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Partying to debt - Sprint Financial Services sees more patrons taking loans for events

Published:Wednesday | July 31, 2013 | 12:00 AM
A section of the crowd at last year's Smirnoff XClusive, one of the events at Smirnoff Dream Weekend. - FILE

Chad Bryan, Gleaner Writer

Partygoers attending some of the priciest events this summer will once again be able to benefit from loans being offered by one lending agency expressly for this purpose.

Sprint Financial Services started offering loans to patrons attending some of the most expensive parties in the west of the island in 2012 and is doing the same this year.

Founder and CEO of the company, Christopher Barrett, pointed out that the number of persons accessing these loans is on the increase.

"An increase is putting it mildly. It has actually more than doubled since then. As a matter of fact, even throughout the year for all the other little expensive parties for which happen, people take out loans. This is the time of year when it is a little more than usual," Barrett said.

He added that ATI (not on this year) and Dream Weekend were among the most popular parties for which individuals take out loans for.

Barrett mentioned that persons can get loans for any kind of party costing more than $6,500 per person. He also said that persons have between either one or two months to repay the loan at 6.5 per cent per month and that no collateral was necessary.

No guarantors are necessary, as the company of employment offers salary deductions.

People requesting loans for parties normally get their funds processed within a short time and need basic information to have it processed, including: proof of employment for more than a year, identification, and proof of address, among a few other elements.