Biggest Payday Loan Game Changer? Bet You Can’t Guess!

Nope! It’s not compliance, regulation or the CFPB. You’ve seen this coming since the day you got into this game. Game changing rules are a fact of life as a money lender.

Wrong! It’s not John Oliver’s Last Week Tonight Show laugh your ass off satire on the payday loan industry. Even John had to admit that nearly 50% of your customers are happy you’re here.

Nah! It’s not the 1200%+ APR’s you charge your borrowers.  Even the CRL admits behind closed doors that money cannot be loaned at 36% unless it’s subsidized by tax payers.

Zilch again! It’s not the ACH debacle that sent you scurrying for Rolaids last October.

Uh-uh. It’s not the loss of your bank account, stored value cards, kiosks, “Operation Choke Point” or any of the other arrows, bullets, grenades and drones you’re having nightmares about.

Give up? Ok, before I tip my hand, think about the problem you’re trying to solve. Think about the pain your customer is experiencing daily. Your customer wants access to money fast and easy. No hoops to jump through. No “financial education” course. She wants minimal paperwork and hassle.

Your customer wants, needs and is literally begging for small dollar credit NOW!

Smart lenders focus on reducing the “friction.”

Borrower behavior has changed. The 1% can regulate a LOT of things but they can’t successfully regulate consumer behavior. Eventually, regulators have to recognize and embrace reality or risk revolution. Think marijuana, alcohol, drugs, prostitution, money lending…

Google, Amazon, Uber, and  iTunes  changed the way consumers behave.

The phone is the HUB!

A generational shift is occurring now.  The phone is the HUB! Smart phones reduce the “friction” in financial services. The Kindle changed the way people buy books. Smart phones are changing the way consumers borrow money.

You need an example? Here’s a simple one:

Another example:

  • Whip out your phone. Open your web browser and type in “AceCashExpress.com.” Take a CLOSE look at the website.
  • Now, use your desktop, laptop or iPad and repeat this step; AceCashExpress.com . See the difference? It’s MAJOR!

Both AutomobilePawn.com and AceCash.com recognize the device used to visit their website. It’s automatic.

The difference is immediate! Using their phone, a borrower can simply click a button and apply for a loan, get directions, send a text or email message, make an appointment or share the website with friends and family members in need.

The SMART PHONE is the REAL game changer in the Small Dollar Credit (SDC) space! The rest is all noise.

Your task is to reduce the “friction” in lending. Figure this out and you can earn a higher ROI lending money than in any other industry AND survive the slings and arrows headed your direction.

How does your business “look” on YOUR customer’s phone?

Here’s an inexpensive solution: EZMobileToday.com


Comments ( 1 )
  • Steve Burgess says:

    Mobile apps are great but if your site is not built in Responsive Website Design (RWD) then you are really missing the boat! Google has officially endorsed RWD as the platform ALL sites should be built in. Why? Because “smart” websites can auto-format to fit any device. That means any phone, pad, laptop, or desktop device. Google is already sending emails to website owners telling them they should convert to RWD…. soon.
    Make sure your web developer/internet marketing agency is able to advise you about RWD and can handle the conversion to the state-of-the-art platform your business must be on.

    Steve Burgess

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