THE BLOG

18
Oct

Payday and Title Loan Requirements

Typical Criteria Required to Apply for a Payday Loan, Installment Loan, or Car Title Loan

Jer Trihouse Payday Loan Industry ResourcesThis is a list of fairly typical requirements of consumers to qualify for a loan. These criteria are dependent on the state the borrower resides in, the status of the lender [startup, seasoned…]…

Payday Loan/Installment Loan:

  • Valid ID/DL
  • Proof of Income
  • Debit Card {No temp cards}
  • Completed Loan Application
  • Pass credit reporting agency filters
  • Military Exemption
  • Reside in state having enabling payday loan legislation
  • References 3

Title Loan:

  • Valid ID/DL
  • Titled Vehicle
  • Title – Lien Free {Co-signors?}
  • Valuation – 50% Rough Value/Salvaged 20% Rough Value
  • Proof of Residency – Utility Bill/Lease/Mortgage Statement
  • Proof of last payroll amount
  • Completed Loan Application
  • Completed Vehicle Evaluation Sheet
  • Military Exemption
  • Cell phone statement {make copy}

Click this link to get the “Bible” on “How to Start a Payday Loan or Title Loan Company.”

How-Start-Car-Title-Pawn-Business

Payday Loan Franchise?

15
Oct

Bedford Texas City Ordinance: Payday Loan Stores

 

A Typical Texas Payday Loan City Ordinace

ORDINANCE NO. 16-3183

AN ORDINANCE OF THE CITY OF BEDFORD, TEXAS SETTING FORTH REGISTRATION

REQUIRMENTS AND CREDIT EXTENSION GUIDELINES FOR CREDIT ACCESS BUSINESSES;

CONTAINING A SAVINGS CLAUSE; PROVIDING A PENALTY CLAUSE; AND PROVIDING AN

EFFECTIVE DATE.

WHEREAS, the City of Bedford, Texas is a home rule city acting under its Charter adopted by the

electorate pursuant to Article XI, Section 5 of the Texas Constitution and Chapter 9 of the Local

Government Code; and,

WHEREAS, the City of Bedford, Texas contains credit access businesses, which provide payday

loans and advances to consumers who work and reside within the City; and,

WHEREAS, the City Council of the City of Bedford has determined that certain credit access

businesses engage in abusive and predatory lending practices, offering easy money to those

members of our community who are in a tight spot with onerous terms and fees; and,

WHEREAS, the practices of certain credit access businesses cause members of our community to

become trapped in a cycle of short term, high interest loans resulting in large debt and huge

payments; and,Continue Reading..

11
Oct

CFPB Takes Broadside- Leadership Structure Ruled Unconstitutional!

CFPB Leadership Structure Ruled Unconstitutional by D.C Circuit Court 🙂

This just in from Ben Lane:

“In a unanimous decision of the three justices of the United States Court of Appeals for the District of Columbia Circuit, the court ruled that the CFPB’s current structure allows the director to wield far too much power, more than any other agency in the government.”

‘Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB’s broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency,’ the court writes.

And it gets worse for the CFPB.

“From the court’s decision:By “unilateral power,” we mean power that is not checked by the President or by other colleagues. Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. 

That is not an overstatement. What’s this mean  for the Payday Loan Industry?

What about the Speaker of the House, you might ask? The Speaker can pass legislation only if 218 Members agree. The Senate Majority Leader? The Leader needs 60 Senators to invoke cloture, and needs a majority of Senators (usually 51 Senators or 50 plus the Vice President) to approve a law or nomination. The Chief Justice? The Chief Justice must obtain four other Justices’ votes for his or her position to prevail. The Chair of the Federal Reserve? The Chair needs the approval of a majority of the Federal Reserve Board. The Secretary of Defense? The Secretary is supervised and directed by the President. On any decision, the Secretary must do as the President says. So too with the Secretary of State, and the Secretary of the Treasury, and the Attorney General.

In short, the court writes, the director of the CFPB is the “single most powerful official in the entire U.S. Government, other than the President,” in terms of unilateral power.

Email TrihouseConsulting for a PDF of the Original D.C. Court Decision: Original Article Put “DC Circuit in Subject.”

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04
Oct

Evil Center for Responsible Lending vs Payday Loan Industry

Why do payday loan lenders take a beating by the media and the politicians so often? Because of organized campaigns like this one launched by the CRL. [Remember the Center for Irresponsible Lending? Founded by credit union and bank executives – think Wells Fargo – whose mission is to crush the payday loan industry so they can maintain their 2000% APR NSF fees?]

The CFPB has received over 170,000 positive payday loan testimonials from real borrowers. That’s great! We’ve done a good job with this. But our “system” for asking our happy customers to enter  these positive stories on the CFPB website is CLUNKY, SLOW and CUMBERSOME.

Now, take a look at the CRL campaign to bury us:

stop-payday-loan-sharks

The CRL makes it so easy. They send every Tom, Dick and Harry to this website. The negative payday loan commentary is already present in the comment box. All their sycophants have to do is enter a fake name, email address and zip code, hit “Submit” and the dirty deed is done! We eat it!

SMOOTH! SMART!! And EVIL!!!

Here’s their website: CRL EVIL WEBSITE

And, in case you didn’t submit a POSITIVE payday loan testimonial – which you should – here’s their EVIL “Thank You Page.”

Here’s what you need to do:

  • Go to the CRL website
  • Enter phony information like the CRL idiots do
  • “Submit” your bogus info and share the Thank You page with friends, family and customers; like they do.
  • Oh, and even better, write a simple positive payday loan “Template” testimonial for those with whom you share.