1 Simple Payday Loan Collection Tactic

“We’ve been taught to collect only one way. Heavy demand. Lots of thunder. But before you start firing all your collection bullets, how about a different approach?” Steve Hodgdon, founder of Modern Asset Management, reminds all of us to not overly complicate the task of getting borrowers to pay us.

Watch Steve’s short video and put some serious cash in your pocket. [After watching Steve’s collection video, READ THIS!]

The Best Collection Question. The single, best question to get your borrower to TALK to you. Let me know what you think.

Collections driving you nuts? Reach out to Steve.
Steve Hodgdon
Modern Asset Management, Inc.
1-415-596-2415 cell
1-800-617-3680 ext 801

Comments ( 8 )
  • Danny Verrette says:

    Wow, it worked! My client said sorry, and I now have a new job. My client actually took a work break and came in and closed their default loan. Thanks!

  • janet phillips says:

    dear steve, I work alone in a very busy payday loan office. ive been employed here 17 years. we are going through some issues with the state and will be under one data base come October 2014. I am suffering from depression and I find it so hard to collect from people who I feel does not care about their bills. I am an avid about my bills being paid on time and with that being said, I get upset easily when people think im calling their bluff. they say they cant pay, but they go and buy cars or flat screens. this is a small town with 17 payday loan companys. probably the majority of people are on fixed income. I was told by my boss that im too damn nice to people. please help.

  • Bad Ass Collector says:

    Steve, thanks for bringing me back to reality. I’ve been hating my job as a collector for quite a while. Your tactic makes it all a little less negative. Hell, I may even make bonus this month!

    Bad Ass!

  • JJ says:

    I know Steve! The guy’s a real pro. he’s been in the collections game a LONG time. First met him when he sat on a panel at OLA.

  • Frank says:

    Wow! Simple to implement and smart. I’m going to have my call center employees watch this first thing Monday A.M. And of course, I’ll followup with Steve.

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