did not say AC so do not put me in anything (trying to mend the fences with my boo), business tycoons and the list can go on, will get involve in anything for which a draw back can be had. It does not matter about credibility, integrity, morality or ethics. As long as it quacking hard the sound of money than its a darn duck that got me. Who the hell cares how it get it. We waun Some bozie!!!

  6. David Avatar
    David

    There must be an explanation here which we have missed but so far we are still searching for it. Who regulates this company anyone?

  7. Sunshine Sunny Shine Avatar
    Sunshine Sunny Shine

    @AC my girlfriend

    You know anything about this Fast Cash business? How they getting the money to lend and what criteria is laid out for acquiring some of that fast cash. Also babes, you know what happens if you cannot pay bacK?. One more thing hun, you know if any politicians got vested interest in the establishment of this Money business that the Central Bank can indicate that they are not regulated or licensed under their financial Services Act. I mean pumpkin someone or something (maybe an alien) give them permission to set up. The bees are not in power so it got to be DEM. WHO IT IS BOO BOO. YOU DOES KNOW THESE THINGS

  8. Lemuel Avatar
    Lemuel

    Lawson:
    Do you know Hants? Yes, that old fart!!

  9. Simple Simon Avatar
    Simple Simon

    In tough times when others are dying of hunger the vultures show up and grow fat from the dying.

    A word to the wise…

  10. are-we-there-yet Avatar
    are-we-there-yet

    David;

    Note that the Central Bank response says “Kindly note that we are aware of this entity which is not licensed by the Central Bank of Barbados”. was that a mistake? Should it have been ….that we are NOT aware of this entity…. To have been aware and not do anything about it makes no sense. To have not been aware is almost as bad.

    All de institutions falling down, yuh.

  11. David Avatar
    David

    We know the Central Bank is aware of this company, why the silence? The Central Bank has a Communications Specialist? We have a media?

  12. David Avatar
    David

    @Are-we-there-yet

    Agree but they know now if they were NOT aware. We wait!

  13. Sargeant Avatar
    Sargeant

    Payday loans yuh borrow money at exorbitant rates until de next pay cheque, when that cheque arrives you pay back de money and guess what ? yuh broke again so yuh borrow some more and de cycle continues. These vermin that prey upon de poor should be made to high tail outa de country

  14. Due Diligence Avatar
    Due Diligence

    Three links re cash stores in Canada that may be of interest – to the CBB.

    Website of The Money Store.

    http://cashstore.ca

    Dec 27, 2013, article “Payday crackdown puts Cash Store debt in distress”

    http://www.thespec.com/news-story/4291107-payday-crackdown-puts-cash-store-debt-in-distress/

    April 15, 2014 article “Cash Store granted protection from creditors”

    http://www.theglobeandmail.com/report-on-business/cash-store-granted-protection-from-creditors/article18002011/#dashboard/follows/

  15. Due Diligence Avatar
    Due Diligence

    Sergeant

    You are correct.

  16. lawson Avatar
    lawson

    lemuel, not sure is he that guy that wins jeopardy every week, dates only Victoria secret models doesn’t eat anything unless it has been blessed by a pope,a rabbi, and a grand imam that Rob Ford goes to for advice on black relations, that when he walks in the park animals surround him like Francis of Assisi no….well I guess it is another guy.

  17. Mr Whapax Avatar
    Mr Whapax

    Why is there a furore over this? Wasn’t a similar company Axcel Finance launched in Barbados in December 2013 with BCCI president Lalu Vasvani and Denis Kellman Minister of Housing Lands and Rural Development in attendance? Doesn’t the act define financial institutions by making reference to banking business and the taking of deposits?As I understand it these companies do not take deposits so they are not required to be registered as financial institutions.

  18. Well Well Avatar
    Well Well

    Ha!……want to hear the explanation for this one..”we are aware”……”we personally saw vote buying”……..lol

  19. David Avatar
    David

    Please point to where this entity avoids regulation by Central Bank or Financial Services Commission.

  20. Well Well Avatar
    Well Well

    David….i believe i was asking sometime ago about FSC and their inability or reluctance to let the public know what’s going on with financial entities in Barbados as it related to CGI at the time, now this Fastcash…….how does the taxpayer in Barbados know if these companies are regulated properly and without political interference and if not, why not?

  21. David Avatar
    David

    The issue here based on what DD and Sargeant have described the companies means we definitely need this company regulated in the prevailing environment.

  22. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    David,

    Why does FAST CASH – as it stands – have to fall under the Financial Institutions Act Cap 324A, and the international Financial Services CAP 325?

    Why does it?

    Can it really be deduced from the type of response (alleged) of the Central Bank of Barbados to some question posed by whomsoever whenever, that FAST CASH is NOT compliant with the laws of the government of this country?

    Indeed, the types of answers to these questions should have been part of the results of an investigative research carried out by BU into this type of business, before this story itself did make it onto BU.

    PDC

  23. rubes Avatar
    rubes

    fast cash means fast broke, after registration fees etc the interest ends up being close to 35% or more per year. stay away i have seen people resorting to stealing to get the vultures off your back

  24. Hants Avatar
    Hants

    Here is a blueprint for the Government of Barbados to follow.

    http://www.cpla-acps.ca/english/pr_2013_04.php

  25. David Avatar
    David

    Thanks Hants!

    It is important PDC et al remove the ideological and theoretical lenses from how they few issues such as this one. Here is a quote from the link you provided which makes sense.

    Protecting Ontario consumers is part of the government’s plan to ensure a fair marketplace and help people in their everyday lifes.

  26. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    David,

    You cannot reasonably be making the kinds of assertions you made about FASH CASH and then be found to be asking around for information from any persons to support your assertions.

    Come on!

    And what we thought that you should done (an investigative research into the business first before publish a story on the business) has very little to do with any “ideological theoretical lenses” on our part, but much to do with the carrying out of sound investigative journalistic practices where so ever in this country.

    PDC

  27. David Avatar
    David

    @PDC

    Go your way rejoicing because you have not added to the debate. Perhaps you welcome such companies to come to our shores operating in an environment where usury comes at our expense and will line profits in the pockets of a view? Who do you think will be affected most by these fast food operations, the rich or the poor? The sensible or the ignorant? BU’s position stands: who is responsible for regulating these operations.

  28. BAFBFP Avatar
    BAFBFP

    They said only six employees .. How many others are there to “enforce” repayments of loans … or, are those the guys that do not exist on paper …

  29. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    David,

    You are becoming like a couple people who help make comments on here.

    We are a political party made up of previous candidates, members, associates, and supporters.

    These persons have their own personal views on many things within and without this country, and hence such form the basis of the existence of ideological philosophical policy and other differences within the party.

    Among these persons there are also commonalities and uniformities of views on many things happening here and beyond.

    Our party does NOT have a personality, and therefore CANNOT EVER go “its way rejoicing”.

    We are also part of the Coalition of Unified Parties of Barbados.

    Aside from the purveying of this information on here, once again, we must say that there can be no debate concerning the facts we are representing pertaining to your failure to gather and marshal enough facts about FASH CASH, before you had actually set about going and publishing on here some very unsubstantiated assertions about it.

    PDC

  30. No please Avatar
    No please

    No more info needed. They are predatory lenders praying on the harsh economic times in barbados that will ruin families and place them under more stress based on the terms of the loans.

    So no barbados this type of company is not good for us

  31. David Avatar
    David

    @PDC

    Why dont you try coming down on the side of the people in this instance?

    Are contemplating a small loan to boost working capital?

    Bear in mind high cost loan to fund working capital is NOT a good idea.

  32. Sargeant Avatar
    Sargeant

    @PDC

    ” David” posted some details about a company which is about to start operations inBarbados and asked for information. Some of us responded with information about the activities of similar entities and you are nit picking that he should investigate before he published the article.

    Why don’t you write something to refute what has been written? If you can’t just go back to publishing your crack pot theories about Economics.

  33. The Watcher Avatar
    The Watcher

    People need to understand this business model and understand it well.
    Any financial institution or entity, that has no REGULATION, follows no STANDARDS and isn’t COMPLIANT in its operations with the best practices of organizations of its type, needs to be AVOIDED at any and all costs!
    What’s interesting to note is that the government is blessing a payment system poised to compete with SurePay which is being aimed squarely at assisting government collect revenue for government services and bills.
    This system of Payment known as EZPay, is hosted by a government department who has been lost in the wilderness for years and apparently in the last few months, has managed to loose all of their own data related to their internal business. What’s sad, is that this department is supposed to be governments CENTRAL IT AGENCY from the introductory announcement played on their phones when you call their number.
    As a central IT agency, they should be head and shoulders above all when its comes to good Governance for IT standards and regulation , but are involved in the setting up of this questionable money transfer venture.
    So my question is, if Government can do it, and do it as poorly as they have been doing, why cant some charlatan come and set up their own system of loans and payments too! The example has been laid out for whosoever will to follow!
    Beware people, If you cant get solid assurances and guarantees in writing when it comes to your money and how it will be managed and administered, stay away fro them all and do as Gabby onece said: “I running haste, with my briefcase!”

  34. Hants Avatar
    Hants

    There is a thin line between a money lender and a loan shark.

    That is why we need regulations that define the terms and conditions for what I call distress loans.

  35. Colonel Buggy Avatar
    Colonel Buggy

    No please | May 21, 2014 at 7:50 PM |
    No more info needed. They are predatory lenders praying on the harsh economic times in barbados that will ruin families and place them under more stress based on the terms of the loans.

    So no barbados this type of company is not good for us

    ……………………………………………………………………………
    Then they can hold hand with the merchants of this country, LOCAL ones along with those from Asia and Port of Spain. For years they have been seeing the average Bajan as Fast and Easy Cash Dispensers.

  36. lawson Avatar
    lawson

    my son….who I love dearly told me how he won a trip to the Bahamas …he just had to give them his credit card number which he did….I am sure he will be taken but he believes he has won the lottery, even though most of us know that this will end up in tears there will be those that will believe …..quick cash repent at leisure

  37. West Indian Avatar
    West Indian

    Russia and China signed last night to build a gas pipeline over thousands of miles and send $1 trillion worth of gas from Siberia to China over next 30 years. When is the pipeline from Trinidad to Barbados coming its been promised for years and its length is less than 200 miles. Kamla Persad and Dr. Estwick can we get an update or this another still born CARICOM project?

  38. Simple Simon Avatar
    Simple Simon

    I am surprised, although perhaps I should not be that PDC the no tax specialist is in favour of predatory lenders.

    When we pay our taxes at least we see some benefit, roads, schools, hospitals,, policing, garbage collection etc.

    Dear PDC: Who is going to benefit from these predatory lenders?

  39. Simple Simon Avatar
    Simple Simon

    Fast Cash seems to be up and running on Brad Street where the $3 store used to be. I don’t know if the $3 store has closed or moved elsewere.

    If they have closed that tells me something.

    Because if a $3 store can’t make money and a predatory lender can…we in duck’s guts fa truth.

  40. Hants Avatar
    Hants

    Owen Arthur seems to be in fighting form. He is in the news (BarbadosToday ) again.

    Mia needs to step up her leadership game

  41. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Sargeant and others

    I for one am very glad that those megalomaniac idiots PDC have ceased their dribble about taxes and have taken to commenting on pedantic subjects which they also know nothing about.

    I expect that they will soon be commenting on marijuana or synthetic K2 and will show the public the real source and authorship of their political wisdom and commentary

  42. David Avatar
    David

    Let us for the sake of argument say these entities are not regulated under the existing regulations for financial institutions, isn’t the bigger issue more about exposure and asking why? Shouldn’t a party aligned with promoting the interest of the disadvantaged be more focussed on being relevant to the people?

  43. BAFBFP Avatar
    BAFBFP

    Political Parties “are not regulated under the existing regulations” to the point that right vs wrong is enforced … hmm… “Shouldn’t a party aligned with promoting the interest of the disadvantaged be more focussed on being relevant to the people?”

  44. Sunshine Sunny Shine Avatar
    Sunshine Sunny Shine

    Why are we debating the why’s and when’s of this company. What we should be worried about is how the heck a company could establish itself without declaration to the central banks financial process. What we should be concern about is how could the central bank state awareness but no ensuing stoppage procedures to prevent this operation from continuing without a paper trail.

    Two things are obvious here, that this operation has ministerial approval, which we all know comes first and than the regulatory process after. Or that this operation is one of prominence and thus are above the regulatory controls and rules of government “watchdogs” because it is the who of the who’s who operate in Barbados above reproof and scrutiny.

  45. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    To the person going by the pseudonym Simple Simon

    We have been concerned with the very lop-sided untenable approach that David has used in dealing with the business FAST CASH, making some very unsubstantiated assertions in the above lead article, and then looking around for individuals on this network to provide information to support these assertions that he himself has made.

    What we are saying is that David should have done the necessary and thorough investigative research and data analysis and fact assimilating exercises thereupon providing some of the results of the inquiry and fact assessments as part of a well balanced story on FAST CASH on BU for readers on the network to view.

    For instance we have in our possession, as would also many others who have done business with FAST CASH, a brochure from them which on the first page on the inside from top to bottom is seen printed the following: CONSUMER LOANS The maximum advance is $ 12 000 and can be paid flexibly up to eighteen (18) months

    Consumer Loan Requirements

    1) Must be permanently employed and not on probation or temporary.

    2) Employer should be approved by Fast Cash.

    3) Two (2) recent salary slips.

    4) Two (2) government issued valid photo ids (New Customers only).

    5) Proof of Address (Utility bill).

    6) Job Letter (New Customer Only).

    7) Salary should not be based entirely on commission.

    So there you go.

    PDC

  46. Lemuel Avatar
    Lemuel

    PDC;
    Wunna is real asses though. When you can’t pay back they will know where to find you and break a hand foot or leg! You is a real dunce!!

  47. lawson Avatar
    lawson

    PDC what was the interest rate….what was the extra cost if it goes into default….how is the interest calculated…….do they take their interest out of the money loaned for example if they lend you 200 they only give you 180 but you owe 200

  48. are-we-there-yet Avatar
    are-we-there-yet

    PDC;

    BU has a habit of shooting first and asking for additional information afterwards. I don’t recall your protesting about this methodology before.

    Why now?

  49. David Avatar
    David

    It is all coming to light, BU’s comment directed to PDC (Adamson) takes on greater relevance. Remember everyone, itis a mistake to fund working capital with high cost funds.

  50. Bush Tea Avatar
    Bush Tea

    PDC says….
    “….we have in our possession, as would also many others who have done business with FAST CASH,….”
    +++++++++++++++++++++++
    Wunna can’t see that PDC borrow some money from FAST CASH and don’t want to hear any bad news from wunna….?
    …pay back shiite….
    PDC is a Bajan political party….The BLP pay back the $75,000 cheque? DLP pay back their funders?

    LOL
    Obviously FAST CASH will be selected to run a National Bank when the Coalition of parties that PDC keep talking about win the next elections…..

    ….and all this shiite because Caswell refuses to start BUP….. 🙂

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