THE BLOG

07
Aug

Payday Loan Marketing Ideas

Marketing Ideas: Who Uses Payday Loan Products.

To improve your marketing and sales initiatives for your payday loan company, you must understand the customer. Who uses payday loan and installment loan products to solve their temporary financial emergency?

Woman-car-title-payday-loan-training

Car Title & PDL Training

For insight, look no further than the 10K submitted by Community Choice Financial.

“Community Choice Financial Inc. (“CCFI”) is a holding company and conducts substantially all of its business operations through its subsidiaries. Those subsidiaries are leading providers of alternative financial services to unbanked and underbanked consumers through a network of 530 retail storefronts across 15 states, an internet presence in 24 states, and a small internet presence in the United Kingdom. We focus on providing a wide range of convenient consumer financial products and services to help customers manage their day-to-day financial needs, including consumer loans, check cashing, prepaid debit cards, money transfers, bill payments and money orders. Although the majority of our customers have banking relationships, we believe that our customers use our financial services because they are convenient, easy to understand, and, in many instances, more affordable than available alternatives.”

“Whether through our internet platform or retail locations, we strive to provide customers with unparalled customer service in a safe, clean and welcoming environment or with the privacy and convenience of our internet based services. Our internet platform is easy to use and provides an alternative for customers who may prefer the convenience and benefits of the internet. Our retail locations are located in highly visible, accessible locations that allow customers convenience and immediate access to our services. Our professional work environment combines high employee performance standards, incentive-based pay and a wide array of training programs to incentivize our employees to provide superior customer service. We believe that this approach has enabled us to build strong customer loyalty, putting us in a position to expand and continue to capitalize on our innovative product offerings.”

“We serve the large and growing market of individuals who have limited or no access to traditional sources of consumer credit and financial services. A study published in 2013, conducted by the FDIC indicates 27.7% of U.S. households are either unbanked or underbanked, representing approximately 67.6 million adults. As traditional financial institutions increase fees for consumer services, such as checking accounts and debit cards, and tighten credit standards as a result of economic and other market driven developments, consumers have looked elsewhere for less expensive and more convenient alternatives to meet their financial needs. According to a 2014 report from the Federal Reserve Bank of New York, total consumer credit outstanding has declined $1.4 trillion from its peak in the third quarter of 2008 through 2013. This contraction in the supply of consumer credit has resulted in significant unmet demand for consumer loan products.”

We serve a large and growing demographic group of customers by providing services to help them manage their day-to-day financial needs. Our customers are primarily working-class, middle-income individuals. Based on third-party market surveys, we believe the following about our customers:

· they have an average annual household income between $20,000 and $50,000, with approximately 17% in excess of $50,000;

· over 70% are under the age of 45;

· over 50% are between 25 and 44 years of age;

· approximately 50% are male and 50% are female;

· approximately 50% have attended at least some college;

· over 95% have access to the internet;

· over 70% own a home computer;

· over 55% have access to a computer in the workplace; and

· approximately 75% have access to a checking account and choose to use our services as a means of managing their financial needs.

Our customers generally are underserved or unserved by the traditional banking system and choose alternative solutions to gain convenient and immediate access to cash, consumer loans, prepaid debit cards, money transfers, bill payments and money orders. We believe that our customers use our financial services because they are quick, convenient and, in many instances, more affordable than available alternatives. Additionally, we provide them with a safe, welcoming environment to use our services.

So, bottom line? Your customer avatar is the typical Walmart customer. They want access to cash quickly in a safe, private environment without a lot of hassle.  It’s not rocket science. Don’t overthink it!

Need some specific action items for payday loan marketing? Payday loan marketing ideas.

Payday Loan Course


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05
Aug

Operation Choke Point Payday Lenders

Operation Choke Point Payday Lenders

Like Newt Gingrich or not, his assessment regarding the FED’s ability to make it impossible for legal industries to operate is accurate. “Operation Choke Point” has driven several of my clients to pay “finder’s fees” of as much as $45,000 to anyone able to introduce a willing bank or credit union to provide a basic depository account for payday loan, MSB, check cashers and car title loan lenders. These are legal, licensed businesses forced to pay “bribes” for a bank account. And, don’t jump to the conclusion that these “purchased” bank accounts are for abusing borrowers. I’m talking about simple depository accounts enabling a state/tribe licensed payday lender to pay their bills; payroll, vendors, rent, LMS providers…

Sure, you the reader are probably saying, “Good riddance!” But the FED’s are choosing the winners and losers. Today, they’ve chosen gun shops, small dollar credit lenders, collection companies… Tomorrow, it will likely be your industry, your job and your customer who will have their ability to bank “choked-off.”We offer 2 methods to invest in our “How to Start a Car Title Loan Business:”

Immediate download in Adobe Acrobat or choose our printed version. 3-Ring Binder, 8 1/2 X 11, 400+ pages, illustrated. NOTE: If you invest in the printed version, we will email a digital version immediately.



How to Start a Payday Loan Business

Start a Payday Loan Biz

For start-ups, hedge funds, investors, vendors, suppliers, legal counsel, media coverage, consumer advocates… anyone in need of, not only a discussion of Internet & brick-n-mortar licensing models, ACH, Internet & offline marketing, collections, software… but additionally a MACRO discussion of the AFS (Alternative Financial Services) industry.

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28
Jul

Payday Loan & Title Loan Marketing Ideas

By: Team Trihouse.

Simple, Cheap Payday Loan & Title Loan Marketing Ideas

Yeah, yeah, I know. You need more customers for your payday loan or car title loan business. Every operator cries about:

  • More money to loan out – access to capital
  • More customers. How to get more customers in your door or on your website
  • Improved collections
  • More knowledge regarding how to increase profits

My car title and payday loan clients get bogged down with all the small dollar credit marketing  options available today:

  1. Google PPC programs
  2. Facebook advertising
  3. Twitter ads
  4. Radio
  5. TV
  6. Blogging
  7. Mobile friendly websites (NOTE: VERY IMPORTANT TODAY and inexpensive! YOU must show up in Google)
  8. Pinterest, Instagram, Youtube, Yelp… on and on and on!

Get back to basics. Sure, all these avenues are legit. And, depending on your Team, they all work to some degree. But I suggest you get your house in order first.

  • Clean your store up. Inside, outside… paint, shrubs, gardening, curb stones, papers on your walls… CLEAN!
  • First impressions make the difference. Yeah, you already know this! So do something about it! Begin by looking at your store for the first time. Aren’t you embarrassed? FIX THIS! Get rid of ALL those “NO” signs all over your location!
  • Your sign. GET THIS RIGHT! If you’ve never watched the Profit and Marcus Lemonis, BEGIN! Marcus achieves amazing results by getting back to the basics. Customers see your sign first; hopefully they see your sign. Spend $$ on your sign!
  • Employee uniforms. Invest in some shirts with your name and logo. Everyone wears one; clean! It’s an inexpensive branding mechanism and worth a few bucks. Guaranteed, when your employees – and this means you as well – are out and about gassing up or getting lunch – WITH business cards in their pocket, you’ll pick up a minimum of 4 new clients per month.

This Post is getting long. HOWEVER, I have one more cheap car title/payday loan marketing tactic you can employ immediately. It’s CraigsList.

Car Title & Payday Loan marketing Idea

Car Title & Payday Loan marketing Idea

Start using CraigsList.com. It’s simple, cheap and works. We’ve been using CraigsList for 10+ years. Depending on where our store is, we pickup at a minimum 3 new customers every month. Here’s an example of a Craigs List car title loan ad.

DON’T THINK THAT’S MUCH? Think again. If we do 3 new car title loans one month as a result of a free Craigs List Ad, and each loan is $2500 (we’re in Calif.) at 9% interest/fees per month, that’s $675/month generated in gross revenue on a $7500 loan principal. If we average 6 months on each car title loan, we earn $4050 AND our customers still owe us our $7500 loan principal. We have the titles to their automobiles as our collateral.

So, the point? Get off your butt and insist someone on your Team get VERY GOOD with Craigs List advertising.

It’s a no-brainer! It works!!

Are you a payday loan or car title loan lender? Or, do you want to get started as a lender? Need info, help and answers? Get our “Bible.” We are THE recognized training and teaching experts in the small dollar credit lending industry. Have your doubts? Simply go back to your “Googling” for hour after hour. Eventually, you’ll happen onto a car title or payday loan resource in Google’s search results. CALL THEM! Ask the loan management software provider, the lawyer, the compliance consultant, the lead generator… even existing store and internet lenders if they’ve EVER heard of Jer at Trihouse Consulting and the “Bible” we offer for entrepreneurs. Guaranteed, THEY HAVE! Literally, EVERYONE knows us and speaks highly of us! Every payday loan or car title loan vendor, supplier, software company… anyone who is anyone… KNOWS JER, our CEO!
We offer 2 methods to invest in our “How to Start a Car Title Loan Business:”

  • Immediate download in Adobe Acrobat: $277.95
  • We’ll print and ship it to you: $397.95


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20
Jul

Payday Loan Leads Generator versus CFPB

Payday Loan Consultants

Payday Loan Leads: The continuing saga of the CFPB, Selling Source, Operation Choke Point and Lead Generators.

By: Jer Ayler. “Even if we assume for purposes of argument that including in the Notification every consumer finance law and regulation imaginable as adequate notice of the “alleged violations,” by no stretch of the imagination does the Notification speak to the “nature of the conduct” which is under investigation for the alleged violation. Put simply, what is it you think we did wrong? Does it involve advertising? Handling of complaints? Advanced vetting or monitoring of customers (if such was ever required!)? Particularly given the absence of federal rules governing payday lenders, the absence of rules anywhere purporting to govern lead generators, and the great variety of rules in those states which do regulate payday lenders, if this investigation to date has not been a pure fishing expedition motivated by an intent to indirectly throttle payday lending through an attack on a lawful business perceived by CFPB and other federal and state departments and agencies to be a “choke point” for payday lending, plainly CFPB must have some knowledge of the nature of the conduct it believes to be unlawful.”

“This investigation is entirely focused on Selling Source. We are well aware that since the beginning of 2015 at the latest, CFPB has had a formal or informal “MoneyMutual Team,” which may include involvement by state agencies such as the New York Department of Financial Services and other federal department or agencies. We know CFPB previously agreed to cooperate with other federal departments and agencies in Operation Choke Point, targeting lawful businesses as a means of ‘choking off’ payday lending. The CIDs issued to date have not sought to develop information concerning any other person or entity other than Selling Source, and we question whether similar CIDs are going to any other lead generator. For the Notification of Purpose to suggest that this investigation is broader in scope than is actually the case is inappropriate, misleading and inadequate.

You may read the Motion to Set aside the CFPB’s CID in its entirety here: Petition

Get our newly updated “PaydayLoan Bible” here: “Bible”

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25
Jun

71 Small Dollar Credit Stores for Sale Immediately

06/25/15: A large national chain has 71 locations available in 9 states. Invest in one or more.

Company offers PDL’s, installment, debit cards, title loans, tax services, check cashing, money orders, bill pay…
Locations are in AL, ID, IN, KY, MA, NB, NV, WA and WY.
TIME IS OF THE ESSENCE! These locations will close in July & August!
You’ll receive Revenues, rents/lease info, terms, EBITDA…

Want to learn more about the stores for sale?
YOUR PRIVACY IS GUARANTEED!
To learn more, fill out my online form.

Fill out my online form.

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