Payday loan company pauses business, gives out grants
Up to few weeks ago, Mary Prendergast was busy lending money to persons through her small company, CP Up Movement Small and Payday Loans.
But with sustantial job losses in the country as a result of the COVID-19 pandemic, Prendergast knows that many of her clients are facing tough times and are unable to repay loans. It is for this reason that she has selected 27 of her clients in her Swallowfield, St Andrew, community and presented them with grants of between $3,000 and $5,000.
"I just wanted to help out a few situations because living in the ghetto, I know how rough it can be on persons, so I am one who will offer assistance wherever possible. The recipients are very grateful. I know a lot of persons never expect it especially at this time," Prendergast told THE STAR.
"It's not a lot but I feel good to know that I may be able to provide dinner for persons, even for two days," she said.
Meanwhile, Prendergast said that her company has paused the disembursement of loans due to the novel coronavirus.
"We are in a crisis and I know that a lot of persons have lost their jobs and so forth, so giving them a loan now would just add more financial burden to their pockets. We also don't think that physical interaction with our customers is a good thing at this time," she said.
Prendergast's small business offers loans ranging from $5,000 to $50,000.
"We have been receiving back the majority of payments, but right now, because of COVID-19, we will find clients who just can't manage to pay back at this time. We really don't put any pressure on them once they call us and explain the position that they are currently in," she said.