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Payday Loan Internet Newsletter


It's a certainty the Internet will continue to play an increased role in the payday loan industry. Payday loan consumers by the hundreds of thousands are logging on to the Internet each month to apply for payday loans and cash advances. Consumers apply for Interent payday loans from home, from work and from the library. They do it from virtually everywhere in the world including the USA, the UK, Canada, Australia, Korea, Japan, Ireland, New Zealand, the Bahamas and more. They apply for payday loans from states and provinces not having favorable payday loan laws like Georgia, North Carolina, New York, PA, NJ, and Oregon. And, they apply from states and provinces having safe-harbor legislation like California, Nevada, Arizona, Florida, etc.

We have payday loan clients for which we provide consulting receiving tens of thousands of payday loan applications every week via the Internet. Typically they fund 15% to 40% of these depending on their underwriting criteria.

Read a few of our previous Newsletters here if you missed them.
Making Money in the Payday Loan Industry
Payday Loan Collection Services SCAN
Payday loan Convention & Developments
The Future of the Payday Loan Industry.
The National Bank Model
Payday Loan Newsletter Home

And let's not forget CashNetUSA. You remember! An Internet based payday loan company started in 2004; purchased for $35,000,000 in 2007 by Cash America, a brick-n-mortar player. Did you know Cash America launched in the UK 30 days later? On the Internet? Using the CashNetUSA software platform? Unreal! With the use of the Internet they were able to literally "flip-a-switch" and offer their payday loan product to an entirely new country for them!

And of course, if you've been researching the payday loan business opportunity, you're probably aware that Cash America spun-off CashNetUsa to become Enova; a publicly traded payday loan and installment loan online lender.

Now you're probably wondering how those of you with payday loan stores could possibly care about this Internet situation. The fact is, the Internet payday loan operators are taking market share from you. Every day your payday loan customer base is eroding. It may be a trickle now but it is a certainty, if you're not using the Internet to service your customer base, you are not going to reach your potential payday loan volume.

The Internet offers payday loan operators the ability to provide your payday loan product to your entire state or province rather than the 5 mile, 8 mile, 10 mile radius around your store! You're licensed in your state or province! Why not service your entire area?

Yes, there are challenges. Marketing to a customer base throughout your state or province is a different animal. Yes, your payday loan Interent team will need to become acquainted with search engine tactics. And how do collect from a client 500 miles away?

And what about documentation? Well, CL Verify, Accurint, Lexus Nexus, DP Bureau and others can help you with docs, eSignatures and more.

We know what your thinking. I'll need a web site and Internet based payday loan software. Yes, you will need to address those issues. But if you attended the last FISCA convention you know these challenges are not insurmountable. And if you ordered our Payday Loan Internet Report you already have the answers!

The next issue of Cheklist Magazine will probably provide some answers as well. You do subscribe to Checklist?

Have you heard of Craigs List? The free Internet based bulletin board? We place a free ad in each city we have a payday loan store in. We average 2-5 funded payday loan applications each and every day from Craigs list depending on the size of the city! We all know the life-time fee value of a payday loan customer. $1,200? $2,000? Thats pretty good for zero cost!

Well, that's it for now. You certainly should have plenty to think about! We'll cover more of this topic in a future Payday Loan Newsletter.

This topic is not over. We are just getting started.

For now, start thinking about how you might embrace the Interent and use it to increase your revenue and transaction volume. Strive to become and remain current in the payday loan industry. Get on the Internet and start using Google, Yahoo, Ask and the other search engines for payday loan research. Signup for future free Payday Loan Newsletters.

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