If you don’t own and operate at least one payday loan store, stop reading NOW! My friend and collaborator, Miro Posavec, a Co-Founder of PaydayLoanUniversity.com and CEO at TotalOperationsManagement has written a brand new PDL Course for store operators. Take a look… Miro is offering a limited time, serious discount to followers of Trihouse Consulting. AGAIN, this is NOT for NEWBIES! “Seasoned” PDL operators ONLY!
EXPOSED: Secrets that you can use to increase your storefront payday loan business
PROFIT from our mistakes, experience, and hard won wisdom. These courses will CREATE increased revenues, reduce losses, and grant you many peaceful nights.
What tools and strategies do online lenders use to give loans to customers that they’ll never meet or see in person? How do they lend money when they’ll never see a drivers’ license, pay-stub, or bank statement? How can you employ their methods to increase your store’s revenue and decrease collections?
This information is the real deal with nothing held back. Marketing, underwriting, collections, employee relations, THEFT prevention, bad debt… It’s all in my Course. I’m blunt! I’m straight! I share all my blunders and my successes! And sometimes it’s not pretty!
Powerhouse Courses offer killer strategies for payday loan store owners to grow their business through MEASURED marketing and SYSTEMATIC tactics. You’ll learn how the “tricks” the Online lenders use can “rock” your store.
You’ll discover how to attract more of your “ideal” customers, get them to come back more often, have them spend more on each visit and send you more referrals than you ever thought possible.
AND, I’m going to teach you how to HOLD onto those dollars by preventing employee theft, reducing bad debt, and be more effective at collections.
The payday loan industry is unique. To learn the strategies you need to achieve the business you dream of and ensure every dollar you spend multiplies, then Powerhouse is the resource for you.
- * Build a better, smoother operation
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- * The secrets to “magical” underwriting
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- *Systematize your Store
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A completely UNCONDITIONAL LIFETIME Guarantee!
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180+ page guide to Marketing, employee relations, collections, underwriting, enhanced operations & MUCH MORE.
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2: Powerhouse Storefront Guide to Expansion into Online Lending:
This is a step-by-step program to help you create an online lending business while leveraging your storefront business presence. This program BUILDS on skills and strategies that are introduced in the Powerhouse Storefront Operations Course. I will provide a checklist of exactly what you will need to start lending. From operations to software to website. There is nothing else like this course in the market.
I created this program after an expensive and painful transition into online lending. Do not make the same mistake I did by going in unprepared. This Course alone can save you $200,000.00 in losses. You can save $40,000 JUST in website development. If this were a franchise, you would pay over $100,000 for the step-by-step plans in this program. List price for this course is $1,895.00 . I’m offering a pre-release deal through Trihouse for $1,295.00. That’s $600.00 Savings. (**Will be released in 45 days**)
This week only, Trihouse & Payday Loan University is offering this SPECIAL DISCOUNT: $1690.00 IF you combine # 1 with #2. That’s a total savings of $800.00!! That’s more than 33% OFF the full list price. You must act by midnight Wednesday May 22, 2013 – NO B.S – this price will never be offered again!!!
Why should you act right now? There is no RISK! All of my courses are 100% guaranteed to be useful, practical, and include PROVEN strategies and ideas. Again, these DISCOUNT prices are only available until midnight Wednesday May 22, 2013. When these courses are officially released, these discounts will never be seen again! (I swear on my name and on my reputation!)
Co-founder Payday Loan University
Total Operations mngt.
On Monday, March 18 2013, the Colorado (state) District Court granted summary judgment to the Attorney General in a payday-lending case against Western Sky Financial and its control person, Martin A. (“Butch”) Webb. State ex rel. Suthers v. Western Sky Financial, LLC, No. 11 CV 638 (Apr. 15, 2013). Although this decision may initially seem a victory for opponents of tribal lending, on closer examination the decision provides little new insight. More importantly, the decision does not address the most prevalent tribal lending model where – unlike in Western Sky – the lending is actually done by tribal entities. Accordingly, cheering consumerists should put away their anti-tribal Terrible Towels and resume their seats.
Webb, an enrolled member of the Cheyenne River Sioux Tribe, owns and operates an Internet lender, Western Sky, which is an ordinary state- (in this case, South Dakota) chartered business entity. Webb is no stranger to the judicial system and has his own cross-country litigation trail of tears.
What distinguishes Western Sky is that it is not owned or operated by a tribe and therefore cannot be said to be an “arm” of the tribe entitled to tribal sovereign immunity. See, e.g., Breakthrough Mgmt. Group, Inc. v. Chukchansi Gold Casino & Resort, 629 F.3d 1173, 1185 (10th Cir. 2010). As an individual Indian, Webb is not entitled to immunity. Puyallup Tribe, Inc. v. Department of Game, 433 U.S. 165, 171 (1977).
No other tribal lender uses Webb’s model.
The Colorado court probably gets the right result as applied to Western Sky’s particular business model, although it arrives there somewhat inelegantly. The court relies on its prior decision for the non-immunity of defendants and reiterates much of its prior reasoning on this point (from an April 17, 2012 order denying defendants’ motion to dismiss). It engages in a prolix discussion of long-arm jurisdictional issues; this discussion continues to confound some basic issues about where the loans are consummated and about the defendants’ purported contacts with Colorado, but ultimately it comes to a reasoned, if arguably further appealable, conclusion on the issue. A large portion of the decision relates to a finding of Webb’s personal liability for the wrongs of Western Sky, which is essentially a joint-tortfeasor finding that does not depend on veil-piercing; I address some of these issues in a recent paper. (Senior Assistant A.G. Paul Chessin, a first-class litigator, deserves kudos for his argument on this point, which the court adopted nearly wholesale.) In a final insult to defendants, the court finds their immunity arguments to have been frivolous and awards attorneys’ fees to plaintiff.
None of these holdings is particularly earth-shattering or novel.
This case must be seen as limited to its particular – and unique – facts. In any “serious” current tribal lending model, the tribe has organized a tribally owned lending entity for its tribal economic-development purposes. The loans are thus deemed to be made by the tribe, not by an ordinary business entity owned by an individual Indian. As these models have evolved, more emphasis has been placed on true tribal governance; and the tribes have taken an active role in supervision and enforcement as, they argue, is their intended role under the Dodd-Frank Act. Moreover, the entities’ lending practices have been brought into substantially full compliance with federal law, leaving little – other than garden-variety usury – for state regulators to complain about.
Thus, Western Sky teaches little of importance for those who oppose the tribal model. It leaves unanswered most of the $64 questions in this field, such as the authority of the CFPB to examine and supervise tribal lending enterprises and the ability of tribes to cloak their non-tribal agents with immunity for lending actions taken in furtherance of tribal economic development. For these answers, we will need to await a federal court determination at some later date.
Letters to the Editor
The New York Times
620 Eighth Avenue
New York, NY 10018
Re: A response to your editorial on payday lending.
My name is Tim Ranney and I am the president of Clarity Services, a leading credit bureau in the non-prime credit services industry. I wanted to offer a few thoughts on your March 4 editorial on payday lending and the information you used from the Pew Research Center study that you referenced.
First off, let me say that I am not an opponent or proponent of payday lending or any other financial services industry segment. We are a credit bureau. Our job is to collect financial and credit transaction data on consumers, store it securely, and distribute it accurately and in accordance with regulations in the form of credit reports.
Your editorial as well as an article you printed a few days ago, relied on research from Pew Research. Pew based their results and conclusions on survey responses from about 450 consumers nationwide. To think that one can draw valid conclusions on a national population using such a limited population stretches logical boundaries. If you wanted to draw behavioral conclusions of a group of 1,000 high school students, do you think you could draw a good conclusion by talking to 4 of them? I leave it to you to answer that question for yourself.
Clarity processes more than half a million report requests per day for consumers seeking many different types of credit. We have data in our systems on about 35 million non-prime consumers. The data tells us a story significantly different than Pew’s results. Pew’s data says that the “typical” payday loan consumer has an income of about $30,000. Our research tells us the number is slightly over $50,000. Pew’s research says that only 49% of the population using payday loans are employed, and our research indicates the number is about 82%. Pew’s results are based on such limited data, yet all of the results they claim are skewed in a direction that perpetuates the view that the consumer is always a victim. The data we see leads us to different conclusions.
I do believe the industry, researchers, government regulators, and others are making a sincere effort to understand the issues faced by credit-challenged consumers and to find ways to promote alternatives that are workable for consumers as well as the financial services industry. The consumer is not served when researchers and New York Times reporters use questionable research and pre-conceived personal opinions in attempt to influence the dialogue.
Al Goldstein, a Chicago entrepreneur to whom many attribute the invention of payday loan Internet lending, has launched a new company making larger online loans to consumers whose credit is challenged. Mr. Goldstein raised $10 million in Silicon Valley to start AvantCredit Corp., based in Chicago’s River North neighborhood. According to Crain’s Chicago Business, “AvantCredit, which hopes to generate $50 million of loans this year, so far has lent $3 million. It employs 23 and could have as many as 100 employees in Chicago by year-end, he says.”
An INTERESTING development! In spite of the CFPB, the daily onslaught of misreporting by the media, the various state legislative initiatives, and bad mouthing by our competition (Banks, credit unions, credit card companies, pawn, cash-for-gold) smart entrepreneurs recognize an opportunity!
Read the piece in its entirety here: Al Goldstein in Crain’s Chicago Business:
Guys, do you “get” what’s happening here? If not, you’d better reach out to us! LOOK at the MyPaydayLoan image below!!
Payday loan applicants searching for you on their smart phones! Lenders implementing social media strategies for underwriting!! It’s a new world. Does your LMS provider set you up for phone friendly websites and social media log-in capabilities like this image demonstrates?
Take Away from EZCorp F2Q13 Earnings Call:
Regarding consumer demand:
“The customers’ need for short-term cash is growing. Nearly every study we see, every empirical set of data that we look at agrees that our consumer is terribly under-served. What we also know to be true is that our customers are sophisticated in their choices. They correctly see us as the cheapest and best alternative. They’re well-educated, hard-working people that appreciate the product and services we provide…”
Regarding smart phone penetration:
“In the first half of this year, roughly 6% of our retail sales came from online transactions and over $6 million of our current loan balance was generated online. We expect both of these penetrations to more than double in the next 12 months and grow exponentially in the coming years. Their preferred method of communication with us is quickly moving to their smartphone. That is why we are investing in the technologies that will support our ability to be at the forefront of that communication for years to come.”
Regarding the U.S.:
“Moving to U.S. financial services, we now provide financial services in 490 storefront locations in 16 states and online loan products in five states. The planned expansion in U.S. financial services is on track that we intend to open a total of 65 to 75 locations this fiscal year and intend to offer online products in 12 to 15 states by the end of the year. Most of these states will be where we already operate storefronts successfully and the remaining states will be based on customer need and financial opportunities.”
“Inside our base business, we are growing our revenues. Total loan balances were $38 million, up 13% from the prior year quarter, of which the online lending portfolio balance represented over $1 million. Our balances inside of Texas grew 7% and our balances outside of Texas grew 17% driven by both new locations and new products in existing stores.”
Regarding product evolution:
“Customers continue to shift from first generation loan products, traditional payday and installment loans to second generation single payment, multiple payment and auto title loan products. Balances related to these products increased 57% driven by auto title loans. Loan fees were $42 million, up 3% from prior year quarter reflecting the shift to lower yielding products.”
“The profitability of the financial services business was negatively impacted by over $1 million during the quarter as a result of ordinances enacted in Dallas, Austin, San Antonio.”
Latin America kicking ass…
U.K biz killed by lower gold prices.
“Cash Converters International Limited, our strategic affiliate in Australia announced that it had achieved a 39% increase in net income during the first half of its fiscal year. Cash Converters’ outstanding performance resulted in a 43% contribution increase at EZCORP.”
There’s a story today about the New York Check Cashing Association lobbying hard and making significant contributions to New York legislators in an attempt to pass enabling payday loan legislation. We hope this goes better than what’s happening this week in Texas. Read it at New York Daily News.
The CFPB issued a Report today entitled, “Payday Loans and Deposit Advance.” You better read it!
The Team at PaydayLoanIndustry.com
Updated List of PDL Domains for sale: Update