Payday Loan & Title Loan Marketing Ideas

By | Jul 28, 2015

By: Team Trihouse.

Simple, Cheap Payday Loan & Title Loan Marketing Ideas

Yeah, yeah, I know. You need more customers for your payday loan or car title loan business. Every operator cries about:

  • More money to loan out – access to capital
  • More customers. How to get more customers in your door or on your website
  • Improved collections
  • More knowledge regarding how to increase profits

My car title and payday loan clients get bogged down with all the small dollar credit marketing  options available today:

  1. Google PPC programs
  2. Facebook advertising
  3. Twitter ads
  4. Radio
  5. TV
  6. Blogging
  7. Mobile friendly websites (NOTE: VERY IMPORTANT TODAY and inexpensive! YOU must show up in Google)
  8. Pinterest, Instagram, Youtube, Yelp… on and on and on!

Get back to basics. Sure, all these avenues are legit. And, depending on your Team, they all work to some degree. But I suggest you get your house in order first.

  • Clean your store up. Inside, outside… paint, shrubs, gardening, curb stones, papers on your walls… CLEAN!
  • First impressions make the difference. Yeah, you already know this! So do something about it! Begin by looking at your store for the first time. Aren’t you embarrassed? FIX THIS! Get rid of ALL those “NO” signs all over your location!
  • Your sign. GET THIS RIGHT! If you’ve never watched the Profit and Marcus Lemonis, BEGIN! Marcus achieves amazing results by getting back to the basics. Customers see your sign first; hopefully they see your sign. Spend $$ on your sign!
  • Employee uniforms. Invest in some shirts with your name and logo. Everyone wears one; clean! It’s an inexpensive branding mechanism and worth a few bucks. Guaranteed, when your employees – and this means you as well – are out and about gassing up or getting lunch – WITH business cards in their pocket, you’ll pick up a minimum of 4 new clients per month.

This Post is getting long. HOWEVER, I have one more cheap car title/payday loan marketing tactic you can employ immediately. It’s CraigsList.

Car Title & Payday Loan marketing Idea

Car Title & Payday Loan marketing Idea

Start using CraigsList.com. It’s simple, cheap and works. We’ve been using CraigsList for 10+ years. Depending on where our store is, we pickup at a minimum 3 new customers every month. Here’s an example of a Craigs List car title loan ad.

DON’T THINK THAT’S MUCH? Think again. If we do 3 new car title loans one month as a result of a free Craigs List Ad, and each loan is $2500 (we’re in Calif.) at 9% interest/fees per month, that’s $675/month generated in gross revenue on a $7500 loan principal. If we average 6 months on each car title loan, we earn $4050 AND our customers still owe us our $7500 loan principal. We have the titles to their automobiles as our collateral.

So, the point? Get off your butt and insist someone on your Team get VERY GOOD with Craigs List advertising.

It’s a no-brainer! It works!!

Are you a payday loan or car title loan lender? Or, do you want to get started as a lender? Need info, help and answers? Get our “Bible.” We are THE recognized training and teaching experts in the small dollar credit lending industry. Have your doubts? Simply go back to your “Googling” for hour after hour. Eventually, you’ll happen onto a car title or payday loan resource in Google’s search results. CALL THEM! Ask the loan management software provider, the lawyer, the compliance consultant, the lead generator… even existing store and internet lenders if they’ve EVER heard of Jer at Trihouse Consulting and the “Bible” we offer for entrepreneurs. Guaranteed, THEY HAVE! Literally, EVERYONE knows us and speaks highly of us! Every payday loan or car title loan vendor, supplier, software company… anyone who is anyone… KNOWS JER, our CEO!

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CFPB Issues Letters to Lenders Making Loans to Military

By | Jul 22, 2015

CFPB Targets Military Lenders Against So-called Illegal Military Allotment Business Practices

LENDERS TO THE MILITARY

“Bureau Puts Companies On Notice After Defense Department Rules Take Effect”

The Consumer Financial Protection Bureau (CFPB) sent letters this month to several companies that sell retail goods to military servicemembers, advising them to review their websites and other advertising for potentially misleading marketing and to review other practices related to payment by military allotment. Active-duty servicemembers are not permitted to use allotments to pay for personal property such as vehicles, appliances, and consumer electronics. The CFPB is concerned that companies that are still advertising repayment by way of military allotment may potentially be violating federal consumer financial protection laws.

“Companies that are still advertising repayment via military allotment may be violating the law,” said CFPB Director Richard Cordray. “Companies should give consumers accurate and reliable information so they can make the best decisions for their own financial situations. We will continue our work protecting servicemembers and promoting a fair and transparent marketplace for all consumers.”

How to start a payday loan business

How to start a payday loan business

Sample CFPB letters mailed are here: Sample CFPB Letter

The military discretionary allotment system allows servicemembers to automatically direct a portion of their paycheck to financial institutions or people of their choosing. However, military personnel using the allotment system instead of other automatic payment options like ACH (Automated Clearing House) can end up losing out on certain legal protections.

To better protect servicemembers, the Department of Defense announced changes to the allotment system last year. The updated regulations, which took effect in January, prohibit new allotments to purchase, lease or rent personal property such as vehicles, appliances and consumer electronics. The regulations do allow allotments made for the purpose of savings, insurance premiums, mortgage or rent payments, support for dependents, or investments. Military retirees and Department of Defense civilian employees were not affected by the changes.

Offering servicemembers misleading information about payment options and allowing servicemembers to pay by allotment when prohibited by the Department of Defense regulations could violate the Dodd-Frank Wall Street Reform and Consumer Protection Act’s prohibition against unfair, deceptive, or abusive acts or practices in consumer financial products or services. The Bureau will continue to look out for the interests of servicemembers and ensure compliance with all applicable federal consumer financial laws and regulations.

The letters advise the recipients that their advertisements may violate federal law, and that they should review their advertising and practices relating to military allotments. However, the Bureau’s letters are not a finding or ruling that the recipients have actually violated the law.

The CFPB has taken multiple actions to enforce consumer financial protection laws against entities whose businesses were largely premised on receiving payments from servicemembers, often through the military allotment system. In those actions, the CFPB has recovered over $100 million for thousands of consumers.

A sample letter is available here:http://files.consumerfinance.gov/f/201507_cfpb_sample-allotment-letter.pdf

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Payday Loan Leads Generator versus CFPB

By | Jul 20, 2015

Payday Loan Consultants

Payday Loan Leads: The continuing saga of the CFPB, Selling Source, Operation Choke Point and Lead Generators.

By: Jer Ayler. “Even if we assume for purposes of argument that including in the Notification every consumer finance law and regulation imaginable as adequate notice of the “alleged violations,” by no stretch of the imagination does the Notification speak to the “nature of the conduct” which is under investigation for the alleged violation. Put simply, what is it you think we did wrong? Does it involve advertising? Handling of complaints? Advanced vetting or monitoring of customers (if such was ever required!)? Particularly given the absence of federal rules governing payday lenders, the absence of rules anywhere purporting to govern lead generators, and the great variety of rules in those states which do regulate payday lenders, if this investigation to date has not been a pure fishing expedition motivated by an intent to indirectly throttle payday lending through an attack on a lawful business perceived by CFPB and other federal and state departments and agencies to be a “choke point” for payday lending, plainly CFPB must have some knowledge of the nature of the conduct it believes to be unlawful.”

“This investigation is entirely focused on Selling Source. We are well aware that since the beginning of 2015 at the latest, CFPB has had a formal or informal “MoneyMutual Team,” which may include involvement by state agencies such as the New York Department of Financial Services and other federal department or agencies. We know CFPB previously agreed to cooperate with other federal departments and agencies in Operation Choke Point, targeting lawful businesses as a means of ‘choking off’ payday lending. The CIDs issued to date have not sought to develop information concerning any other person or entity other than Selling Source, and we question whether similar CIDs are going to any other lead generator. For the Notification of Purpose to suggest that this investigation is broader in scope than is actually the case is inappropriate, misleading and inadequate.

You may read the Motion to Set aside the CFPB’s CID in its entirety here: Petition

Get our newly updated “PaydayLoan Bible” here: “Bible”

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Where to Open Payday & Title Loan Stores

By | Jul 7, 2015

Where to open a new car title or payday loan store?

Alright, after months of researching the payday loan and car title lending industry you’ve finally decided to pull the trigger and launch your new business. Sure, you’ve read our chapter focused on “Site Selection” in our  “How to Start a Car Title Loan Business Manual” or our “Payday Loan Bible.” And you’ve visited dozens of your competition’s stores. You’ve got a few loans to see how it works. You’ve talked to employees of your competition just as we suggest.

But I know what you’re feeling about now! FEAR!! In spite of all the hard work you’ve done to prepare for this day, you’re still nervous. I know because I was where you are today. Back in 1998 I opened my first payday loan store in Garden Grove, Calif. That was followed by a car title loan store in Mission Viejo.

Signing on the bottom line of that 3 year store lease was SCARY. And there was NO STARTUP MANUALS to walk me through all the laws, the loan management software, the marketing strategies, collection tactics, borrower underwriting and all the other pieces that a Lender needs to successfully run a small dollar credit store.

But, after reducing the shaking in my hand I signed on the bottom line of the Lease Agreement and never looked back.

That was 15 stores ago plus the launch of several highly successful Internet portfolios, mentions in the Wall Street Journal, New York Times, Bloomberg…

So, in a nutshell, where would I open a new payday or car title loan business TODAY? In a Walmart. Or next door to one. Or across the street… Not possible for you? Then near a tax return business with a well known brand (Think H & R Block) and lot’s of clients. Or near a highly successful pawn shop chain. Or, a well known and branded check cashing chain like Ace.

You get the point. Borrowers who qualify for payday loans and car title loans have the following:

  • Jobs. Or at least some kind of steady income you can verify
  • Bank accounts.
  • Household incomes of $18,000 to roughly $85,000 annually
  • They shop at Walmart, Target, get their taxes done…

Click here to invest in our “How to Start a Payday Loan Business” or “How to Start a Car Title Loan Business” and learn how to dump your day job and achieve serious success in the small dollar credit space. Just follow our model…

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71 Small Dollar Credit Stores for Sale Immediately

By | Jun 25, 2015

06/25/15: A large national chain has 71 locations available in 9 states. Invest in one or more.

Company offers PDL’s, installment, debit cards, title loans, tax services, check cashing, money orders, bill pay…
Locations are in AL, ID, IN, KY, MA, NB, NV, WA and WY.
TIME IS OF THE ESSENCE! These locations will close in July & August!
You’ll receive Revenues, rents/lease info, terms, EBITDA…

Want to learn more about the stores for sale?
YOUR PRIVACY IS GUARANTEED!
To learn more, fill out my online form.

Fill out my online form.

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