Prestamos: Payday Loans & Serving the Latino Market-No One Does It Well

By | Aug 16, 2017

Necesito Dinero Rapido?

Deed Money Fast?

Prestamo = Loan = Prestamos

[Excuse my lack of correct Spanish punctuation! It’s my keyboard AND my Spanish.]

What’s my point? Jump on your phone or your computer. Do a search in Spanish for keywords in all the various incarnations of payday loan, fast cash, personal loan, loan today…

You will not find any lender doing this right! And lead generators? They suck at it too.

Sure, there are a few lenders with a decent front-end; website and disclosures in Spanish. But name a lender who has invested in the back-end, an app, and is US based. Pathetic! Can you BEG your Loan Management Software provider to help you with Spanish contracts, emails, text messages, disclosures, SEO/SEM…? If you are out there, RAISE YOUR HAND LMS SOLUTIONS! Silence…]

Believe it or not, the 1st page Google results are in ENGLISH or lenders in Argentina! Talk about missed opportunities… Email Jer@TrihouseConsulting.com for more ideas on strategies for addressing the Latino market! And shameless plug: Get up to speed with the payday, installment & line-of-credit lending here: “The Manual.” It’s so big it’s SCARY. Basics, strategies, tactics, the latest developments…

Give it a shot. Try “prestamos hoy.” or “prestamos personales.”

Oh, PS: Are you a buyer of payday loan leads in Arkansas? West Virginia? They’re cheap! Reach out… TrihouseConsulting@Gmail.com

Prestamos-Personales-Google-Trends
Prestamos-Hoy-Google-Trends-2

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Operation Choke Point: Court Orders FDIC to Turn Over Docs to Payday Loan Industry Assoc.

By | Jul 28, 2017

FDIC Ordered to Turn Over Documents in Operation Choke Point Lawsuit to PDL Industry Assoc.

‘Time for DOJ and FDIC officials to get a lawyer!’

The Federal Deposit Insurance Corporation (FDIC) was ordered to turn over documents related to Operation Choke Point late last week.

District Court Judge Gladys Kessler told the government agency it had to begin working with the plaintiffs in the case for a nine-month discovery period beginning on June 20, 2017. “There is no justification whatsoever for not granting Plaintiffs’ Motion to Commence Discovery Immediately,” Judge Kessler said in her order.

Payday Loan Industry – The order comes after the Community Financial Services Association of America (CFSA) and a group of financial services companies filed suit against the FDIC over their conduct during Operation Choke Point. Under that operation banks were allegedly pressured into cutting ties with industries the Obama-era agency viewed unfavorably. Payday and other short-term lenders as well as those involved in the firearms industry said they were specifically targeted under the program.

The firearms industry has been particularly vocal in its opposition to Operation Choke Point. The National Rifle Association and other gun-rights groups have called the operation an attack on the industry.

Stupid things payday lenders do“‘Operation Choke Point’ is an Obama Administration initiative that encourages federal financial services regulators to harass and intimidate banks and financial institutions that work with firearm and ammunition retailers,” the National Rifle Association said in February 2016. “By leaning on the banks, regulators hoped to bring an end to those relationships thereby choking off their cash flow and forcing them out of business. A 2015 Congressional Investigation revealed that ammunition and firearm sales and dealers had, in fact, been targeted.”

CFSA said they were happy with the court’s order and believe the documents they will receive during discovery will shed light on whether the FDIC forced banks to deny certain businesses their services and, if so, how they chose which industries to target.

“We are thrilled by the Court’s order to enter the discovery phase, as this illegal federal program has been unduly harming legal entities for years,” Dennis Shaul, CEO of CFSA, told the Washington Free Beacon. “This court order allowing discovery will now finally enable the plaintiffs to access records of the federal government’s behind-the-scenes and secretive campaign to force banks to terminate their relationships with lawful American businesses. It is high time that the government’s unlawful and unjust crusade against lawful and licensed businesses be stopped. The federal regulators leading Operation Choke Point have threatened and pressured banks in the shadows of the law for far too long.

“The government defendants are well aware they have been on the wrong side of history for years and will stop at nothing to hide the extent of their illegal campaign. The Court’s ruling will allow these shady and criminal actions to be brought to the light of day.”

“The decision to grant discovery is probably the most important victory in the entire case, likely more important than the final judgment.”

Read this Report in FULL here: FreeBeacon.com
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The BIGGEST Challenge for Every PDL Operator is Customer Acquisition.

By | Jul 27, 2017

This just in from Miro: On the payday loan, title loan, installment and line-of-credit loan frontline;

The BIGGEST challenge for every lender is Customer Acquisition.  This applies whether you’re online or storefront.

We’re all fighting and clawing to get a new borrower.  More importantly, we’re working to find a GOOD, well paying new customer.

You know that Google [Miro], Google [Jer] and FACEBOOK [Miro] FACEBOOK [Jer] blacklisted our small dollar >36% APR industry a long time ago. It’s not fair, or pretty.  Here’s a link to Google’s TOS.

But that’s what it is.

I work in the Payday Loan/AutoTitle industry.  And I perform a lot of internet consulting.  A week ago, a course was launched that blew me away.

The internet marketing industry is ALSO blacklisted from advertising on Facebook.

This group has presented a course that shows a workaround.  Following this program, you will be able to get targeted customers, and buy ads on Facebook, at very reasonable cost per click.

This is a HUGE opportunity, as there are no other people in our space using this strategy RIGHT NOW.   Will this continue to work for the next month, six months?  Or a year?

I honestly don’t know.

But it’s an opportunity to leverage the Facebook Platform to get new customers.

Here’s a quick video and I’ll explain:

Link to Youtube Explanation: Facebook PDL Ads

Here’s a link to the course I’m talking about:

Payday Loan Facebook Course

Thanks for taking the time.  Be GREAT our there!

Miro Posavec & Team Trihouse

Miro p. Payday Loan University

 

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Cordray & CFPB Ram New Arbitration Rule Down Our Necks!

By | Jul 10, 2017

Another play by Cordray and his future plan to run for governor. This rule will not stand! Bank, credit union and credit card companies will not allow the rogue CFPB and their appointed administrators ram this down our throats. It only benefits attorneys; not consumers.

The Consumer Financial Protection Bureau (CFPB) issued its final rule today on arbitration clauses, only a few days after Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, threatened CFPB Director Richard Cordray with contempt charges if the rule were published. Totalling 775 pages, the new rule is intended to limit the ability of financial service providers to restrict class action lawsuits by consumers via arbitration provisions in contracts. Covered persons under the rule must submit arbitration and select court records to the CFPB.
Jer@TrihouseConsulting.com  – Trihouse Link to CFPB PDF Arb Rule

 

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Payday Loans vs Bank NSF and Overdraft Fees: Reported by CFPB

By | Jul 7, 2017

You think payday loan, installment loan and car title loan APR’s are high?

You want to know why banks, credit unions and so-called consumer advocates hate small dollar lenders?

Did you know the folks who initially funded the Center for Responsible Lending [CRL] launched a credit union – an entity treated as a non-profit?

Follow the money…

Payday Loan, Installment Loan, Title Loan APR's vs Banks

Payday Loan, Installment Loan, Title Loan APR’s vs Banks

Check this out! The USA’s 628 biggest banks reported – after being forced to by the FFIEC – $11.2 BILLION dollars in NSF and overdraft fees in 2015. [2015 is the first year banks having assets exceeding $1B were required to report this number!]

$11.2 BILLION is 8% of these bank’s net income.

The median bank fee was $34.00. However, because of the way bank algorithms work, 25% of bank customers paid $90 per instance [2013].

Average payday loan APR? Just under 400%

The average bank NSF fee? 1400%

Now, realize that these banks have virtually ZERO RISK! They are at the front of the line. Their account holder; their customer – must pay the bank/credit union or they put their customer in the ChexSystem data base and close their customer’s bank account.

And, let’s not forget that the banks borrow their money from the FED’s for approximately 1%. THIS IS NUTS!

[Note: If you would like a copy of the original CFPB Report in PDF format, email: Jer@PaydayLoanUniversity.com ]

60 of the reporting banks derived 20% of their net revenue from overdraft and NSF fees!

  • So… installment, car title and payday lenders must raise capital at average rates of 1.5% to 3%+ per month; typically with personal guarantees.
  • Assume the risks associated with launching a new business.
  • Overcome the challenges the search engines place on them.
  • Face the continued negative pummeling brought down on them by their competition: banks and non-profit credit unions.
  • Approve loans for consumers with zero collateral.
  • Face-off the FED’s regarding Operation Choke Point – we did get a nice victory on this matter recently :-)
  • Keep their loan portfolios on their books [balance sheet lending] vs securitization by the big boys.
  • And a host of additional B.S. that comes with the territory.
  • Banks and credit unions HATE US because we are cheaper!!

Now mind you, we are not whining! Just asking for a level playing field – never going to happen – AND the realization by all parties that payday loan, car title and installment loans make a GREAT DEAL of sense for millions of consumers EVERY YEAR!

 

 

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