By: Jer Trihouse. (Note – Major, positive announcement coming regarding dollar delivery systems.)
Our challenge today is a matter of perspective. The old ways of lending money are behind
us. In spite of all the bad press, the constant attacks, the unrelenting pressure put
upon our industry, the future is VERY BRIGHT for those of us who adapt to this new world.
Demand is only going to increase. A “globalization” of the middle-class is occurring.
It’s like a barbell; the wealthy on one end and the rest of the wage earners at the
other end. For lenders, there are some REALLY exciting solutions on the horizon!
I’m talking about NOW! Today!! For those of you in need of new, creative dollar delivery and processing alternatives, I’ll be making a major announcement SOON! Things are looking up!
[If you haven’t already, apply here for a private intro: ACH ]
Who Really Hates PDL Lenders.
I had lunch with a friend the other day. My friend owns 60+ locations in multiple states.
His first words to me were, “I hate internet lenders.” Now don’t you forget, I “cut my
teeth” with the store model. I still have equity in multiple brick-n-mortars. And, for
a little perspective, know that my friend – a really smart PDL guy – recently shut
down his internet lending company because he assembled the wrong
team. He lost his butt in the PDL internet game!
As a direct lender, have you ever thought about who really hates us? Our customers
don’t like the fees they pay us but few seriously hate us. The majority are extremely
happy we continue to survive and enable them to get some quick cash without a hassle.
Bankers don’t really hate us. They make money by providing capital to us and, up until
recently, they made loans to their checking account customers as well. Of course,
bankers do hate all the heat we’re bringing on them by NACHA, the FED’s and the state AG’s.
Believe it or not, there are more than a few regulators and
legislators who accept the fact that we offer a product that’s in
demand by their constituents. They recognize that payday lenders
make the experience of borrowing some cash from us for an emergency is
more akin to visiting McDonalds “where everybody knows your name” rather
than subjecting yourself to a “Spanish Inquisition” experience at a
bank.
Payday loan borrowers aren’t stupid: although so-called consumer
advocates would have us believe so. PDL borrowers are able to weigh
any alternatives and determine what’s their best loan product for their
circumstance; for their “problem.”
Our vendors and suppliers certainly don’t hate us. After all, they depend on us to
remain in business so they can prosper.
Sure, PEW, the CRL and a multitude of others attack us. But think about who funds
these organizations.
I was reading this piece today regarding internet gaming:
COALITION OPPOSING INTERNET GAMBLING BUILDING SUPPORT
By Howard Stutz
LAS VEGAS — A coalition seeking a federal ban on Internet gaming said Wednesday
it has gained support from 39 faith-based and conservative organizations.
The Coalition to Stop Internet Gambling announced the backing during a telephone
news conference. The organization, which is financially backed by Las Vegas Sands
Corp. Chairman Sheldon Adelson, claimed the membership of the 39 groups total more
than 1 million.
Among the groups are 11 different Faith and Freedom Coalitions, the American Principles
Project, the Network of Politically Active Christians, and the Universal Baptist Church.
According to a statement from the Washington D.C.-based coalition, the groups “come
together toconfront the many and varied threats posed by legalized Internet gambling.”
The coalition launched its first web advertisement on Monday.
Another group, the Coalition for Consumer and Online Protection, was formed
in direct responseto the Adelson-funded coalition. It was launched in an effort
to halt any congressional move to ban online wagering.
Interesting! Sheldon Anderson, a hugely successful “brick-n-mortar” gaming guy,
HATES online gaming. So, he funds coalitions to kill it. He views online gaming
as direct competition. He’s a long-time, entrenched, successful gaming
entrepreneur who seeks to destroy competitive internet startups.
Now, think about the payday loan industry. Any similarities? Have you ever
thought about the funding behind all the attack groups we face? And while
we’re on it, ever thought about who funds payday loan PAC’s, FISCA, OLA,
CFSA, your state association? Do they have our best interests at heart?
What about pawn associations, the buy-here-pay-here industry and all the
other potential competitors in our space?
The answer depends on your lending platform, your licensing model… YOUR perspective.
Have you ever had a politician appear in your office and said something
along the lines of, “I’d really like to understand your business and your
challenges so I can help you.” Then, as the politician begins to stroll out,
she turns around one last time and asks, “Now, how much can you raise in
contributions to help me help you?”
My point? You really a shark? Look below the surface. Everyone has an agenda.
Me included.
And don’t “hate” what you don’t understand. Our industry is experiencing total disruption.
What’s this mean to you? OPPORTUNITY! The entrenched are at risk of losing it all.
Embrace the internet, mobile, new dollar delivery systems,
social media, tech, collaboration… none of us has all the answers!
“Ignoring isn’t the same as ignorance, you have to work at it.”
Finally, I have some very exciting news to announce regarding ACH,
NSH, NOC and bank regulatory issues for Online Lenders using a
U.S. Bank(s)SOON!
NOTE: You can leave a comment without an email address. Just leave the fields BLANK.
Jer@TrihouseConsulting.com
