Tough times call for bold moves. Or, as some say these days, thinking outside of the box.
One bank is doing just that. It has been busy calling up its customers of good standing and offering them loans reportedly as high as $40 000 with no security at all. What’s more, the loan is done on the reducing balance like the credit unions do, and can be paid off at any time without penalty.
But the real clincher in this deal is the interest charged. That ranges from 11.58 to 15.85 per cent. So that someone could borrow $20 000 for five years and pay $531.31 a month based on the highest rate of interest. Compared to credit cards, this is a big plus as holders are charged 21 to 23 per cent on the annual rate on purchases, and up to 28 per cent on cash advances.
If someone is in credit card debt, they can grab this offer, pay off the credit card with its high interest rate, and repay this loan at the lower rate.
Of course, despite this seemingly friendlier face from the bank, it would still be a winner.
For starters, it should reduce the likelihood of delinquency which has been steadily increasing as the economy continues to contract and people get the axe.
Secondly, this way they would get people to borrow money at a time when fear of job loss is high and people are avoiding taking on anymore financial commitments.
For example, that $20 000 loan over five years would net the bank nearly $12 000 in interest.
Bank insiders are saying too that this deal demonstrates the banks are not pulling in the big bucks like they used to and described the move as a desperate grab to get something from the little money in circulation.
Cellphones to the rescue
A group of skilled people are singing the praises of cellphones, and not for the super technology contained in them.
Rather, they are praising the fact that cellphones have bright lights and those lights came in handy when they were performing a delicate procedure.
Cou Cou has learnt that nearly two weeks ago, these professionals were involved in a very intricate matter at a place known for controversy.
The lights went out and the back-up power failed to kick in as it was supposed to. So the professionals decided to utilise the lights from the cellphones of those present to finish their work.
From all reports, all turned out well, but this situation could have easily turned into a disaster.
No truth to rumours
The ongoing smear campaign against a well-respected business person, which we informed you about last month, has widened.
The public aspect of this shaming campaign which consists of stapling bright yellow posters on utility poles in high trafficked districts has now moved into St Philip.
Cou Cou was shown a similar poster to the one we received last month from Christ Church, where the campaign started.
Then, we were reliably informed that 31 of these posters were recovered from utility poles in one southern district.
Based on what Cou Cou has heard, the underhand, cowardly actions of the wicked individual seems to be going nowhere fast. The defamatory accusations made on the poster have been proven to have no basis by the Government entity charged with the responsibility to look into such matters.
Cou Cou understands that the entity did a thorough run through of the person’s business and came away satisfied that there was no wrongdoing.
So it seems this smear campaign is definitely more about a quick dash for cash than anything else.
