THE BLOG

12
Sep

The Players: Payday Loan Associations, Lobbyists and Donors

Payday Loan Associations, Lobbyists and Donors

Who are the “Players” in the small dollar credit industry?

Who funds the payday loan, installment loan, car title loan lender, OLA, FISCA, CFSA, the tribes and all the state associations enabling the rest of us to remain in the business of serving our customers and lending borrowers cash?

Like every other industry including American Association of Retired Persons (AARP), National Association of Real Estate Brokers: NAREB, the automobile industry, the pharmaceutical industry… payday loan, car title lenders, buy-here-pay-here, installment lenders and every other industry under the sun lobbies Washington. Click here to get the 12 page Payday-Pay-to-Play-FINAL-2015 report revealing all the companies in our industries who fund Washington. Who’s doing their share?

Payday and title loan installment loan associations Payday loan title loan installment loan associations

Contribute to your state and national associations! Find out who supports your industry at both the state level and the national level AND SUPPORT THEM with cash. You want to stay in business? You want to know what’s going on in your industry? You want to beat back the CFPB? It takes money.

It’s NOT UN-AMERICAN to support your fans. Again, if you’re a title loan lender, a payday loan lender, an installment loan lender, an employee of these lenders, a landlord for these store operators, a vendor in our industry… CONTRIBUTE! TODAY!!

Access this free report, “Payday-Pay-to-Play” here: Payday-Pay-to-Play-FINAL-2015

10
Sep

Installment Loans

Installment Loans

Start an installment loan company

Credit unions added $10.2 billion in loans to their balance sheet in June – the fastest growth in credit union history. Consumer installment loan balances (auto, credit card, and other unsecured loans) rose at the fastest pace since September 2009: 13.7% during the 12 months ending in June, helping to pull the overall loan growth average to 10.9% for the year.

Our government simply cannot stop entrepreneurs from meeting consumer demand for anything. Sex, drugs, rock-n-roll, cannabis, alcohol, credit…

How to start installment loan company

How to start installment loan company

This metric is even more accurate for payday loan lenders. All of us are evolving away from payday loan single pay products to installment loan products having higher loan balances ($800 – $5000) and loner, amortized payback periods (6 – 36 months).

Borrower “ability to repay” metrics are being being introduced and automated as well. By the time the CFPB implements their draconian policies, the majority of payday lenders will have moved on to installment loans and similar products.

 

 

09
Sep

Title Loan lending Tactic

Here’s an interesting title loan lending tactic:

“Leap Financial buys cars from lenders that are in the process of repossessing them from their owners. The company “leases” them back to the same owners for a lower monthly payment. The lender gets more $$ back on their balance sheet than it would if it had sold the borrower’s car at an auction.  The borrower gets the car back — with a GPS-based starter-interrupter that disables the car if the customer misses a payment.” Said Condon: “We get shockingly good results.”

Title Loan lending Tactic With all the CFPB changes in business practices on the way, it’s easy to forget how resourceful and inventive lenders in the car title loan, payday loan and installment loan industry are. Demand by households continues to increase for these products. Banks are dropping like flies when it comes to servicing the credit challenged consumer.