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Monthly Payday/Title/Installment Loan Industry Newsletter

Free Monthly Subscription to our Consumer Lending Newsletter. Typically, once each month. If you have an interest in the business of lending money to the masses, you need our Newsletter focused on "How to Loan Money to the Masses Profitable!"

WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from us immediately.

Click this link to visit our "Consumer Loan Industry Blog" The Business of Lending Blog.

Read a few of our previous Newsletters here if you missed them.

* What's Alice Got To Do With Payday Loan Demographics?

There is a world-wide shift occurring in the advanced economies! The total number of employees in the service sector and other lower paying jobs is expanding. Higher skilled, higher paying jobs are going off-shore to developing countries where wages are lower.

This shift is so pronounced there is even a name for this market segment: ALICE (Asset Limited Income Constrained Employed).

These are our people! Embrace them!! Read the rest here:

Embrace the Internet
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.

Free Monthly Subscription to our Newsletter. Typically, once each month. If you have an interest in lending money to the masses, you need our Consumer Lending Strategies Newsletter!

WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from us immediately.

Payday Loan Legislation & The Internet

It's always a surprise to the typical, small (1-10 stores) payday loan operator to learn a state or provincial regulatory agency is attacking one of the "big players" in our industry. We are all under the assumption the "big guys" have legal counsel reviewing their procedures and compliance policies. Although there are two sides to every story, and Check-n-Go has not yet responded, we can be certain there is at least some justification for the action taken by the Washington DFI.

State and provincial payday, car title and installment loan laws are always in a state of flux. We're constantly attacked, embraced, and attacked again. An interesting aside is the impact the payday loan internet operators are having on the industry. More than one regulator has implied they are more than willing to welcome payday loan internet operators to the fold and will ease their ability to secure licensing and nexus; a complete about face for the regulators. Of course, this is due to the difficulties the regulators face in addressing the Internet operators and the monumental number of consumer complaints emanating from payday loans and personal loan lenders granted via the Internet. FISCA, OLA & CFSA are heading in the same direction. Recently they have exhibited a very favorable attitude toward the Internet operators; a radical change!

We recall attending a FISCA convention at the Atlantis Hotel where we were told by a FISCA board member we "Internet outlaws would be in prison very soon". Now, the payday loan "big boys" are scrambling for payday loan Internet knowledge. They realize they must embrace the Internet or parish.

And, for a real eye opener regarding the size and number of transactions conducted via the Internet, we have it on some authority that at a recent "round table," one participant claimed they were purchasing 50,000 payday loan leads per day at $9.00 each and funding 40% of them!

Bottom line, it is imperative every B2C consumer lender, big or small, make certain they remain knowledgeable and up to date with all laws & statutes affecting their business. Join industry trade groups, subscribe to Checklist Magazine, make yourself known by your congressional representatives, attend trade shows, and communicate with your peers.

Another good source is:
Payday Loan Legislation

We receive calls on a daily basis regarding payday loans & the Internet. "Do I need a license"? This is not easily answered; at least not in this forum. The quick answer is dependent on your model, your ability to sleep at night, and your exit strategy.

For example, if you are astute enough to realize that there will come a time when you will want to retire or "cash out," then having consumer loan licenses for the various states/provinces you fund will yield greater returns then not having appropriate licensing.

If you plan to "hit the Business of Lending Money to Consumers quick & hard" and then move on to greener pastures, an offshore or unlicensed operation could make sense. You and your team will need to make that decision upfront. We cannot discuss the pros and cons here. And of course, you're risk tolerance, age and goals play a huge role in your decision.

We, and several others, have found it advantageous to secure licensing, enter a market, feed internet oriented consumers to the appropriate fee structured web site(s) and enjoy the peace of mind and profits this model yields; in conjunction with our licensed stores.

Do not overlook the advantages of combining your "brick-n-mortar" with the Internet! The right consumer loan software (LMS) makes this very easy. Since your store is licensed you should serve all the payday loan consumers covered by your license; in other words, everyone in your state/province. And with the aid of collection data bases and all the sub-prime consumer data reporting agencies discussed in our "Underwriting Chapter" in our "Bible," you can safely increase your market share.

NOTE: for immediate access to a huge list of resources including loan management software compaies, lawyers, consultants, merchant processors, banks... that service our consumer lending industry, visit TheBusinessOfLending.com

Another aspect of your strategy must address your available funds or "street money." Few, if any of us, have the ability to fund consumers in the entire USA, Canada, AU, etc., so why attempt to attack the entire continent? It only makes sense to focus on your niche. Your niche could be a particular profession, state(s) or province(s). [Students, Uber drivers...] Research the market, licensing requirements, collections procedures, demographics, competition... Do your homework first. READ our BIBLE :o)

There is a lot of money still to be made in the consumer loan industry. Consumers are clamoring for payday loans, car title loans, personal loans installment loans... With knowledge, you can get your share.

This information is discussed in-depth in our "Bible: The Business of Lending Money to the Masses Profitably!" You may GET IMMEDIATE ACCESS NOW. Next Month a new topic and coverage of more states.

From: Trihouse Enterprises, Inc.
http://www.PaydayManual.com
PaydayManual.com

If you have comments, questions, topics you would like covered...PLEASE contact:
The Payday Guys
Payday Guys
http://www.PaydayManual.com
1-702-208-6736 PST USA

Free Monthly Subscription to our " How to Loan Money to the Masses Profitable Newsletter." Typically, once each month. If you have a desire to earn a tremendous ROI on your MONEY, you need our Consumer Loan Newsletter!

WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from us immediately.