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…
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.