PanJam Investment Limited recently announced its acquisition of a 20 per cent stake in Term Finance (Jamaica) Limited, the Jamaican subsidiary of Term Finance Holdings Limited, a regional micro-lending business.
Term Finance was established in Jamaica in September 2017, with the aim of introducing a new, ethical, and completely web-based approach to Jamaica’s microcredit industry.
The new online lender officially went live in November 2017 and four hours later, successfully disbursed its first loan. This quick processing time the company said is representative of Term Finance’s efficient model.
According to Joanna Banks, PanJam’s Vice-President of New Business Development and Strategy, what differentiates Term Finance from existing lenders is its relentless focus on responsible credit; transparent processes; and respectful, compassionate treatment of its customers.Their investment she said represents confidence in the local financial sector as they believe it will contribute to their pursuit of creating long-term shareholder value.
The speed is in the credit scoring, explained Oliver Sabga, Term Finance’s C.E.O. Term Finance applies algorithms that enable them to make credit decisions much quicker than legacy, shop-front lenders he said, as they utilise proprietary systems and technology that help keep costs low. Term Finance’s goal he said is to pass the savings onto customers by offering lower interest rates and absolutely no additional charges or fees.