Category: Courses

05
Sep

How to Start a Payday Loan Business

What do you need to start a payday loan business?

Equipment and software?

It’s ALL in the Manual. But, here’s a summary of the basics:

Are all of these payday loan startup assets required? I’ve witnessed entrepreneurs begin with less…

  • Business entity: Corporation, LLC, DBA…
  • Accountant
  • Lawyer
  • Phone
  • Computer
  • Laser printer
  • Fax  machine
  • Copier machine
  • Internet
  • In-store security system
  • Sign(s),
  • Either loan management software (LMS) or, at a minimum, Excel (not recommended).
  • Email ability plus build a customer email list (We use Aweber)
  • Text ability
  • Domain Name (Always use a .com)
  • Website
  • Website hosting account. (Start with Bluehost or Hostgator)
  • Business plan
  • Bank account
  • Consumer loan contract
  • Consumer Disclosure statement
  • Fee schedule for website and wall in your store
  • QuickBooks,
  • Consumer privacy policy
  • Business name
  • Logo
  • Marketing materials; POS supplies
  • Social media accounts
  • SOP Manual (Standard Operating Procedures Manual
  • Desk, chairs, etc.
  • Direct mail marketing IP
  • Business cards
  • Collection letter templates for drip campaign
  • Thorough understanding of your appropriate laws, rules, licensing requirements
  • Attend trade group conferences
  • When appropriate, setup accounts with 3rd party vendors (CRA: Credit Reporting Agencies     for example)
  • Join your local charitable community organizations. Build a list…
  • Car wrap for local marketing
  • Employ Enterprise Rent a Car marketing model to local businesses
  • Craigs List account
  • Safe, vault; safe keeping cash
  • File cabinet
  • Copy of The E-Myth (Read it!)
  • Notice of Declination template
  • Copies of all the Exhibits, Check Lists and Documents in our Manual for running your loan business day-to-day
  • Caller ID
  • APR calculator/formula
  • Carry out the research procedures explained in our Manual
  • Voice Synthesizer app

18
Oct

Texas Payday Loan CSO License Application and Regulations

Texas Credit Access Businesses

Texas Payday Loan License Application

Texas CSO/CAB Regulations

Texas Credit access businesses [payday loan lenders] obtain credit for a consumer from an independent third-party lender in the form of a deferred presentment transaction or a motor vehicle title loan, more commonly referred to as “payday loans” or “title loans.”

In Texas, the actual third-party lender is not licensed, rather the credit access business that serves as the broker is the licensee in this regulated industry. The credit access business charges a fee to the consumer for obtaining the third-party loan; this fee is usually calculated as a percentage of the loan amount.

The Texas borrowers will sign a promissory note with the lender for the actual loan and a separate credit service agreement with the credit access business. Generally, all documents are signed at the credit access business location and payments are made directly to the credit access business.

Texas Payday Loan Resources

New Application Process Notice

All applications for a new license or registration must be submitted through the online system “ALECS” (Application, Licensing, Examination, Compliance System).

Texas Licensing Forms

Texas Advisory Bulletins & Disclosures

Texas Reporting

Texas Published Reports

Texas Examination Accommodations

Texas Additional Resources

 

Statutes & Rules

These are the primary statutes and rules that apply to Texas  credit access businesses. This is not a complete list of laws that credit access businesses are required to comply with.

Primary State Statute
Chapter 393,Texas Finance Code: Credit Services Organizations

OCCC’s Rules
Title 7, Chapter 83, Texas Administrative Code

Other State Statutes
Texas Legislature Online

Federal Statutes & Rules
U.S. Government Publishing Office

Do you want to make serious money lending cash to Texans? Start here with our “How to Start a Payday Loan Business.” It includes all the info, tips, strategies and more that you need to launch a payday loan business in Texas.

how to opene payday loan company

Start Payday Loan Business

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19
Jul

Payday Loan University: Small Dollar Loan Training

Payday-Loan-University-installment-loan-trainingKnowledge is power!

President Lincoln said it best, “Give me 6 hours to chop down a tree and I’ll spend     the   first 4 sharpening the axe.”

Before you waste more time and dollars, invest in a copy of our “Powerhouse Operations Course #1.”

We unequivocally  recommend it. There are 15 years of expensive experience in there. If you’re not happy – for ANY reason – we’ll gladly refund your money.

Don’t wait for a signal from the heavens. We guarantee, you will make your $595 back in short order!

Click here for MORE INFO

“Invest Now” immediate access available in Adobe Acrobat !

Get The PDL Operator's Course NOW in Adobe Acobat

14
May

Powerhouse Course Launched

After months of hard, grinding work in the deepest, darkest depths of the loan sharking industry, Payday Loan University is proud to announce the launch of our “Powerhouse Payday Loan Operations Course” for existing operators!

Details here: Powerhouse Payday Loan Course