Every installment loan, payday loan, car title title loan lender… all consumer lending business owners need information about their competition. As lenders in “the business of lending money to the masses,” I must know what my competition is doing!

I gotta know what’s working for other payday loan, title loan and installment lenders in my area and beyond!

Enable your competition’s employees to spill their guts!

How to “get the dirt” on your competition.

Try Craigslist.com. Run an ad.

Or, as I illustrate below, use Indeed.com to find experienced consumer loan customer service agents and management professionals having SERIOUS EXPERIENCE in the business of lending money.

Input “payday loans” or “car title loans” or consumer loans” or installment loans” or… into the “WHAT “ field. For “WHERE” input your location. [Recall from our “Bible” that you do NOT need a local employee for many of the employee positions needed in your consumer loan business. A remote employee living in a low cost city such as Albuquerque could certainly make collection calls or underwriting calls all day long for your consumer lending business. They could perform all your social media tasks just as well. Why pay a Houston or Los Angeles based employee to knock out your Facebook, Blog Posts, Twitter, Instagram… social media chores? No need!] Here’s a sample of my results for experienced consumer loan pros in my area of Newport Beach, Calif. Couldn’t I just as well plug in Tupelo, Mississippi, one of the cheapest US cities to live in?

Consumer Loan Business Employee Search

How to Start a Consumer Loan Business

Here’s a free template you may use to start:

Job Description

CONSUMER LOAN REPRESENTATIVE & AREA MANAGER

YOUR COMPANY NAME Loans is a short-term consumer finance company specializing in car title, payday loans and installment loans.

We are currently seeking a Loan Representative & an Area Manager to join our growing company and work in our YOUR CITY office.

We are actively recruiting candidates that are looking for a career opportunity with our company. We value the relationships we have cultivated in the communities we serve and expect our employees to be an example of honesty and respect when dealing with them.

YOUR COMPANY NAME Loans has a special approach to business and we only desire experienced candidates that can step up and work towards the exceptional customer service and image we represent.

Consumer Lending Daily Responsibilities to include:

• Providing customer service in person as well as over the phone.
• Processing loans and payments.
• Outbound collection calls.
• Managing defaulted accounts.
• Daily reporting.
• Daily deposits (no cash handling required).
• Handling heavy phone volume.
• General office duties.
• Marketing.

Job Requirements

To be considered eligible for our Loan Representative or Area Manager positions, you must meet the following requirements:
• 12+ months experience with a PDL/title lender (We guarantee we’ll be discreet).
• Excellent customer service skills.
• Computer proficient with full understanding of basic operating systems.
• Basic math skills.
• Excellent communication and organizational skills.
• Ability to multi-task and work in a fast-paced environment.
• Ability to handle heavy phone volume.
• Ability to advance and make serious $$.

Your competition has experienced employees who are often looking for a better situation. Often, your competitors employees are unhappy. Why? Could be they have a crappy boss, maybe the commute is too long, often there is little opportunity for advancement, not enough money… any number of reasons.

So, by reaching out in creative ways to your competition’s employees, you can open a dialog with highly experienced, qualified personnel who are able to provide you with a much different perspective on your business and more than a few tactics that will increase your funded loans, improve collections, decrease first-time defaults… 

And, when I’m lucky enough to get a superior candidate, I often hire, collaborate or at least pay them a couple of hundred bucks for their time. It just feels right.

Thinking of starting a consumer loan business but you’re not sure of where to begin?

TrihouseConsulting@gmail.com

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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. $297.00 PDF Download 100% Guaranteed Satisfaction $297 Immediate Email PDF	Course 1: How To Start a Consumer Loan Business Our 500+ Page Manual $297.00 Topics covered: Profits: Consumers pay $10 - $35 per $100 Borrowed How to launch a consumer lending business Payday Loans Small Dollar Loans Installment Loans Car Title Loans Personal Loans Signature Loans Non-Secured Personal Loans StoreFront Lending Internet lending Licensing? State/Province What loan management software to use? Capital required? Profitability? Collections? How to Collect Your $$ Borrower Underwriting? 3rd Party Credit Reporting Agencies for the Sub-Prime Store & Internet Lending tactics & strategies Sample contracts, License apps... Tribe Model: How to Partner with a Native American Indian Tribe How to Deliver the $$ to Your Borrower [ACH, Debit, Cash, Checks...] Texas CSO/CAB model Marketing, Branding, Advertising: How to Put Your $$ to Work Leads: Buy $2 leads or $200 Leads? Web Sites: Why You Need Them. How to Get One Built Inexpensively. Mobile-Friendly... Site Selection: Where to Put Your Loan Store Default Rates: How Many Borrowers Will Fail to Pay You Email Strategies: How to Build Your Own List No More Faxing... How do You Raise $$: Cost of Capital Today $297.00 PDF Immediate Download 100% Refund Policy Doubts? Here's a Link to our Founder's LinkedIn Profile. $297 Immediate Email PDF Click this link Course #1 for a complete Table of Contents.
$197.00 How to Operate a Texas CAB/CSO Consumer Loan Biz	CAB/CSO Texas CAB Services Organization Report (Texas) For Lenders offering car title loans, payday loans, installment loans, line-of-credit loans... B2C consumer loans. An analysis of the CAB/CSO Credit Services Organization Model as it applies to Texas. An alternative to the "Regulated Lender Model. What is a Texas CAB/CSO Credit Services Organization? In essence, a CAB/CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as an entity or person that provides one of the following services: * Improving a consumer's credit history or rating. * Obtaining an extension of consumer credit for the consumer. * Providing advice or assistance to a consumer regarding the previous two services. How does the CAB/CSO Credit Services Organization work with consumer loans? The CAB/CSO Credit Services Organization operates as a broker, The Texas Credit Services Organization Act (CSOA) allows the lender to register as a CAB/CSO and act as a loan broker. Thus, the CAB/CSO can make loans via "3rd Party Lenders" that are UNREGISTERED and UNLICENSED. The CAB/CSO Credit Services Organization acts as a broker for the consumer in need of funds by issuing a "letter-of-credit" on behalf of the consumer to a "3rd Party Lender." This 3rd Party Lender funds the "loan" brokered by the CSO. How does the Texas CSO Credit Services Organization collect its 3 fees: A referral fee for referring the consumer to the lender that actually funds the "loan." This is not stipulated by any law but is currently $20 to $30 per $100. An application fee for filling out the CSO documents; typically $10 per $100. The interest on the "loan;" Texas state law caps this at 10%/year for the unlicensed 3rd-Party Lender. Your Total investment? $197.00. Delivered as a PDF immediately to your email inbox. We provide everything you need to acquire your CAB/CSO License from the Texas OCCC and your complete comprehension of how to launch an online/storefront Texas Consumer Lending Business.
	Payday Loan, Title Loan, Boot Camp, Installment... Boot Camp -LIVE Boot camps are run in our South Texas “live” Loan Center We offer small-dollar loan training You and one employee/partner may attend Our "Bible: How to Loan Money to the Masses" is included These are “one-on-one” intensive workshops customized for your situation and challenges We cover both the store model and the Internet Model The fee is $5000 total per company (Including our Bible) We schedule our Boot Camps in our Texas location to accommodate your Team Seminar/Boot Camp 2-Days in a "live" Loan Center in South Texas. Includes our "How to Loan Money to the Masses Bible" emailed immediately in Adobe Acrobat.
	Schedule a Call with our Founder. You want to learn how to make money by lending money? You’re fed up spending hours and days with “google search” in an attempt to figure out if small-dollar lending, payday loans, car title lending, and installment loans are profitable? Talk to an expert! 1] Request a Call; as little as $75.00 for a 15-minute call. Extend the call if you like. 2] Via Clarity.fm, you will be pre-charged for the estimated length of the call, based on our rate of $200/hr. 3] Connect directly with our Founders on the day and at the time you select. 4] Ask ANY question regarding the small-dollar loan industry 4] At the appointed day/time, call the conference line we provide. After our call, the charge will be adjusted to reflect the actual length of our call. Jer and the Team at Trihouse Consulting have taught thousands of entrepreneurs the correct way to identify, evaluate, negotiate, perform due diligence on, finance, turn-around and operate payday loan, car title loan, and installment loan businesses; the business of making money by lending money. Some people think we’re nuts for doing this, but the truth is that we’re far from crazy. DOING & Teaching opens doors for us that pales in comparison to any other channel.

Want to know what’s REALLY going on in “The Business of Lending Money to the Masses?”

Installment loans, payday [single payment] loans, car title loans, personal loans, cash advances… call them what you like, here’s a free method you can use to find out exactly what’s happening in our industry without having to deal with the BS a vendor might feed you.

JUST ASK!

Yeah! Just walk into a local payday loan, car title, pawn shop,check casher, gold buyer store or whatever and ask the employee, “How’s business?”

Yep, it’s really that simple!

You maybe surprised at how candid these clerks and owners can be.

You can portray yourself as a customer or as a fellow business owner depending on the situation as you enter the location.

If it’s really busy in the store, just lurk! Watch! Listen! Learn!

When appropriate, approach an employee and ask open-ended questions:

~ How’s business?
~ Would you like to own a business like this? If yes, why? If not, why not?
~ What’s your biggest problem right now?
~ What’s your greatest opportunity?
~ How did you get started in the business of lending money?

Learn to ask a few questions and then just LISTEN!

Don’t interrupt or butt-in.

You’re not there to display your knowledge and virtues.

You’re there to learn; to gain insight.

What loan products and services are being offered? Anything you should add to your arsenal?

What’s the condition of the location? Is it clean and orderly?

What about signage and lighting? Any ideas YOU should implement in your lending business?

Is it what we refer to as a “No” store?

You know what I mean! Signs plastered all over the place saying”No” this and “No” that. As if management is LOOKING for any excuse NOT to do business with their customers.

Don’t forget to make it a goal to insist that not only you, but your entire team perform this task regularly and consistently.

Pay your employees to visit your competition on their turf AND and call Online money lenders for information gathering as well.

After your employees perform these “reconnaissance missions,” take them to Starbucks, sit down with them, and review their experience!

Probe. As you discuss their findings and observations, train them to get better at this in the future. Alert them TO THE FACT that this research will be a continuing part of their job in the future.

We insist each of our employees perform this task once each month. We systematically map out our competitors and schedule our employees to visit a different competitor’s location and to call the dominant Online lenders in our geo area.

It’s not uncommon for us to pay the fees for a $100 loan for our employee at a competitor. We reimburse our employee, pay for their time and make copies of all the loan documents, pamphlets, brochures, flyers, etc. that they’re given.

So… get the idea? If you want to know what’s going on in your market, JUST ASK! GET OUT THERE!

And if you’re not yet in a niche you’ve been thinking about entering, VISIT those locations that are already in the space you’re interested in. Take cash for gold buying for example. You want to learn about this niche? Hit the road! Visit 10 stores today, ask a few open-ended questions, then SHUT-UP and LISTEN!

What do you think? Let me know: Jer Trihouse

“The Business of Lending Money to the Masses!”
Installment, payday, car title, cash advances, personal loans & line-of-credit lending EXPLAINED.
Make Money by Lending Money
http://www.ScrapGoldGuru.com

Jer Trihouse 702-208-6736 Cell
Knowledge Store: Tribe & State-by-State Licensing Models

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And the news just KEEPS ON GETTING BETTER for payday loan customers and their service providers.

A new leader at the FTC once defended payday lender AMG Services

In 2012, Mr. Smith was also part of the legal team that defended AMG Services, the payday lender founded by the Scott Tucker.

“It’s outrageous the F.T.C. would pick the lawyer for a criminally convicted racketeer’s payday loan company as consumer protection chief,” said Senator Elizabeth Warren, Democrat of Massachusetts, who opposed Mr. Smith’s selection.”

“The agency should pick someone with a track record of protecting consumers, not companies that cheat people.”

ISN’T LIFE GREAT  😛

Here’s a link to the full story: Payday Loan Lawyer Heads FTC.

PS: Need a bank account, ODFI or high risk merchant processing for your business? Start here: Banking & Processing