By | May 3, 2013

Thanks to my buddy, Doug Ulrich at payday loan software company AzoBlue out of Chicago for this heads-up!

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:

Jer –  What do you think? Hit me!!

6 Comments so far
  1. JT May 3, 2013 11:42 am

    Wow! As a payday loan and car title loan lender for many years, this Piece REALLY lifts my spirits. It’s great to witness a guy like Mr. Goldstein come back into our industry. I’m not afraid of the competition. Entrepreneurs like him simply provide me with encouragement to stay, grow, and continue to serve my customers.

    And THANK YOU to Doug at AzoBlue!!

  2. Payday Loan Industry May 3, 2013 11:43 am

    Yes, JT! You are 100% correct. And AZOBLUE is worth a look…


  3. Frank M. May 3, 2013 7:43 pm

    I’m surprised yet delighted to see Goldstein return to our industry in spite of The CFPB and all the other B.S going on. It gives me hope…

  4. Payday Loan Industry May 3, 2013 7:45 pm

    Yes, it’s fascinating. State AG’s and legislators are circling back and “embracing” our industry. Of course, the payday loan product is evolving as well.


  5. jeff July 18, 2013 10:52 am

    Been trying to nail this guy down for a year plus! It’s easier to get Obama on the phone than it is him!

  6. Payday Loan Industry July 18, 2013 11:00 am

    Jeff, the biggest challenge vendors, collaborators, resources… have is GETTING IN FRONT of the “REAL PLAYERS.” I hear this every day :o) Join the associations and attend. Spend some advertising bucks to appear here:

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