Where to open a new car title or payday loan store?
Alright, after months of researching the payday loan and car title lending industry you’ve finally decided to pull the trigger and launch your new business. Sure, you’ve read our chapter focused on “Site Selection” in our “How to Start a Car Title Loan Business Manual” or our “Payday Loan Bible.” And you’ve visited dozens of your competition’s stores. You’ve got a few loans to see how it works. You’ve talked to employees of your competition just as we suggest.
But I know what you’re feeling about now! FEAR!! In spite of all the hard work you’ve done to prepare for this day, you’re still nervous. I know because I was where you are today. Back in 1998 I opened my first payday loan store in Garden Grove, Calif. That was followed by a car title loan store in Mission Viejo.
Signing on the bottom line of that 3 year store lease was SCARY. And there was NO STARTUP MANUALS to walk me through all the laws, the loan management software, the marketing strategies, collection tactics, borrower underwriting and all the other pieces that a Lender needs to successfully run a small dollar credit store.
But, after reducing the shaking in my hand I signed on the bottom line of the Lease Agreement and never looked back.
So, in a nutshell, where would I open a new payday or car title loan business TODAY? In a Walmart. Or next door to one. Or across the street… Not possible for you? Then near a tax return business with a well known brand (Think H & R Block) and lot’s of clients. Or near a highly successful pawn shop chain. Or, a well known and branded check cashing chain like Ace.
You get the point. Borrowers who qualify for payday loans and car title loans have the following:
- Jobs. Or at least some kind of steady income you can verify
- Bank accounts.
- Household incomes of $18,000 to roughly $85,000 annually
- They shop at Walmart, Target, get their taxes done…
Click here to invest in our “How to Start a Payday Loan Business” or “How to Start a Car Title Loan Business” and learn how to dump your day job and achieve serious success in the small dollar credit space. Just follow our model…