Taking Action in Any Vertical

How start payday loan businessYou think confidence comes from believing in yourself and accomplishing things.

But really, confidence results from having close personal relationships with people who believe in you.

So, if you focus on surrounding yourself with these people who believe in you, you’ll have the confidence to take action. (Stolen from Dane Maxwell while being interviewed by Jamie Tardy.) Google them!

92% of the “entrepreneurs” I talk to: read, study, Google, waste vendors time and ultimately do nothing. “No guts, no fame.”

Get a job or “man-up.” Lady-up if it’s appropriate. It takes “huevos” to survive in the loan shark industry. Yes, my friends, peers and clients cringe when I use that terminology (take that Scott C. :o) But, they don’t pay my bills or my property taxes here in Calif.

The OLA conference looked like a morgue. Everyone left standing looked as if they had survived the battle of the bulge. Put this temporary blip behind you! Now that we can serve consumers lacking traditional bank accounts, we have an army of 60M – 70M borrowers waiting for a smart Team to figure out how to deliver the $$ to them.

So, wake up, stand-up, find the right collaborators and get back in this small dollar loan game!

Lead prices have crashed, demand for them has tanked, more lead gens and aggregators are launching; crazy but true. Big data guys are cutting your underwriting costs.
ACH providers have jumped over board like rats but new ODFI’s are already here to fill the void.

The tribe model will persevere. It will require patience and persistence but the tribes will prevail; zero doubt!

And, if you were one of the operators employing the state licensing model due to fear, lack of guts, or shrewdness, YOU WON – so far.

Yes! The over-used word “pivot” has occurred in the PDL space. But, let’s NEVER forget that borrowers by the tens of millions are frantically searching via their smart phones, tablets, iPhones, Androids…for a LENDER TO HELP THEM.

Is that lender you? Or, are you a quitter?

Again: Disruption = opportunity. One word to describe the current state of our industry? DISRUPTION.

So, what you gonna do? I know what I’m doing? I’m buying paper at 8 cents on the dollar.

Finally, our VERY BEST WISHES TO A WONDERFUL FRIEND in the PDL space: Jerry (Jerome) Greenberg. We made a lot of $$ together. Hope he gets back in the game!! Best wishes to his family as well!!

Jer at TALK TO ME! Good – Bad- Indifferent…


How to Survive in The Payday Loan Industry

Here’s a portion of an ongoing “Thread” by Serge Milman at You would think we were discussing the payday loan space:

Chase knows exactly what they are doing and has a clear plan on stealing customer base and wallet share from competitors in what-ever local market they enter.

Large Banks – assets > $50b – can easily afford this strategy, and for some, it actually makes sense. But not so for smaller Banks and Credit Unions. Smaller Banks CANNOT outspend larger banks on Branches. The Branch – as a marketing tool – is a failed strategy for smaller Banks (assets < $10b) and virtually every Credit Union.

As such, the only question that remains is how best to utilize limited resources to a) win new and profitable customers, and b) how to expand wallet-share of existing customer base. You are 100% correct that mobile is part of the solution for some demographic segments, but more importantly, Banks and Credit Unions need to develop differentiating products & services, price them appropriately, develop intelligent relationship management plans, and market the products. Seems like Business 101, yet…

The old ways of doing business in the small dollar loan space are just that: Old! Land mines are everywhere. And yet, 20 million+ borrowers are still out there. Will your Team figure out how to meet this demand?


Off Topic-Reflections & Inspiration & a Los Angeles Gangster

payday loansWe all need a shot of inspiration now and then. Particularly in the consumer financial
services space. We take daily “beatings” from the media, regulators, consumers… So
listen-up and I promise this will shine a light on any challenges you face today!

The small dollar loan industry has been good to me! I’ve been vacationing in France
the past 5 weeks. Don’t misunderstand! I love this game. For me, the thrill of
playing in our industry beats everything!

Retirement = Rust

But thanks to the Internet, Skype, my network and friends, I was never on the side lines.

So, my first day back home in California today, I did what? I listened to an interview
of Ryan Blair. Ryan Blair is an ex-Los Angeles gang member who did almost $700M
dollars in sales last year!

Ryan is 36 years old. He wrote a book entitled, “Nothing to Lose, Everything to Gain:
How I Went from Gang Member to Multimillionaire Entrepreneur.”

Now  you don’t have to read the book. But do listen to the free audio interview by
Ken Rutkowsky (no slouch himself) on Business Rock Stars at:

You can email a quick thank you to me at:

If you don’t improve yourself, your business and the lives of those around you as a result
of investing 30 minutes of your time listening, I’ll give you your money back :o)

Jer – Trihouse
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