Cash Now
Financials is a private British Columbia corporation formed in October
1999. Cash Now has developed systems to grant short-term equity-based
lending facilities and will provide its product to the public through
various locations in Canada.
The Company
will target borrowers requiring loans of less than $5,000 for periods
not to exceed three months in duration.
"The
Company does not seek to position itself as the lender of last resort,
but rather a lender responding to a market need that is not currently
being addressed in Canada."
Founder
Scott McKenzie
Cash Now
intends to become recognized throughout Canada as a leader in the provision
of integrated, short-term financial products. The Company has recently
opened its first location (on Kingsway in Burnaby) and their goal is
to open five more locations with the next 2 years.
And, if
all goes to plan, open another 12 in the following year.
Services
The Company
has developed two proprietary financing models for the delivery of its
loan-granting services to borrowers:
Cash
Now Equity Loan
The Equity
Model has been developed for the short-term lending process where the
Company receives collateral in the borrower’s personal property.
In most cases, collateral will be provided by the borrower’s motor
vehicle. The Company will also accept recreational vehicles and boats.
The value
of the loan will not exceed 30% of the wholesale value of the motor
vehicle at the time of granting the loan and the loan will not exceed
90 days with three equal monthly payments. The Company registers and
secures liens against the clear title collateral, thereby minimizing
the risk associated with default on the equity loan.
Cash
Now Cash Advance
Cash Advance
has been developed to assist the Company to grant loans, on a payday
loan basis, to borrowers with a short-term need for small amounts of
cash form $100.00 to $500.00. The customer receives a 14 day loan between
$100.00 and $500.00 depending on employment revenue. To mitigate risk
on this unsecured loan, the customer consents to a voluntary garnishee
order at their place of employment in case of default.
Innovative
Re-payment Options
The customer
will have four repayment options: pre-authorized automatic withdrawal
from borrower’s bank account to Cash Now, Western Union funds transfer,
Electronic Banking or by post dated cheque for local borrowers. Electronic
Banking is the preferred method and is the same system that consumers
currently use to pay utilities and regular bills.
E-commerce
and Internet Service
The Company
will be implementing an Internet service through the Cash Now web site
that will allow an existing customer to renew a loan or make payments
without going to a retail location. Eventually, this service will expand
to allow anyone, anywhere in Canada to apply for a loan through a secure
e-commerce site. All loans will be centrally processed at the Cash Now
Head Office within 2 to 24 hours with funds advanced within the same
time line. Upon approval, funds can be directly transferred via the
Interac System as an Electronic Funds Transfer (EFT), Western Union,
Credit Card transfer, or by branch cheque from a local office.
about
the founder
The Company’s
Founder and President, Scott McKenzie previously founded and successfully
operated National Credit Counsellors of Canada Inc. (NCCC). NCCC is
the largest company of its kind in Canada with offices in Abbotsford,
Mr. McKenzie sold NCCC in order to develop Cash Now.
contact:
scott.cashnow@shaw.ca
HOME
