Tag: OLA


Online Lenders Alliance OLA Convention Followup – Denver

Jer Ayles-AylerI just returned home from the payday loan Internet convention put on by OLA in Denver. My initial reaction?


I’ve been riding this payday loan roller coaster since 1997. From a legislative and regulatory perspective, it’s been challenging to say the least.

Our industry, the business of loaning money, has been attacked since time began. The thing is, DEMAND for our product cannot be legislated away.

There are some really smart guys in our space! And, we have trade organizations that leverage our individual strengths.

First we had FISCA. Then we had CFSA. And now we have OLA as well. All 3 are good organizations and all 3 deserve our support.

Over the next several days, I’ll address some of the latest techniques, solutions, technology and strategies for achieving success in the micro-lending space that OLA attendees were exposed to.

For now, like I always say, “Hang-in there payday loan fans because the future REALLY IS OURS!”



Tales from the Payday Loan Trenches

A guy I know, we’ll call him Bob, opened a payday loan store roughly 3 years ago in a state having decent payday loan legislation in place. Now at the time, Bob knew doodly-squat about a payday loan business! His brother in-law had mentioned the fact that he had to go down to the local payday loan store and make a payment on his loan.

Bob decided to tag along with his brother-in-law. Needless to say, my friend Bob was blown away by what he saw! A 450 square foot office with 6 customers waitng to either get a loan or make a payment.

Bob did his research and opened his first location. Roughly a year and a half later, he opened a second in the same town.

So… today, Bob calls me. He wants to “run some numbers by me.” I say, “Sure Bob, go ahead. I’ll give you my 2 cents worth.”

Bob’s two stores are “netting $50,000 a month before taxes.” He’s got a default rate of less than 3%. (Bob’s a little maniacal. He visits his late payers at their home! 3 years on the job are required to qualify for a loan from him.)

Bob asks me, “Are my numbers good?”

“Are they good?”, I say! “Damn%^&* they’re good!”

Bob’s so deep in the trenches running his biz he’s got no idea! He wants to know how he compares with his payday loan brethren! When he called me he admitted he was behind the counter in his store!

Bob’s not going to the CFSA Convention. Bob’s never been to a FISCA Convention. He’s never heard of OLA. Bob’s running his payday loan biz and making good money doing it. $50,000 a month net before taxes! With 2 stores and a 3rd on the way!! In 3 years!!!

Sometimes I get so wrapped up in MY DEALS (Sovereign Nation Model, Offshore Model, smart phone aps, call centers, lead providers, consulting… ) I forget what it’s like to actually run a store. It’s been a while!

My point with this is that it’s still doable. There are guys like my friend Bob who are doing their research, entering the biz and making great money!

Bob just needed a little positive feedback! He’s so damn busy running and building his business he’s not able to sniff the air. He doesn’t have time to network or find out what’s the latest and greatest new widget/strategy/solution.

Bob’s just patiently plugging away making MONEY! Bob’s like hundreds of other payday loan, car title lenders and check cashers. They’re staying under the radar and building wealth! AND working HARD!

Bob, all I can say is, “You’re doing great! Now back to work!”

And Bob, keep up with the industry by reading my ramblings :o)

PS: Yeah, I know. The consumer protectionists and the legislators are gonna jump all over this! They’re going to say Bob is making too much $$ or charging too high a fee to his customers. Like Bob told me, “Tell them it’s guys like me whose taxes and licensing fees pay their salaries.” Tell them, “My customers are just glad I’m here for them when they need me.” And finally ask them, “How many actual payday loan customers complained about me or the industry?”

And yes, I did make up the “brother-in-law” part of this story. But the numbers are reported EXACTLY!

Comments? Thoughts? Attacks? Ideas?



OLA-Online Lenders Alliance Internet Payday Loan Lenders Association

The OLA, Online Lenders Association-a payday loan organization comprised of Internet Payday Loan companies, placed advice about contributing to the Haiti Relief Program.

From their web site: ”

We have all seen and heard about the devastation in Haiti.  As an organization and an industry who knows the hardship of people in need, we wanted to bring you some information about donating to the relief effort.

Congressman Meek has directed us to the InterAction website which lists multiple charities to whom you may wish to contribute.  Click InterAction to access their webpage.

We have been advised that the best way to help is to donate financially to organizations responding to a disaster.  Cash donations allow relief professionals to procure exactly what is needed in a disaster situation and ensure that donations are culturally, dietary, and environmentally appropriate.

You can also click Red Cross to go directly to their donation page.

You can donate $10 to the Red Cross and have it charged to your cell phone bill by texting “HAITI” to “90999.” (There will be no processing fees).”

The Online Lenders Association organized in an effort to provide a sense of standards and guidelines for Internet based payday loan lenders.

As the Online Lenders Association OLA web site states, “All member companies have agreed to a List of Best Practices and Code of Conduct developed by OLA to ensure that consumers are fully informed and fairly treated and are using all lending products and practices responsibly.”