Category: Trends & Tactics

10
Jul

Questions Payday Loan Customers Ask Lenders

We quizzed 94,577 consumers who either currently have or at 1X+ had a payday loan, title loan, or a non-collateralized installment loan.

As a lender or vendor or lawyer in the “Business of Lending Money to the Masses,”

YOU need to know what their #1 questions are. For the answers, invest in our 2019 Course. Click Here!

So, here you go:

  • How do I qualify?
  • What do I need to get a payday loan?
  • Where are you?
  • How can I get rid of payday loans legally?
  • Can you go to jail for not paying back a payday loan?
  • How can I avoid paying payday loans legally?
  • How can I stop a payday lender from electronically taking money out of my bank or credit union account?
  • How can I avoid paying payday loans legally?
  • What happens if I can’t pay my payday loan?
  • What happens if I can’t pay my payday loan?
  • How can I get rid of payday loans fast?
  • How to get out of payday loan debt?
  • How can I get rid of payday loans fast?
  • How can I settle my payday loan?
  • Payday loan settlement – Is it a good legal option to settle my payday loan?
  • How can I settle my payday loan?
  • Can they garnish your wages for a payday loan?
  • Is there a statute of limitations on payday loans?
  • Can I get a warrant for a payday loan?
  • What happens if you stop paying payday loans?
  • How can I stop my payday loans?
  • Can I stop paying payday loans?
  • Can’t afford to pay back payday loans?
  • Can a payday loan sue you after 7 years?
  • Do I have to pay back an illegal payday loan?
  • How do I get out of a payday loan cycle?
  • Are Payday Loans Bad?
  • How can I get a payday loan without a bank account?
  • Can I negotiate with payday lenders?
  • How can I get out of payday loan debt?
  • Can debt relief help with payday loans?
  • How can I stop payday loan garnishment?
  • How long can a payday loan be collected?
  • What happens if a payday loan check bounced?
  • Can I be chased for debt after 10 years?
  • How long does a payday loan stay on your credit?
  • Do debt collectors ever give up?
  • Can you go to jail for not paying a payday loan?
  • Can you go to jail for not paying a loan company?
  • How can I get rid of payday loans legally?
  • How can I get out of paying my payday loans?
  • Can I get a payday loan if I owe one?
  • Are payday loans illegal?

Jer – Trihouse 702-208-6736  For a copy of this report in PDF format delivered to your Inbox, send an email to: TrihouseConsulting@gmail.com

To schedule a strategy/exploration call, click to view my calandar Clarity.fm

How to start a payday loan, car title loan installment loan company

Course: How to Lend to the Masses

Click Here: $337.00 Immediate PDF Download


If you’re worn out spending hour upon hour searching Google for consumer loan business strategies, know-how, software, licensing, consumer credit reporting, sample contracts, collection tactics, profitability, how much start-up capital you need, anticipated default metrics, and on and on and on… Our “Bible” delivers ALL THESE ANSWERS AND MORE!

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25
May

42,000,000 Adults Over 50 In Deep Financial Trouble in Need of Creative Loan Products

A quick scan of the media headlines leads the average reader to conclude all is well in the U.S. economy.

42,000,000 U.S adults 50+ years old are BROKE! Did they count the homeless?

Hell, if you’re in the business of lending money to the masses, you might conclude that you should shut the doors, layoff all your employees, and open a yogurt shop.

Then, there’s this: The Center for Financial Services Innovation (CFSI), the “nation’s authority on consumer financial health,” together with AARP Foundation, a “national leader in the fight to end senior poverty,” announced the release of a new report based on the U.S. Financial Health Pulse report data that shows 83 percent (42 million) of the estimated 50 million low- to moderate-income people over the age of 50 (LMI 50+) living in America are struggling with some or all of the components of their financial lives.”

how to start a payday loan company

How to Start a Loan Biz

According to the press release, this report, “Redesigning the Financial Roadmap for LMI 50+ Segment: New Challenges and Opportunities,” offers an in-depth look at the increasing financial insecurity of LMI 50+ and the major factors contributing to a more complex financial reality for them than for past generations.

This study revealed that the 50+-year-old demographic want to retire but can’t; they’re broke!

The bottom line according to this Report? It’s a B&*(((tch when you hit 50! No savings. Loss of home in 2008 – renting now, living with kids and grand-kids, medical issues [obesity]…

There was even an expose in I believe the NYT that revealed seniors are “on the hook” for their children’s student debt because Grandma co-signed. [Are you aware student debt cannot be discharged in a bankruptcy?]

The report identified specific financial challenges facing the LMI 50+:

The Report summed up:

  • More than half (51%) have liquid savings of less than three months of expenses, and only a quarter (26%) have an emergency savings account.
  • More than 6 in 10 (61%) indicate they don’t have savings in an employer-provided or individual retirement account. For those with savings in either account, the median amount is $20,000, far less than recommended for a comfortable retirement.
  • The vast majority (81%) have some amount of debt, with half (48%) reporting their debt isn’t manageable.
  • More than a third (36%) with debt report that their debt has delayed or prevented them from saving for retirement.

LMI 50+ Medical Shocks & Multi-generational Living

  • Overall, 38% had to forgo health care or medication in the past year because they couldn’t afford it.
  • Nearly a third (31%) indicate they’re supporting someone financially who lives outside of their household.
  • Households of three or more people report having higher financial stress (87%) than households with one or two individuals (82%). Of households with three or more people, 83% report that their financial stress leads to negative impacts on their family life.

Why is this important to you?

OPPORTUNITY! These folks need a multitude of loan products that work for them. The LMI 50+ demographic is invisible to the majority of lenders in the marketplace today

The Report goes on to state, this LMI 50+ Demographic:

  • Are open to using digital technology to manage aspects of their financial lives.
  • Appreciate being able to monitor transactions and pay bills online.
  • Care about security, but not in a way that limits the use of technology.
  • Desire relevant, actionable financial education and coaching for everyday financial management.
  • Use technology-centric innovations, but have different levels of comfort with high-tech vs. high-touch engagement.

FINALLY, for all my PC [that’s politically correct] readers, rather than attack check cashers, pawn shops, small-dollar lenders… while locking your gate-guarded community entrance tight, [Don’t look at me! We have a bridge, not a gate.] build a team, create a loan product that you define as fair, make some $$, give back to your community and help a little! PS: Don’t leave banks and credit unions out of your attacks! They are not the answer! And then, there are the money transfer businesses working with these banks who charge as much as $25 in fees to transfer $100 to El Salvador, the Philippines… Go Ripple, Bitcoin, Stellar, EOS… Crypto.

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22
May

Operation Choke Point: FDIC Surrenders to Payday & Small Dollar Loan Industry

Great news for “the business of lending to the masses!” Thanks to the heavyweights in our industry, Advance America and Check Into Cash, consumers continue to win. Consumer access to a multitude of choices when dealing with temporary financial setbacks prevails.

“We uncovered how some FDIC leaders and officials executed a campaign motivated by personal scorn for our industry, contempt for our millions of customers, and blatant disregard for due process. This settlement will help to prevent this disenfranchisement from happening again – to our business or any other legal, regulated business.” Chief Legal Officer Jessica Rustin, Advance America.

It took 5 years but “Operation Choke Point” has been dealt a SEVERE blow. 

Consumers, lenders, and vendors all owe a HUGE thank you to these companies and those of you who support the industry associations and participated on this long, arduous, expensive journey!

SPARTANBURG, S.C.PRNewswire/ — Advance America and Check Into Cash announced today that they have reached a settlement with the Federal Deposit Insurance Corporation (FDIC) regarding Operation Choke Point, the FDIC program that pressured banks to cut ties with certain categories of lawful businesses, including payday lenders.

“Five years after taking the extreme and costly step of suing federal regulators, we are pleased with the FDIC’s actions to address past efforts to cut off our companies’ access to the U.S. banking system,” said Jessica Rustin, Advance America’s Chief Legal Officer. “We uncovered how some FDIC leaders and officials executed a campaign motivated by personal scorn for our industry, contempt for our millions of customers, and blatant disregard for due process. This settlement will help to prevent this disenfranchisement from happening again – to our business or any other legal, regulated business.”

As a result of this settlement agreement, the FDIC will issue a statement to reiterate its policies. The FDIC previously acknowledged that certain employees acted in a manner inconsistent with FDIC policies and existing guidance with respect to payday lenders, creating misperceptions about its policies. These attempts have proven ineffective in resolving the issue.

The steps taken as part of this settlement are consistent with statements made by FDIC Chair Jelena McWilliams, who declared in a letter to members of Congress earlier this year that “[r]egulatory threats, undue pressure, coercion, and intimidation designed to restrict access to financial services for lawful businesses have no place at this agency.”

“While the FDIC took steps to reinforce its policies with staff and the industry, the effects of Operation Choke Point linger, with banks continuing to terminate accounts and refuse services to payday lenders,” said Greg Madson, Chief Legal Officer at Check Into Cash. “It is our hope that this settlement clarifies once and for all the FDIC’s policies so that banks feel free to provide services to lawful businesses operating in compliance with applicable federal and state laws, without fear of regulatory pressure or retribution.”

The FDIC will conduct training of its examination workforce on these policies by the end of 2019 to ensure that its examiners adhere to the highest standards of conduct and respect the rule of law. The training will specifically include matters related to Operation Choke Point.

Lastly, the FDIC has established a robust complaint process through which information regarding potential violations of these policies may be investigated. If banks or customers continue to be concerned that FDIC personnel are not following the FDIC’s policies regarding Operation Chokepoint, they may email the FDIC at transparency@FDIC.gov.

In June 2014, the Community Financial Services Association of America (CFSA), the national association for small-dollar lenders, joined industry partners and its largest member companies, Advance America and Check Into Cash, to file the lawsuit, Advance America et al. v. Federal Deposit Insurance Corp. et al., to end Operation Choke Point and the government’s persistent regulatory overreach. Discovery exposing depositions and damaging emails of government officials, most notably at the FDIC, was released in October 2018 as part of the Plaintiffs’ Motion for Summary Judgment in the lawsuit. The settlement is the result of court-ordered mediation prior to a judge’s ruling on summary judgment.

“Certain FDIC officials operated well outside of the rule of law and disregarded due process when they targeted lawful businesses under Operation Choke Point,” said Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA). “Regulatory policy must never be predicated on personal preferences and this settlement should make clear that such abuses of power will not be tolerated.”

About Advance America Cash Advance 
Founded in 1997, Advance America, Cash Advance Centers, Inc. is the country’s leading provider of non-bank cash advance services, with approximately 1,900 centers across the country. The Company is a founding member of the Community Financial Services Association of America (CFSA), whose mission is to promote laws that provide substantive consumer protections and to encourage responsible industry practices. Please visit www.AdvanceAmerica.net for more information.

About Check Into Cash 
Founded in Cleveland, Tennessee in 1993 by entrepreneur and philanthropist Allan Jones, the Check Into Cash brand is a state licensed and regulated small balance lender. Check Into Cash stores offer check cashing, Western Union® money transfers, prepaid U.S. Money Cards, and other convenient services as a complete One Stop Money Shop®.

Check Into Cash is a founding member of the Community Financial Services Association of America (CFSA), the trade association representing the nation’s payday lenders. The CFSA advocates for best practices and helps enact legislation that balances the needs of the consumer with the interests of the industry.

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04
May

Ending Debt Traps in the Payday and Small Dollar Credit Industry

Financial Services Committee

Payday loans, small dollar loans… the pros and cons of a federally mandated 36% APR. Where do folks go if small-dollar lenders are forced underground?

No doubt, more than a few legislators “get” that the elimination of small-dollar loan products does not solve the basic problem: 70% of US households cannot get their hands on $500 cash in an emergency! [Watch the Video below.]

Yes, this is horrible. Yes, few of my readers here can relate to this fact. Unemployment is at record lows. Our economy is kicking ass! Employers are struggling to secure talented employees.

And yet, we have a problem. The publicly traded lenders are an easy way to gain a bit of transparency.

ENOVA reported they’ll loan $1.2B.

CURO  reported just over $1B for their year.

Robert Sherrill, CEO, Imperial Cleaning Systems is a convicted felon who used small-dollar loans to make ends meet and establish a successful business after serving time. The “Financial Services Committee” is SO BIASED and uninformed while residing in their Ivory Towers, that they actually accused Mr. Sherrill of testifying favorably about payday loans “in order to get clemency from President Trump!” Egads…

House Financial Services subcommittee on consumer protection and financial institutions hearing, “Ending Debt Traps in the Payday and Small Dollar Credit Industry.”

Here’s the Video to the Hearing:

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10
Apr

Payday Loan Funded in 120 Seconds: Real World Example on a Sunday

  1. A funded loan in 120 seconds? On a Sunday? My story below about a borrower named Tiffany will blow your mind. Instant funding. 24/7/365. No friction. No delays. Funds available to the borrower in minutes. No ACH. Easily REMARKET to your past borrowers! This is how you build your “book.”
  2. Following Tiffany’s story, Loan Businesses for Sale TODAY  listed below [TX, PA, AZ, CALIF…]

Tiffany broke down into tears! The baby’s screaming, she spilled her coffee, and her tire shop wants $300 to replace the two front tires on her 2009 Honda.

It’s Sunday at 1 pm.

What to do?

Tiffany has $76.89 in her bank account. She doesn’t get paid by her employer Allstate Call Center Services for 10 more days.

So, Tiffany, [like 14,000,000+ folks per the FED: “40% of US households can’t come up with $400 cash in an emergency!”] whips out her phone, types Dallas payday loan, clicks on Fast Cash Dallas, submits her short loan application online… and BAM! INSTANT FUNDING is here TODAY!

IMMEDIATELY, the following happens:

  • Step 1: Fast Cash Dallas, via 100% automation, sends an SMS text message having a link to her bank account that prompts her to enter her bank login credentials. [Could be an email if she prefers.]
  • Step 2: Tiffany clicks the SMS link and logs in.
  • Step 3: Fast Cash Dallas “looks” at the past 365 days of Tiffany’s bank account activity in “read-only.”

LESS THAN 2 MINUTES LATER, Tiffany has $400 credited to her Wells Fargo debit card. The new tires are on 30 minutes later, Tiffany pays for the tires with her Wells Fargo bank card and she and the baby are off…

Fast Cash Dallas “liked” what they saw, approved Tiffany for $400 and “pushed” the $400 loan proceeds straight to her.

WTF JUST HAPPENED?

On a Sunday at 1 pm?

With zero human intervention?

  • Tiffany’s Wells Fargo bank account was verified.
  • Tiffany’s Driver’s license/ID is verified
  • Tiffany’s Allstate call center payroll deposits were verified.
  • Tiffany was identified has having previous payday loans with Sunset Financial Services and Sunrise Cash Advance AND paid off.
  • Tiffany’s Dallas location at the tire store was verified
  • Tiffany’s address and apartment rent payments were verified
  • Tiffany’s Wells Fargo bank balance at this very moment – Sunday 1 pm – was determined
  • Wells Fargo had charged Tiffany 2X totaling $66.40 for NSF’s during the past 60 days.
  • Tiffany’s past 365 days Wells Fargo bank account expenditures were reviewed
  • Tiffany’s cell phone bill payments were verified
  • It was verified Tiffany was not applying for more than one payday loan simultaneously with other payday loan companies (stacking)
  • Tiffany has been at the same address for 8 months.
  • Tiffany holds a massage therapy license. Who knew?
  • No need for Fast Cash Dallas to buy an expensive Tiffany FICO credit score.

Fast Cash Dallas has automated its loan approval process.

And this isn’t Tiffany’s first rodeo.

The moment Tiffany hit “Submit” on her phone, AI (artificial intelligence) kicked in combined with automation, integration with credit reporting agencies, instant bank verification platforms, a same day 24/7 push funds service…  

Tiffany is “stored” in Fast Cash Dallas’s database. She opted-in to receive text messages with “refer a friend” rewards, special offers… in the future.

The next time Tiffany needs some cash, who do you think Tiffany will borrow from?

Fast Cash Dallas already has Tiffany’s Wells Fargo card info. Bam! $$ in 60 seconds!

Again: Instant funding. 24/7/365. No friction. No delays. Funds available to the borrower in minutes. No ACH. Easily REMARKET to past borrowers! This is how you build your “book.” This is how you “Build to Sell.” [This is a good time for you to read my, “Why Buy Instead of Start a Loan Business.”

This is “The Business of Lending Money to the Masses Profitably Today.”

 

OPPORTUNITIES TODAY:

  • 10+ locations in Texas. Internet component growing swiftly. Turn-key.
  • Philadelphia check cashing store
  • Hawaiian Gardens [Los Angeles] payday loan location
  • Los Angeles 100% title loan store
  • San Diego payday loan store
  • Arizona car title loan store [No payday loan competition in AZ!]
  • Houston Loan store
  • Tribe portfolio capital infusion
  • Cutting edge tech & AI for lenders available. These folks don’t buy association booths; that’s old methodology!
  • Iowa payday/check cashing stores
  • Earn 15% – 18% ROI in Texas collaborating with CAB/CSO’s.
  • Puerto Rico title loan store opportunity
  • Want to some consulting from the Pro? Schedule a call via Clarity 

Interested in the above? Send an email to TrihouseConsulting.com with the appropriate subject

Meanwhile, if you’re still trying to figure out how to get started in the “business of lending money to the masses,” check this out:

How to start payday loan business, title loan business, loan business
Click Here: $337.00 Immediate PDF Download


If you’re worn out spending hour upon hour searching Google for consumer loan business strategies, know-how, software, licensing, consumer credit reporting, sample contracts, collection tactics, profitability, how much start-up capital you need, anticipated default metrics, and on and on and on… Our “Bible” delivers ALL THESE ANSWERS AND MORE!

How to loan money to consumers! Payday loans, car title loans, installment loans, line-of-credit loans… via the Internet and storefront models.

Answers to:
How profitable are they? How much do these businesses earn?
Do you need a license?
We update our “Bible” every 3 months.

Click the Buy Now Button: $337.00 Immediate PDF Download


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