Tag: payday loan collections

07
Nov

Payday Loan Company Dumps Consumer Financial Data in Dumpster Fined $101,500

'loan shark advertising on delivery truck' photo (c) 2009, Andrew Ciscel - license: http://creativecommons.org/licenses/by-sa/2.0/Don’t let this happen to you! Whether you’re offering payday loans, car title loans, small dollar loans, installment loans or any related products, make certain you have a consumer data protection strategy in place and that all your employees are on-board with it.

Here’s the story from the FTC Press Release…

“Companies that Own and Manage Payday Lending and Check Cashing Stores to Settle FTC Charges That They Tossed Sensitive Consumer Data into Trash Dumpsters Will Pay $101,500 Civil Penalty.”

The FTC charged that PLS Financial Services, Inc., and The Payday Loan Store of Illinois, Inc., failed to take reasonable measures to protect consumer information, resulting in the disposal of documents containing sensitive personal identifying information – including Social Security numbers, employment information, loan applications, bank account information, and credit reports – in unsecured dumpsters near several PLS Loan Stores or PLS Check Cashers locations.  PLS Group, Inc., which owns PLS Financial Services and The Payday Loan Store of Illinois, was also named in the complaint.

PLS Financial Services and The Payday Loan Store of Illinois violated the FTC’s Disposal Rule by failing to take reasonable steps to protect against unauthorized access to consumer information in the disposal of credit reports.  They also allegedly violated the Gramm-Leach-Bliley Safeguards Rule and Privacy Rule, which require financial institutions to develop and use safeguards to protect consumer information, and deliver privacy notices to consumers.  Further, the FTC charged that all three defendants violated the FTC Act by misrepresenting that they had implemented reasonable measures to protect sensitive consumer information.

According to the complaint filed by the FTC, this is the third time the FTC has charged a violation of the Disposal Rule, which requires that companies dispose of credit reports and information derived from them in a safe and secure manner.

According to the FTC complaint, PLS Group owns approximately two dozen operating companies, such as The Payday Loan Store of Illinois, that in turn own and operate more than 300 retail stores in nine states under the names PLS Loan Stores and PLS Check Cashers.  These stores offer a variety of products and services, including payday loans, check cashing, automobile title loans, debit cards, phone cards, and notary services.  PLS Financial Services provides management services to the PLS Loan Stores and PLS Check Cashers locations, including establishing their policies and procedures for the handling and disposal of consumer financial information.

The Commission vote to approve the proposed consent decree was 5-0.  The Department of Justice filed the proposed consent decree on behalf of the Commission in the U.S. District Court for the Northern District of Illinois.  It was signed by the judge and entered by the court on November 1, 2012.

Read the original FTC Press Release against PLS Group and their affiliates here. Folks (as President Obama would say), this is a situation that you simply do not need to experience in your business. There are already compliance and licensing challenges to deal with. Put this issue to bed immediately.

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04
Jul

Stop-You Can’t Beat Up Payday Loan Customers

Over – Days of Beating Up Payday Loan Customers!

One ringy dingy. Two ringy dingys. Three… “Trihouse Payday Loan Consulting. This is Jer.”

The caller blurts out, “I owe a payday loan company $500. I want to pay them but I can’t all at once. I’ve tried to reason with them but they just won’t listen. What should I do, Jer.? Do I close my bank account? Call my state Attorney General? Maybe call my local newspaper? What can I do?”

I, being the sophisticated, experienced, and knowledgeable payday loan consultant that I am, responded to the caller with, “Are you $%^^^&&&&& kidding me! You’re trying to make a deal? And they won’t make one with you?”

“That’s right Mr. Jer.

“What’s your name?” I ask.

“It’s Donna ZXXXXX. I’m in South Carolina.”

“Alright, Donna. Have you talked to a Manager? Have you made the payday loan company an offer, Donna?”

“Mr. Jer, every time I contact them, the person I talk to says management does not make deals. I owe the money and they want it. Mr. Jer, I don’t have it all now. I know I owe the money and I want to pay off my debt but my family just doesn’t have it.”

“Donna, what did you need the original $500 loan for?” I ask.

“Well, our 1998 Honda needed a new radiator. It’s the only transportation our family has. My husband and I need it to get to our jobs. We were too embarrassed to ask for a loan from our relatives; they didn’t really have the money to lend us anyway. We have one credit card but it’s maxed out.” Donna starts trailing off… she’s crying.

“OK, Donna, calm down. I’ll try to help,” I say. “Tell me a little more. Have you paid any of it back yet?”

“Not really,” says Donna. “Every two weeks the payday loan company has deducted $87.50 for the past ten weeks. When I call the payday loan company they say I still owe $500.”

“Alright, Donna. If my math skills are correct, you’ve paid the payday loan company $437.50 ($17.50 per $100 X 5 x 5 two week pay periods) in fees and you still owe the $500 principal. Donna, how much can you afford to pay them until this loan is paid off?”

“My husband and I figure $50 every two weeks,” says Donna.

“Donna, give me the payday loan company’s phone number and I’ll try. We’ll do a conference call with the 3 of us.”

One ringy dingy. Two ringy dings. Three ringy…

“XXX Cash Advances. This is Emmett, may I help you?”

“Hello Emmett. This is Jer with Trihouse Payday Loan Consulting. My friend Donna ZXXXXX is on the phone with us. Say hello Donna. (Donna says hello.) Donna owes you $500. She needs a payment plan both you and her family can live with. Emmett, as you can see from Donna’s records there on your computer, she has paid your payday loan company $437.50 in loan fees so far. We propose you prepare an ACH authorization and implement a payment plan of $50 every two weeks for 10 pay periods until the principal of $500 is paid in full. That’s a total payment to your company of $937.50.”

“Why should we accept your proposal, Jer?” says Emmett.

“Well, Emmett. Let me count the ways…”

“First, it makes good business sense! In the long run, you’ll retain a good customer and gain access to her friends and family via her referrals and testimonials. Emmett, you and I both know the key to success in the payday loan industry is customer retention.”

“And, ultimately  over a 25 week period, you will have received $937.50 in fees and principal, Emmett.”

“You’ll have implemented FISCA, CFSA and OLA best practices. This is THE trend in our industry. And Emmett, you certainly don’t want your industry peers beating you up at the next payday loan industry convention, do you?” (I always find a little humor helps in these situations :o)

“Emmett, you and your company will avoid coming to the attention of the media, the regulators and the so-called Center for Irresponsible Lending.” (Ok, I can’t help it. Technically, it’s the Center for Responsible Lending.)

“If you’re licensed in South Carolina Emmett, you’ve already exceeded the maximum allowable rollovers and you MUST offer a payment plan to Donna.” (Note to reader: with the right payday loan software, this is very simple.)

“And most importantly Emmett, you’ll feel good about yourself and your payday loan company.”

“OK, Jer and Donna. Let me talk to management…,” says Emmett.

Now READER, it’s too soon to know what Emmett and his payday loan company decided to do for Donna and her family. And, I don’t know if Donna or her husband will attempt to get 5 more payday loans next week. (Of course, if she does attempt this, and the payday loan companies she applies at use any of the top “scrubbers” – that is sub-prime consumer data reporting services – Donna will have trouble qualifying for a new payday loan.)

Note also READER, the best payday loan software offers the ability to implement a payment plan with fixed amounts deducted to coincide with consumer payroll periods or to create creative pay down plans depending on the specific payday loan consumer situation.

(Don’t worry READER, I’ll continue to cover LMS (payday loan software), sub-prime consumer data bases, payment plans, Best Practices, collections, lead generation and MUCH more in future Newsletters and Blog Posts.)

Bottom line READER? Think LONG TERM. Employ Payday Loan Industry Best Practices. Feel good about yourself and your business! Remember, you’re providing emergency loans to consumers having no place to turn. Without you, they lack the ability to keep the lights on, fix the car, buy their kid’s prescription…

And dear READER, if this strategy of “soft-collections” doesn’t make sense to you, YOU and YOUR COMPANY ARE DOOMED! YOU WILL NOT ENDURE!! There are simply too many sophisticated, well funded groups in the payday loan space who “get this.” Believe me, I know! I get calls and consult for them every day!

Finally, whether you’re a “brick-n-mortar” or an Interent Lender employing one of the creative payday loan licensing models such as Sovereign-Tribal Nation, offshore, choice-of-law, Credit Services Organization (CSO), line-of-credit, installment lending, OR WHATEVER, DO NOT THINK you can beat-up your customers. BE ADVISED! YOU WILL DIE!!

WHAT DO YOU THINK READER? Attack me, call me nuts, fight with me or LOVE me. Comments and altered thinking are welcome!

Jer@PaydayLoanIndustryBlog.com
http://www.PaydayLoanIndustry.com
702-208-6736

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21
Dec

Collection Idea for AFS – Payday Loans, Car Title, BHPH, and RTO

I regularly write about the need for Alternative Financial Services (AFS) like payday loans, car title lenders, rent-to-own (RTO), buy-here-pay-here (BHPH) operators and others to evolve and embrace technology. Not only in the types of loans and terms we offer, but also in marketing, software, collections and more.

I know that a large percentage of customers who owe me money DO NOT WANT TO TALK to me! After years in this business, I’ve learned that if I offer my customer a method of paying me off or negotiating with me, WITHOUT having to actually talk to me, they’re more likely to cut a deal.

So… regarding collections, I introduce Debt Resolve – online settlement of debt – a unique way to collect your delinquent accounts. It’s basically an automated bargaining system that provides your delinquent customer the opportunity to make a deal without your having to involve your collections employee in the process. It takes place online and it’s entirely “hands-off.”

Debt Resolve received their 5th patent allowing the Company “a method and system for automated bargaining in a round by round manner.” Debt Resolve, Inc. (Debt Resolve, Inc. (OTCBB:DRSV) provides lenders, collection agencies, collection law firms, debt buyers and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt.

Here’s how it works:

Invite: At your invitation, your delinquent customer logs into a website with a personal invitation code – branded in your name – and confirms their contact information.

Resolve: A series of simple-to-use screens is presented to the debtor. For early-stage delinquencies, Debt Resolve offers a quick and easy way for customers to self-cure online.

For late-stage and charged-off accounts, Debt Resolve features a patented bidding process. The debtor gets three chances to submit an offer and settle the account. Based on strategies, the offers are compared to treatments you have set right from your desktop. The customer chooses from payment options made available to them, or makes an offer for settlement or payments.

COLLECT: When the your debtor makes a successful resolution payment, it’s collected using your electronic payment gateways and deposited directly into your bank account. In the event an agreement is not reached online, you can queue up accounts for follow-up using the updated contact information you’ve received online from your customer.

So, worst case you don’t cut a deal with your delinquent borrower but you now have their most current contact, banking and employment information without having to pay your collections employee to work this loan.

As of this writing, budget approximately $750/month for the service for unlimited transactions.

Personal note: as of this writing, neither I (Jer) or my company (Trihouse) has ANY affiliation with Debt Resolve. No commissions, no stock, no nothing! I just think it’s worth looking at.

Trihouse Consulting Services

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How to start payday loan business, title loan business, loan business
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If you're worn out spending hour upon hour searching Google for consumer loan business strategies, know-how, software, licensing, consumer credit reporting, sample contracts, collection tactics, profitability, how much start-up capital you need, anticipated default metrics, and on and on and on... Our "Bible" delivers ALL THESE ANSWERS AND MORE!

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Small Dollar Loans
Installment Loans
Car Title Loans
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Signature Loans
Non-Secured Personal Loans
Store Front Lending
Internet lending
Licensing? State/Province
What loan management software to use?
Capital required?
Profitability?
Collections? How to Collect Your $$
Borrower Underwriting? 3rd Party Credit Reporting Agencies for the Sub-Prime
Store & Internet Lending tactics & strategies
Sample contracts, License apps...
Tribe Model: How to Partner with a Native American Indian Tribe
How to Deliver the $$ to Your Borrower [ACH, Debit, Cash, Checks...]
Texas & Ohio CSO/CAB model
Marketing, Branding, Advertising: How to Put Your $$ to Work
Leads: Buy $2 leads or $200 Leads?
Web Sites: Why You Need Them. How to Get One Built Inexpensively. Mobile Friendly...
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Email Strategies: How to Build Your Own List
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How do You Raise $$: Cost of Capital Today
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Click this link Course #1 for a complete Table of Contents.


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Powerhouse PDL Biz Operator's Manual
Course 2: For Experienced Payday Loan Operator's Only
The REAL DEAL for Existing PDL Lenders
For EXPERIENCED PDL Owners ONLY!
Strategies to improve your storefront PDL business.
Tactics to ramp up your portfolio.
Ideas to reduce defaults
Marketing
Underwriting
Collections
Blunders we made so you can avoid them 🙂
Online lender's tricks to benefit your operation

This information is the real deal with nothing held back. Marketing, underwriting, collections, employee relations, THEFT prevention, bad debt… It’s all in my Course. I’m blunt! I’m straight! I share all my blunders and my successes! And sometimes it’s not pretty!

My Powerhouse Course offer killer strategies for payday owners to grow their business through MEASURED marketing. You will learn how the “tricks” the Online lenders use can benefit you.

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Powerhouse Car Title Loan Course
car title loan business
Powerhouse Car Title Loan Business - Advanced

Course 4: Start a Car Title Loan Business for EXPERIENCED title loan lenders.
Even if you’re NOT in car title lending today, this is great information.

We’re super excited about this Car Title Lending Course because this type of lending is the biggest and most important thing going on in the sub-prime market.

If you want to start in Auto Title, Car Title, Title Pawn... whatever you want to call it, or if you simply want to do it better, INVEST in our Powerhouse Car Title Loan Course #4.

The full course is over 400 pages and it’s $395.00 as a PDF [immediate download in Adobe Acrobat] or $495.00 printed and shipped to your door.

Click this Link for Table of Contents

Four things about our Car Title Loan Course #4:

First:
You’re going to get all the information you need to start and profit loaning money on car titles.  Yes, you can download the entire 400+ pages NOW! And this is real content! This is not 400 pages of sales pitch. We’re not going to pull a “time-share bait and switch” with you. This is real information to use to put money in your pocket immediately.

Second
Value. There’s GOLD in this Car Title Loan Course. The chapter on employee management, supervision and training can make you hundreds of thousands of dollars. The chapter on testimonials will transform your company image, reputation and marketing. Is the course worth $395.00? Nope. It’s worth a hundred times that.

Third:
Guarantee! If you invest in this course... If you review the information... If you think it’s all stupid and you don’t get any value from it... Then we will refund your investment. No questions asked!

Fourth:
Check out my videos. Especially the longer one about unconventional marketing. This 15 minute video demonstrates how you can step outside the “normal” ways of getting great quality customers.

WE build teams of happy collaborators. People who invest in our courses participate in Master Mind groups. We have conference calls. Boot camps. We help operators connect with capital. We’re here to share ideas, and strategies with positive, forward thinking people.

Name of Course: Powerhouse Car Title Loan Course #4.
Target Audience: New and existing storefront and online car title loan providers.
Course Objective: To share proven strategies in dealing with obstacles and opportunities in the car title loan market.
Course Relevance: Secured lending via collateralized car titles is a solid strategy make money lending to the masses or to diversify a payday loan portfolio.







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How to Operate a Texas CAB?CSO Loan Biz

$197.00 How to Operate a Texas CAB?CSO Loan Biz

CSO Credit Services Organization Report (Texas)

An analysis of the Credit Services Organization Model as it applies to Texas. An alternative to the Payday Loan Model.

What is a Texas CSO Credit Services Organization?
In essence, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as an entity or person that provides one of the following services:

* Improving a consumer's credit history or rating.
* Obtaining an extension of consumer credit for the consumer.
* Providing advice or assistance to a consumer regarding the previous two services.

How does the CSO Credit Services Organization work with payday loans?
The CSO Credit Services Organization operates as a broker, The Texas Credit Services Organization Act (CSOA) allows the payday loan lender to register as a CSO and act as a loan broker. Thus, the CSO can make loans via "3rd Party Lenders" that are UNREGISTERED and UNLICENSED. The CSO Credit Services Organization acts as a broker for the consumer in need of funds by issuing a "letter-of-credit" on behalf of the consumer to a "3rd Party Lender." This 3rd Party Lender funds the "loan" brokered by the CSO.

How does the Texas CSO Credit Services Organization collect its 3 fees:
A referral fee for referring the consumer to the lender that actually funds the "loan." This is not stipulated by any law but is currently $20 to $30 per $100.
An application fee for filling out the CSO documents; typically $10 per $100.
The interest on the "loan;" Texas state law caps this at 10%/year.

Our 100+ page "Texas/Ohio Credit Services Organization [CSO] Report" includes a thorough description of how this model works, how to construct the loan entity & the CSO, sample agreements between the CSO and the 3rd Party Lender, sample consumer contracts & more.





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Attend a payday loan bootcamp training Payday Loan, Title Loan, Boot Camp, Installment... Boot Camp -LIVE

Boot camps are run in our South Texas “live” Loan Center
We offer small-dollar loan training
You and one employee/partner may attend
Our "Bible: How to Loan Money to the Masses" is included
These are “one-on-one” intensive workshops customized for your situation and challenges
We cover both the store model and the Internet Model
The fee is $3550 total per company (Including our Manual) If you already invested in one or more of our Manuals, you may deduct $337.00.
We schedule our Boot Camps in our Texas location to accommodate your Team

Seminar/Boot Camp
2-Days in a "live" Loan Center in South Texas. Includes our "How to Loan Money to the Masses Bible" emailed immediately in Adobe Acrobat.




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Schedule a Call with our Founders.

You want to learn how to make money by lending money? You’re fed up spending hours and days with “google search” in an attempt to figure out if small dollar lending, payday loans, car title lending and installment loans are profitable?

Talk to an expert!

1] Request a Call; as little as $49.00 for a 15 minute call. Extend the call if you like.
2] Via Clarity.fm, you will be pre-charged for the estimated length of the call, based on our rate of $200/hr.
3] Connect directly with our Founders on the day and at time you select.
4] Ask ANY question regarding the small dollar loan industry
4] At the appointed day/time, call the conference line we provide. After our call, the charge will be adjusted to reflect the actual length of our call.

Jer, Miro and the Team at Trihouse Consulting have taught thousands of entrepreneurs the correct way to identify, evaluate, negotiate, perform due diligence on, finance, turn-around and operate payday loan, car title loan, and installment loan businesses; the business of making money by lending money. Some people think we’re nuts for doing this, but the truth is that we’re far from crazy. DOING & Teaching opens doors for us that pales in comparison to any other channel.
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Consumer Loan Business-Payday-Loan-Pro-Forma-Excel-Spreadsheet

Consumer Loan Business/Payday Loan ProForma Excel Spreadsheet

Consumer Lending > Biz Plan Excel Spreadsheet Pro Forma

Internet/Storefront Lender Excel Pro Forma
Every startup entering the consumer lending/payday loan industry needs our new "PDL Excel Spreadsheet Pro Forma." We had our analytics gurus build this tool. With it, you have the ability to "play" with multiple inputs including lead costs, default rates, loan conversion rates, number of loans funded daily/monthly, average loan principal amount, fee charge per loan principal, rollovers, employee costs, overhead expenses...

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There is nothing like this tool on the market today. We've invested our 20+ years of payday loan knowledge and experience as a Lender in this tool. You simply cannot get access to anything like this tool unless you bring serious consumer/payday loan experience and Excel experts to your "game." For both storefront and Internet consumer facing lenders.






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HOW TO VALUE A CONSUMER LOAN/PAYDAY LOAN BUSINESS

HOW TO VALUE A CONSUMER LOAN/PAYDAY LOAN BUSINESS

A Guide to Consumer Loan Company Valuations
Valuation Approaches and Considerations for Buyers, Sellers and Startups of Check Cashing, Payday, Title, & Consumer Loan Companies. Thoroughly covers payday lending, car title lending installment loans... consumer loan business valuations. Delivered immediately to your Inbox.





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How to Collect Your MoneyHow to Get Your Money

What can be worse than not getting paid? Getting sued, or FINED by Government agencies.
There are regulations at the Federal and State level that are created to protect the public from unsavory collections practices. As you work to collect your money, keep in mind that the courts have a mandate to take the side of your non-paying client. Even if this person has cursed you up and down, written you bad checks and lied to you every day for 10 years?

None of that matters. The courts and the law are created to protect the public. Not you or your business. If you go into a collections procedure with an attitude, and crappy documentation, you’re going to get run over by the system and it’s not going to cost your deadbeat customer a cent.




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How to Launch a Tribal Lending Enterprise

How to Launch a Tribal Lending Enterprise

Tribe Sovereign Nation Documentation, Term Sheets & More


A complete package of all the legal documentation required by tribes, lawyers, investors, marketer/servicer groups... to successfully launch a TLE.

Note: All Word Templates are editable for your private use.

  1. Template-Standard Tribe Resolution Creating a Tribally Owned Business

    1. A RESOLUTION OF THE GENERAL COUNCIL OF THE (name of tribe) CREATING AND ESTABLISHING THE TRIBALLY-OWNED BUSINESS (NAME) PURSUANT TO (vesting power in General Council resolution) [Word Doc.]



  2. 3 year Pay Day Lender Loan Volume Projections

    1. (PDF Doc.)



  3. “THE RISKS AND BENEFITS OF TRIBAL PAYDAY LENDING TO TRIBAL SOVEREIGN IMMUNITY”


INTRODUCTION: [25 page PDF by Bree R. Black Horse J.D. candidate at Seattle University School of Law, and an enrolled member of the Seminole Nation of Oklahoma in cooperation with The American Indian Law Journal. Public Domain]

  1. Two Key Tribal Court Cases:

    1. While there have been many, many cases upholding tribal sovereign immunity over the years, two in particular are specific to tribally owned payday loan businesses. [4 page PDF]



  2. 3 Year Proforma.

    1. A 3 year tribe pro forma portfolio [Excel format]



  3. Boilerplate Marketing & Servicing Agreement

    1. Template for TLA & Marketer/Servicer arrangement with Revenue Share Exhibit A. [12 page Word Doc.]



  4. Consulting Agreement

    1. Template Consulting Agreement with Tribe Lending Enterprise [Word Doc]



  5. Resolution

    1. RESOLUTION OF THE GENERAL COUNCIL OF THE (name of tribe) VESTING ECONOMIC & COMERCIAL DEVELOPMENT IN THE GENERAL COUNCIL  [Word Doc]



  6. Car Title Boilerplate Agreement

    1. Example Marketing/Servicing Agreement with TLE [11 page PDF]



  7. Car Title Consulting Agreement

    1. Typical Consultant/TLE agreement specific to car title loan lending [6 page PDF]



  8. Typical Lenders Introduction and Compensation Agreement

    1. Example Tribe/Consultant introduction & revenue share term sheet [5 page PDF]



  9. Example Monthly Payments-Revenue Share Agreement

  10. Typical consultant – TLE revenue share statement [1 page PDF]

  11. Example of Typical Non-Recourse Promissory Note & Security Agreement

    1. Ordinary Borrower/Lender capital security agreement [4 page PDF]



  12. Lawyers' View: Minimizing Regulatory Enforcement Actions Against TLE and Service Providers

    1. Important Factors in a Tribal Lending Relationship [3 page Word Doc]



  13. Frequently Asked Questions Regarding the Mechanics of TLE-TOB/Marketer-Servicer Collaborations

    1. Allen Parker responses to FAQ’s submitted by potential consultants, tribes, and providers of capital. [2 page Word Doc]



  14. Typical TOB Lenders’ License

    1. [19 page Word Doc] A financial services license authorizing the TOB to do business “THIS IS TO CERTIFY that, consistent with Section 4 of the Mahalo District of the North Dakota Tribe Tribal Financial Services Regulatory Act, the enterprise under the jurisdiction of the Mahalo District of the North Dakota Tribe has been licensed by the Mahalo District of the North Dakota Tribe’s Tribal Financial Services Regulatory Commission to provide financial services in furtherance of the Tribe's economic self-sufficiency and political self-determination. It is…”



  15. Example Consultant- Lender Representation Agreement Boilerplate

    1. As titled, an example Consultant retainer/representation agreement [2 page Word Doc]



  16. Example Consultant- Lender Representation Agreement Boilerplate

    1. As titled, a template for consultant –services/marketer agreement [1 page PDF]



  17. Example Declaration of Servicer-Marketer Skill Set Submitted to Tribe

    1. As titled, a sample declaration to tribe regarding servicer/marketer skill set [1 page PDF]



  18. Template for Statement of Consultant-Servicer-Marketer Power Point Presentation to Interested Parties

    1. Editable Power Point presentation [12 page PP]



  19. Typical Tribe/Servicer/Marketer Credit Reporting Business Rules

    1. As titled, a phenomenal Excel list of go/no-go CRA implemented business rules [Excel 10 pages]



  20. Template for “Finders’ Fee”

    1. As titled, editable Finders’ Fee for use by Consultants [2 page Word Doc]



  21. Template for “Finders’ Fee”

    1. As titled. A second version of a Finders’ Fee



  22. Example Business Development Agreement

    1. As titled, editable template for business development agreement between TLE & Consultant [5 page Word Doc]



  23. Term Sheet

    1. As titled. [4 page Word Doc]



  24. TLE-Lender-Services/marketer Bank & Loan Flow Chart

    1. As titled, an visual of “how the money flows.” [1 page PDF]



  25. “Tips for Tribe Economic Directors”

    1. As titled, a public domain analysis for tribal economic development principles. [9 page PDF]



  26. Limited Solicitation RFP

    1. A typical Request for proposal submitted by TLE’s [2 page Word Doc]



  27. PDL Sovereign Nation Manual by Allen Parker

    1. An analysis of the TLE Model [8 page PDF]



  28. Your investment: $1995.00





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08
Nov

Payday Loan and Cash Advance Collection Tips

Another Debt Collector Charged With Fraud

Reminder, if you’re attempting to collect a debt, don’t tell the debtor you’re a police officer, a lawyer or any other government official.

AIG and youphoto © 2008 Seth Anderson | more info(via: Wylio)An Oklahoma headquartered cash advance company, Federal Cash Advance of Oklahoma LLC (aka CASHMAX, Fed Cash, TOPCASH, Cash Service Center) is alleged to have sent deceptive collection letters to debtors that contained a Dallas Texas County clerk’s office forged signature and bore the official seals of Texas and Dallas County. Allegedly, the letters also contained phony court case numbers and included inappropriate criminal allegations.

As a payday loan company performing collection activities, you must remember that unsecured debt is generally a civil matter and not a criminal matter. Apparently there are still plenty of us who don’t understand this! Do Not misuse the term ‘criminal prosecution’ to pressure payday loan customers into making their payments. These strategies are not legal.

In the case of Federal cash Advance of Oklahoma LLC, the notice letters illegally threatened criminal prosecution, referenced phony “case numbers” and cited fictitious criminal penalties of up to five years in prison and heavy fines.

The Texas Attorney General has sued a the payday lender that misrepresented itself as a government agency in some mailings.

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17
Jun

Payday Loans: No More Fear – 100% Guaranteed Collections

Here’s a “Quick Hit” about how you can get every single one of your payday loan customers to pay you back with a 100% guarantee for every loan your payday loan business makes.

100% Guaranteed Payday Loans

Have you thought about adding payday lending to your business?  Are you doing Payday Loans but not getting the return you deserve? Or, are you thinking about getting into the payday loan business but afraid of the losses and collections?

Allow us to 100% guarantee your payday loans.  Once we have approved a loan, if it goes “bad” just send the check to us and we will put the principle and interest back into your bank account.  You have your money from us within 5 to 6 business days and ready to put back on the street.

If  you are utilizing a collection company now:

* It typically takes 90 to 120 days for them to collect

* They generally collect less that 50% of the checks you submit to them.

* That’s 90 to 120 days you don’t have use of that money

* And 50% of your money you will never see again.

* How many times can you turn that money in 90 to 120 days if you had access to it?

Would you like to explore this? Email your contact info to explore

Additional payday loan collection resources:

This Newsletter probably received more responses than almost everything I’ve previously written about. (and we have over 4000 readers!)
https://paydayloanindustryblog.com/collections/
It’s heavily focused on collection tactics using some of the latest techie tools available.

I’ve written about some of the newest techie tools

Which bills a consumer will pay first. How different bills rank in consumers’ stacks, Get Your Customers to Pay You First:

How and why Text Messaging can help your Collection efforts INCREASE up to 25% or more and your payment defaults DECREASE by about 40%, as well as generate new leads and create repeat customers.

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