Tag: payday loan lending

21
Mar

Lending: Bitcoin, Payday Loans, The AFS Industry

Lot’s of discussion occurring regarding virtual currencies like Bitcoin. We Lenders are a crafty bunch. The regulators are always playing catch-up although they will “slap-your-hands” if you aren’t careful. We live in exciting times. Look below the surface… see the future! List of businesses accepting virtual currency.¬† The Fed’s are beginning to notice as reported in the WSJ. Manhattan bar now accepts Bitcoin: http://goo.gl/4fMog¬† Will Lenders/consumers accept Bitcoin? Where are we headed??

What do YOU think?

Jer – Trihouse: The Payday Loan Industry

 

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26
Jan

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 make a loan and how good they are at it,” he says. Payday lenders “take ten minutes to make a payday loan and the banker takes an hour,” he adds.

Personally, I think “an hour” is overly optimistic but the point is noted!

Of course, most of us know banks have been providing capital to the big guns in the payday loan industry since the 80’s. And several, including Chase and Wells Fargo, are offering payday loan styled products to their customers having basic bank accounts coupled with direct deposit. APR’s for their model can exceed 400%.

Read the Article here: American Banker – Banks Can Learn from Payday Lenders.

What do you think? Leave a Comment! New to the industry? Go here: Start a Payday Loan Biz

Jer@TrihouseConsulting.com

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