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