Payday Loan Sharks Eat Their Young-We’re All Swimming to the Last Life Preserver!

payday loan sharks

Payday loan sharks

By: Jer Trihouse. Guys, let’s get real! You manage to hook-up with an ACH processor in this environment? Shhh… hush-up, Man! Hold your cards close to your vest.

Your Team figured out a unique strategy for on-boarding a narrow demographic? You figured out a way to offer collateralized loans in a virtual world?  Your analytics guys determined that loans to zip code 48202 result in a 96% 1st time default rate? You outsourced your call center and you just spent $5K teaching them new scripts? Don’t blab your mouth off in the bar at the next OLA convention!

You want to survive this intense media, regulatory and consolidation reality we’re facing today? You gotta “secret sauce” that’s working for you; at least for the time being? Shut the F%&^&*K up!

Tactics working for you today, strategies enabling you survive this shitstorm we’re currently treading water in, whatever “magic sauce” you’ve got working for you to survive the next 12 months, need to be kept on the down-low. Tell Ep…  and you’re screwed! TranD, you’re dead meat. Infinn… fugetaboutit!!! PW? You’ll die the death of a thousand knives. Your lead aggregator? They’ll sell your ass down the river! Consultants? You might as well run a super bowl commercial that reveals your insides.

I hate this metaphor but it’s all I’ve got: We’re like a school of sharks ALL swimming to the same life preserver. Not a pretty site! It’s ugly and its raw. But, it’s the reality we’re currently in. As I my old friend and lunatic partner,  1-Eyed Jack used to tell me, “You’re either prey or your the perpetrator.” And the prey die an ugly, lengthy, painful death. You don’t want to be prey!

So… find your collaborators. Keep them close and your enemies closer. Bring it all “in-house.” Don’t get toasted in the bar at CFSA and blither away the wealth of knowledge and relationships you’ve hammered together. Get through this 6 months of pain and you’ll be rockin-and rollin again. I promise!

Scream, hug, call me the new wizard or set my wings on fire but at least I’m sticking my neck out there and trying hard to figure out our new  end game. Who wants to help?  Who among us comprends that 40M+ U.S. borrowers want our stuff! NOW!

The good old days are done@ Time to embrace the tech, twitter, pinterest, facebook, Buber, Paytoo, Dwalla, Zest, Wonga, Lendup… See the future or you will not be part of it. Of course, there may always be pot, e-cigs and bitcoins! All aboard… Give me some shitzke: Jer@TrihouseConsulting.com http://www.PaydayloanUniversity.com

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