CheckSmart is Using Bank-Issued Prepaid Cards to Evade State Payday Laws
Personally, I think it’s BRILLIANT! It’s a PR piece but revealing… Bank Regulator Urged to Stop Community Choice Financial Inc., Going Public May 8, From Using Prepaid Card Payday Loans to Evade State Law Washington, DC?The payday lender CheckSmart is using bank-issued prepaid cards to evade state payday laws and today a coalition of consumer [...]
Payday Loan Marketing Idea
This picture says it all! This “graphic wrap” for your business is a no-brainer. Drive it… move it… park it… better than signage. It certainly can compensate for a poor location! Budget $2500 depending on your locale. Email us for your local installer. Need know-how? Want to start a payday loan business? Sign up for [...]
ZestCash At It Again: New Credit Technology = State Expansion
Interesting Post at Bank Technology News regarding Zest Cash Expansion in more States and implementation of technology to fund more consumers.
Payday Loans-Offshore-Tribe-State-by-State, Call Centers, Licensing
As those of you who receive my Monthly Newsletter know, the past 30+ days I’ve visited Cancun Mexico, Miami, the Bahamas (Nassau) and, as I write this, San Jose, Costa Rica. All of these fact-finding trips focused on various payday loan licensing models and outsourcing of various integral pieces of payday loan operations to service [...]
Where Are The Sosa Brothers and Mango Finance
The Sosa Brothers bring disruptive thinking to the payday loan, under-banked, micro-lending space. You must follow their lead. But, where are they now? Payday loan clients and associates of mine cannot locate this Mango Finance Store. Can anyone help?
Update-Banks Offering Payday Loan Products
Wells Fargo (WFC), U.S. Bancorp (USB), Fifth Third (FITB) and Regions Financial (RF) are all offering payday loan styled products. What’s their risk? Zip! If you’re an account holder with employer direct-deposit into your checking account you qualify. These banks are paid FIRST when you get your next paycheck. NICE! No risk and 400% APR’s.
Payday Loan Industry-Opportunities, Challenges and Respect
Jer here. My rant today targets the multitude of opportunities in the payday loan space. Capital is simply a commodity! Ask what your financier brings to the table in addition to dollars. This isn’t a short analysis. You want superficial B.S? Click away now . Pay the price, invest 5 minutes of your time and [...]
Bankers Can Learn from Payday Loan Lenders
Payday loan lenders get a little respect! Michael Moebs, CEO of Moebs Services, was quoted in American Banker as follows: “Banks can learn from payday lenders’ streamlined lending approach, says Moebs. “The thing that I’ve admired about that industry is it’s extremely efficient. They would make a banker’s head spin with how fast they can [...]
State of the Payday Loan Industry Today
Here’s a quick summary of what’s going on in the micro-lending space today! The Internet side is growing 30% – 35%. There is a constant influx of newer, younger customers accessing short-term lending products. They’re coming to us via the Internet and their phone. Rather than cannibalizing the stores, the Internet is bringing new customers [...]
Payday Loan Franchise?
I received a call this morning from John. John wants to start a payday loan business. He’s been researching the payday loan industry for 6 months. John’s question, “Should he buy a franchise?” This particular payday loan franchise company requires John to have about $215,000 to open. This consists of a $35,000 one-time franchise fee, [...]
