ConsumerLoanConsultant | How to Start a Consumer Loan Business

THE BLOG

05
Feb

Free Tool: Keyword Searches for Payday Loans, Personal Loans & Title Loans

Posted by ConsumerLoanConsultant / Payday Loan Marketing

Do you have a clue what keywords your small dollar loan customer is using to “find” you?

Want a free tool that TELLS YOU EVERYTHING about what your customer is looking for in a loan?

When a payday loan customer needs a fast cash loan, where do they start?

Unless they live around the corner from you, they whip out their phone.

Then what? Got a clue? You THINK maybe they type in “payday loan?”

So… because you THINK they search for “payday loan,” all of your marketing spend should be devoted to “payday loan?” Your signage, your direct mail, your coupons, your sign spinners, your billboards, your car graphic wrap…

Would you like to know FOR SURE what your potential loan customers are searching for to “find” you?

A FREE tool to enable your Team to FOCUS on the mindset of loan customers?

I’ve written about this tool before BUT it’s obvious from the questions I GET EVERY DAY FROM MY CONSULTING CLIENTS that this simple, free tool is still overlooked!

Let me extol the virtues of the Google Trend Tool again.

First, consider this. I’ve been in Europe the past MANY months.

I picked up my mail; FINALLY!

Swear to god, there was over 12 pounds of B.S. loan offers from the likes of Prosper, Lending Club, Capital One, my neighborhood tribe lender, Bank of America, Discover, American Express…

I was “PREAPPROVED for over $250,000,000! Here’s just a sample:

Loan-Offers-Payday-Loan-Title-Loan-Personal-Loan

This Google Trends Chart reveals that during the past year, in the United States, the search loan term “PERSONAL LOAN” was the PREFERRED search term by small dollar loan customers. It wasn’t even close!

Payday loan?
Installment loan?
Title loan?
Signature loan?
Personal loan?

“Personal loan” WINS HUGELY (Well used President Trump favorite word.)

Now, you should know that as an owner of a payday loan store, a car title loan location, any kind of non-collateralized lender – including Internet based lenders – YOU can narrow this Google Trends too down to your state or province level! This is a really cool tool. Some one on your staff should be using it to determine where and how to spend your marketing and advertising dollars. If your time as an owner/operator was freed up with this keyword search word phrase, maybe you could concentrate on securing a backup bank account, credit card and debit card processor? Check this out: Processing & bank accounts.

Again, THIS TOOL IS FREE! I love free. Don’t you?

Keywords for payday loan, personal loans & car title loans

You can easily detect that Google searches for “personal loan” FAR outweighed searches for “payday loan!”

In fact, searches for “title loan” very nearly approached searches for “payday loan.”

Searches for “installment loan” led the bottom of the pack AND yet, that is the very term all the “big boys” like Avant, Enova… highlight in their quarterly financial reports!

You can even filter down by city.

Here’s an example of the top metro/cities for “Payday Loan:”

Google-Trend-Tool-City-Las-Vegas-Payday-Loan

And, you can filter the Google Trend Tool by Region:

Google-Trend-Tool-Region-Title-Loan-Search-Terms-V1

And, by “Related Search Terms” for car title loan lending for example:

Google-Trend-Tool-Related-Search-terms-Title-Loans

You want to know where your next marketing campaign should be focused? You want to know where and how to spend your money? You want to know who your new loan customers could be and what THEY ARE THINKING? Use this tool! Google Trends.

And while you’re at it, get a copy of one of our latest small dollar loan manuals here: PaydayLoanIndustryBlog.com/reports

What do you think about this Google Trend Tool? Can it help you? Let us know what you think in the comments below.

How to Loan Money to the Masses!

Payday Loan Franchise?

31
Jan

Scott Tucker Dirty Money Netflix Ep2 Season 1

Posted by ConsumerLoanConsultant / Tribes

In October 2017, Scott Tucker was criminally convicted for his billion-dollar payday loan business. On Friday, he was sentenced to 16 years in prison. (Tucker’s attorney, Tim Muir, received 7 years.)

“As a unanimous jury found today, Scott Tucker and Timothy Muir targeted and exploited millions of struggling, everyday Americans by charging them illegally high interest rates on payday loans, as much as 700 percent,” Joon H. Kim, acting Manhattan U.S. Attorney, said in a statement. “Tucker and Muir sought to get away with their crimes by claiming that this $2 billion payday loan business was actually owned and operated by Native American tribes. Scott and his lawyer attempted to portray their Kansas City based AMG services as Native American owned; thereby having sovereign immunity. The jury disagreed.

Scott Tucker Payday Loan Business – Tribe Lenders

A lawyer for Tucker told said Scott Tucker intends to appeal. Tucker is also appealing the $1.3 billion fine leveled against him last year by the Federal Trade Commission.

Meanwhile, Tucker is off to prison for 16 years!

The fact is, Scott Tucker’s payday loan business had thousands of returning borrowers! Why? Because they preferred Scott’s online payday loan product to the few options they had for borrowing a few hundred bucks without a hassle.

It’s true that Tucker employed MANY “tricks” and disclosure failures during the course of his customer’s online borrowing transaction. Too bad! Lenders don’t really have to do this. A lender can reveal ALL the costs, terms and transaction details BEFORE the potential borrower actually “signs on the dotted line” and still build a multi-million dollar loan portfolio. Many publicly traded and privately held companies are achieving this as I type here.

Tribal ownership? It appears that Scott Tucker and Timothy Muir accomplished this “after the barn doors were opened!” Their handling of this arrangement appears to have resulted in their mortal death. (They should have consulted with an experienced tribal chairman/manager like Allen Parker at Consultants4Tribes.com!)

Regarding the payday loan product offering itself, the media ALWAYS fails to disclose that there is more to the 700% interest rate they ALWAYS refer to than first meets the eye. This is an annualized interest rate required to be disclosed by the lender to a customer by the FED’s. By now, everyone knows that these loans aren’t meant to be rolled over every 2 weeks for years! They are scheduled to be paid off on the borrower’s next payday. You borrow $300 and payback $345. No big deal IF you have zero options and you want a fast loan!

Scott Tucker screwed up! But of course, that’s easy for the rest of us to conclude having the benefit of hindsight! Tucker was a maverick; blazing new trails. As he says in the Netflix “Dirty Money,” Episode 2 treatise on his business, “There was no road map.”

15
Jan

The Business of Lending Money: Tricks & Scams Just Plain Stupid!

Posted by ConsumerLoanConsultant / Trends & Tactics

By Jer Ayles. Attention payday, car title, signature, student, line-of-credit and yes, even Bitcoin lenders!

Do not play games with the FTC! They are “dialing for dollars.”

Opportunities to help US consumers abound! Consider just this one telling statistic: “About 46 percent of Americans said they did not have enough money to cover a $400 emergency expense. Instead, they would have to put it on a credit card and pay it off over time, borrow from friends or family, or simply not cover it at all.”

So… demand for our loan products continues unabated! However, that’s not an excuse for us to get sloppy with our marketing, customer on-boarding or transparency and disclosures.

This may be a new year BUT there still remains a lot of “cowboys” in our vertical that don’t have a clue about the risks they’re exposing themselves to when they screw with the FED’s.

Sure, the CFPB is unraveling thanks to President Trump. And as a result, all of us – including bankers and wall street – are getting some well deserved breathing room. Turns out a little less regulation has proven to give our economy a big kick in the pants; up she goes!

Still, the stupid stuff being done by a small group of knuckleheads in our industry continues. Here are links to just a couple of boners…

Fake payday loan debt: Link
$1.3B Fine against payday loan lender: Link
Lead generator fined $21M: Link
Think Finance debt collection fakes: Link
There are OH SO MANY MORE…

FTC staff are on an hourly hunt for lenders and a multitude of other industry players who make offers on their websites that cause consumer misunderstandings and products that default to a consumer “opt-in” while failing to disclose fees and ongoing relationships.

The FTC matter referenced below came to light in 2009. However, the supposed violations occurred back in 2006 & 2007. Imagine? Some tactic your company employed more than 10 years ago comes back to haunt you?

So… you MAY BE getting away with your tricks and scams today, but does what you’re doing pass what I call in our training materials, “the sleep test?”

Do you really want to do crazy stuff today only to pay big time – a la Scott Tucker – tomorrow?

DON’T think lender website violations are no longer taking place. I see it every day as I put on my consulting cap and advise my clients while reviewing their marketing and website IP.

And if anything, the FTC, CFPB and every other government acronym out there CONTINUES to scrutinize your lead generation and lending website for deficiencies that will result in your paying a large fine to the agency in order to avoid litigation; even when you are not breaking any laws. It’s often cheaper in the long run to just pay off the regulators than to fight them; even if they’re wrong about you!

Avoid trick tactics that force consumers into your products and services that do not CLEARLY and CONSPICUOUSLY disclose all fees, recurring charges, APR’s… and related products designed to appear to be free to the consumer but in actuality result in a payment of some kind by the consumer.

This best practice also applies to any partnerships/collaborations you enter into when your goal is to capture consumer personal data for later resale to a lead generator or other consumer service provider.

Look! Just play it straight!! Don’t do crazy stuff!!! Again, THERE IS NO NEED!

Don’t attempt to trick consumers into anything that fails to pass the sniff test. You don’t have to. If you’ve been reading my ramblings for ANY length of time, YOU KNOW that the last FDIC study revealed 52% of US households cannot get their hands on $400 cash in a pinch! Yeah, I know that sounds NUTS but it’s true!!

So… you can be the lender! Disclose EVERYTHING. Make it simple and clear to every potential borrower exactly what you offer and how much it costs.

Your BEST tactic for building a successful consumer loan business is to provide OUTSTANDING 100% service focused on your CUSTOMER! There is ZERO need for you to hide ANYTHING!

PLUS, YOU’LL SLEEP AT NIGHT! And, that is worth a lot of $$$$$. Just ask Scott Tucker…

Oh, and by the way! Don’t trust your attorney!! Question everything. Record everything. Get it ALL in writing. Get a second and third opinion. Google “Cash Call” for examples. While were at it, don’t trust your consultant either 🙂

Now, read the FTC inquiry below and smile if you are not currently a target.

Payday Loan Debit Cards

Payday Loan, Signature Loan Debit Cards

Get our “Make Money Lending Money to the Masses” here: “The Loan Bible”

How to Loan Money to the Masses!

03
Jan

Payday Loan Collections

Posted by ConsumerLoanConsultant / payday loan collections, Trends & Tactics

Got too many online payday loans defaulting?

Need help collecting on your online payday loans?

Online payday loan borrowers blowing you off? Payday Loan consumers refusing to pay you back on their loan or worse, disappearing on you?

Payday Loan Help

Help is here! DO this!! The simple collection tactics still work!!!

Your payday loan, car title and small dollar loan borrowers move often. And, in hopes of receiving an IRS refund, they usually provide a forwarding address to the US Post Office. (Payday loan borrowers should NEVER do this! Instead, they should use a PMB. If you’re a payday loan borrower, NEVER have your mail forwarded by the US Postal Service 🙂

Here’s a trick we online/store front payday loan lenders use to track you down. It’s the simple task of sending a letter or postcard to your last known address with the words, “RETURN SERVICE REQUESTED” printed on the front. If you’ve moved and you’re forwarding your mail, the post office will return your our payday loan lender’s letter to you with a sticker that reveals your new address!

And again, these folks OFTEN expect an IRS refund so they blindly make this blunder.

Want more tricks and tactics for avoiding paying back your payday loan lender? Get our Manual: “How to Loan Money to the Masses Profitably.” We thoroughly explain every aspect of starting and operating a payday loan, car title, signature loan and line of credit loan business.

How to Loan Money to the Masses!

14
Dec

CFPB Employee Files Whistle Blower Charges: Payday Lender Ace Cash Express $10M Fine Bogus

Posted by ConsumerLoanConsultant / CFPB

A former CFPB examiner filed whistle blower charges against her employer, the CFPB, claiming she was terminated for refusing to falsify ACE Cash Express documents that resulted in a $10,000,000 fine levied against Ace!

The CFPB continues to be revealed as a reprehensible, rogue government organization whose management enabled their personal prejudices to attempt to destroy lawful, private and publicly traded businesses.

Cassandra Jackson, a former CFPB employee, filed documents strongly indicating she was fired for attempting to report that Ace Cash Express was adhering to CFPB rules and regulations.

It’s common knowledge that Ace Cash Express chose to pay the $10M fine rather than enter into costly, lengthy legal challenges against the one governmental agency having unfathomable deep pockets.

Ms. Jackson also asserts that she “encountered widespread racism and gender discrimination from management” and was eventually forced out due to an “incredibly hostile work environment.”

Jackson said her superiors at the CFPB insisted she falsify documents while she investigated Texas-based payday lender, Ace Cash Express.

Jackson said “she was asked to remove document evidence proving that Ace Cash Express adhered to CFPB regulations and her superiors insisted she write a report including findings she knew to be “false and fabricated.”

“I was specifically told to cite Ace Cash Express for a violation for which I had verified the company was in compliance and to state that Ace Cash Express did not provide, and that the CFPB did not receive, documents that would have satisfied the CFPB’s guidelines, despite having received that information from Ace Cash Express,” Jackson said.

Cassandra Jackson, a former CFPB employee, filed documents strongly indicating she was fired for attempting to report that Ace Cash Express was adhering to CFPB rules and regulations.

CFPB Employee Files Whistle Blower Charges: Payday Lender Ace Cash Express $10M Fine Bogus

THE BLOG

Free Tool: Keyword Searches for Payday Loans, Personal Loans & Title Loans

Posted by ConsumerLoanConsultant / Payday Loan Marketing

Scott Tucker Dirty Money Netflix Ep2 Season 1

Posted by ConsumerLoanConsultant / Tribes

The Business of Lending Money: Tricks & Scams Just Plain Stupid!

Posted by ConsumerLoanConsultant / Trends & Tactics

Payday Loan Collections

Posted by ConsumerLoanConsultant / payday loan collections, Trends & Tactics

CFPB Employee Files Whistle Blower Charges: Payday Lender Ace Cash Express $10M Fine Bogus

Posted by ConsumerLoanConsultant / CFPB

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