Taking Action in Any Vertical

How start payday loan businessYou think confidence comes from believing in yourself and accomplishing things.

But really, confidence results from having close personal relationships with people who believe in you.

So, if you focus on surrounding yourself with these people who believe in you, you’ll have the confidence to take action. (Stolen from Dane Maxwell while being interviewed by Jamie Tardy.)¬†Google them!

92% of the “entrepreneurs” I talk to: read, study, Google, waste vendors time and ultimately do nothing. “No guts, no fame.”

Get a job or “man-up.” Lady-up if it’s appropriate. It takes “huevos” to survive in the loan shark industry. Yes, my friends, peers and clients cringe when I use that terminology (take that Scott C. :o) But, they don’t pay my bills or my property taxes here in Calif.

The OLA conference looked like a morgue. Everyone left standing looked as if they had survived the battle of the bulge. Put this temporary blip behind you! Now that we can serve consumers lacking traditional bank accounts, we have an army of 60M – 70M borrowers waiting for a smart Team to figure out how to deliver the $$ to them.

So, wake up, stand-up, find the right collaborators and get back in this small dollar loan game!

Lead prices have crashed, demand for them has tanked, more lead gens and aggregators are launching; crazy but true. Big data guys are cutting your underwriting costs.
ACH providers have jumped over board like rats but new ODFI’s are already here to fill the void.

The tribe model will persevere. It will require patience and persistence but the tribes will prevail; zero doubt!

And, if you were one of the operators employing the state licensing model due to fear, lack of guts, or shrewdness, YOU WON – so far.

Yes! The over-used word “pivot” has occurred in the PDL space. But, let’s NEVER forget that borrowers by the tens of millions are frantically searching via their smart phones, tablets, iPhones, Androids…for a LENDER TO HELP THEM.

Is that lender you? Or, are you a quitter?

Again: Disruption = opportunity. One word to describe the current state of our industry? DISRUPTION.

So, what you gonna do? I know what I’m doing? I’m buying paper at 8 cents on the dollar.

Finally, our VERY BEST WISHES TO A WONDERFUL FRIEND in the PDL space: Jerry (Jerome) Greenberg. We made a lot of $$ together. Hope he gets back in the game!! Best wishes to his family as well!!

Jer at Jer@TrihouseConsulting.com TALK TO ME! Good – Bad- Indifferent…

Comments ( 3 )
  • Patricia says:

    What I don’t get about the payday lenders is why they continue to lend in states where the loans are illegal. For instance, why couldn’t a NYS resident go online and apply for a couple of payday loans, make one payment, do an ACH revokation, close their bank account and be done with it? I mean the lenders and the debt collectors are not allowed to collect, so what would stop someone from taking loans out and then just walking away. I mean who are the smart ones here? Or is it maybe that the online lenders think that their customers are too poor and stupid to know the state laws and the lenders are willing eek out whatever they can legal or not. Also, I’m sick of hearing what a great service payday loans are… really? And why do payday lenders think repaying their loans back or more important than anyother payment a customer is obligated to pay? You people are not only loan sharks but are as greedy as they come.

  • miro posavec says:


    I love your description Jer. A morgue. Dead men walking. I didn’t attend OLA this year. I couldn’t watch the devastation.

    Since this ACH fiasco has rumbled the online payday world, and just CRUSHED many operations, there’s been panic.

    I’ve been in the Payday world since 1999, and I remember the innovators. The pioneers. I would talk to people outside my industry and I would RAVE about how smart the group was. When I served on the Florida board of directors, each of the directors was so sophisticated. Creative. AMBITIOUS. I came from operational and software development. And those guys were SLOW compared to us payday guys. We hustled. WE created new products, and services on the go.

    What’s happened?

    If this is DEATH, then death is welcome. Let the rotting of the big, fat, lazy, slow, spoiled corporations that were too entrenched to change, let their demise feed the next wave. Lead costs are way DOWN. Demand is UP. New tech is coming.

    We few, we happy few, we band of brothers;

    Go forward. It’s the only way.

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