THE BLOG

23
Sep

Payday Loan Lawsuit

Another Payday Loan Lawsuit

Are you a payday loan lender? Be aware! You’ve got a target on your back. The bigger we get the more often it makes sense to settle rather than fight these class action payday loan lawsuits. I’ve “been there – done that.”

Three former non-exempt employees sued PLS Financial Solutions of California, Inc. (formerly Payday Loan Store of California, Inc.) and PLS Check Cashers of California, Inc. on behalf of themselves and others and alleged various California Labor Code violations  including, but not limited to:

  • Unpaid meal and rest premiums
  • Failure to pay all regular and overtime wages
  • Unpaid and/or untimely vacation wages
  • Waiting time penalties
  • Failure to provide and maintain accurate paystubs and civil penalties under the Private Attorney General Act.

Stupid things payday lenders doAfter extensive investigation and an exchange of relevant information, the Parties agreed to enter into private mediation to try and resolve the claims.  The Parties attended mediation and thereafter reached the Class Settlement memorialized in the Joint Stipulation of Settlement and Release on file with the Court, and whose terms are generally summarized in this Notice… Click here to read the Settlement in it’s entirety.

You can still profit handsomely in the small dollar credit space BUT you must know what you’re doing. Get all the startup info here: Payday Loan Manual.

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17
Sep

Impact of City Ordinances on Payday Loan Lending

Payday Loan City Ordinance Impact

What impact do payday loan city ordinances have on payday loan store-fronts, commercial property owners, employees, payday loan borrowers and ancillary businesses?

City bureaucrats weep:Local ordinances restricting access to small dollar credit do not restrict usage but drive consumers to other forms of credit.”
Tim Ranney, President of Clarity Services.

I would add, specifically to the Internet! Jer Trihouse

Clarity-Services-1

Change in online and storefront payday loan usage before and after city ordinance passed

City ordinances drive borrowers to the Internet

Change in online and storefront payday loan usage before and after city ordinance passed

Data Set:

  • 750 million consumer inquiries
  • 100 million storefront records
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10
Sep

Texas CAB-CSO Convention TOFSC

Texas Organization of Financial Service Centers

September 2015 Conference

“Michael Brown, President of the Texas Organization of Financial Service Centers (“TOFSC”) cordially invites you to attend our annual afternoon Conference in Austin, Texas on Wednesday, September 16, 2015. The event will be hosted at Sonesta Bee Cave beginning at 10:00am.  This year’s conference will be our fourth annual event.”

For more information  email Jer@TrihouseConsulting.com

How to start installment loan company It is our intent for the conference to provide attendees an opportunity to meet, greet, and socialize while  being presented with information on important issues in today’s Texas CAB-CSO payday loan, title loan,  installment loan and other small dollar loan products being offered in the Texas marketplace today.

Lunch will be served along with light snacks and beverages throughout the day. A cocktail mixer with  appetizers will be hosted starting at 5:30pm.

  Among the invitees to TOFSC are:

TOFSC Members

Credit Access Businesses – CAB and CSO

Third Party Lenders

Money Service Businesses

OCCC Representatives

Law Firms

Credit Reporting Agencies

Other Product and Service Vendors
Fees / Attendance:

Members: $200

Non-Members: $300

Vendor Association Members: $250

Vendor Non-Association Members-Exhibit Station: $300

Vendor Non-Association Members-Exhibit Station: $600

Feature Speaker/Sponsor: $1,500

*Fee is per person.

 

Again, reach out to Jer@TrihouseConsulting.com. My Team will forward your inquiry immediately.

Michael & his crew look forward to seeing you there!

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20
Aug

How to Start a Florida Payday Loan Business

How to Start a Florida Payday Loan Business

For years, the State of Florida has enforced specific safe-harbor payday loan laws enabling Floridians to use a payday loan to solve a financial emergency when appropriate. The CFPB would like to take these products away and override the good work performed by the Florida State Legislature. Kendrick Meek, who wrote this piece, is a former U.S. Representative who represented Florida’s 17th Congressional District from 2003 to 2011. He previously served in the Florida House of Representatives from 1995 to 1998 and Florida Senate from 1998 to 2002.

Short-term loans: Providing solutions to financial bumps in the road

As an African-American growing up in the Liberty City section of Miami-Dade County, I saw many families endure financial hardship from time to time. Unfortunately, many of these families, when left with no other options, turned to dubious methods and sources for help getting over these temporary challenges. As often as not, the “solution” was worse…Continue Reading..

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11
Aug

How to Start a Canada Payday Loan Business

How to Start a Canada Payday Loan Business

How to start a payday loan business

How to start a payday loan business

The volume of payday loan transactions is growing in Canada. Like the US, the Internet is playing a major role and continues to disrupt the payday loan brick-n-mortar space. There’s little doubt that consumers in outlying Canadian provinces prefer the ease Canadian payday loan internet companies offer them when in an emergency financial situation. Better to get a payday loan online than to trudge down to a store through inclement weather while saving and hassle.

Regarding financial products, what’s true for the US is true for Canada. “As Internet technology advances, borrowers will likely demand a faster and more cost-effective lending process, which is increasingly moving toward online and mobile-based platforms,” said Canaccord analyst Scott Chan.

“Mogo has already been operating for 10 years. It processes 30,000 loans a month, including personal loans of up to $35,000. It also offers shorter-term loans that are similar to payday loans, although at half the rate of most payday lenders.”

“We are finding customers increasingly want access to other products delivered with the same level of convenience and transparency,” Mr. Feller said. “This is where the market is going, especially for the millennial generation – they will want their financial solutions delivered digitally, on demand.”

Mogo is a Canadian payday loan company with big plans for future growth. Having gone public, Mogo has access to additional funding enabling Mogo to reach out to all Canadian provinces where safe-harbor legislation exists. Continued branding and national advertising will certainly enable Mogo to increase their loan portfolio. Currently servicing 30,000 loans a month, the sky is the limit.

For both borrowers, investors and payday loan lenders, Mogo’s website is worth a visit as well.

And if you are trying to start a Canadian payday loan business, consider investing in our “How to Start or Improve a Payday Loan Business.” [We cover all Canadian provinces as well as the US.

Payday Loan Course


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