Complete Table of Contents
“The bible: How to Lend Money to the Masses PROFITABLY!” [500+ pages]
Your First Steps: 17
Macro View of the Consumer Loan Industry. 19
State of the Consumer Lending Industry. 23
Hang-In There! The Future is Ours!. 30
Flash – It’s a Whole New Business. 33
The Future of the Consumer Loan Industry. 47
EXECUTIVE SUMMARY & the BUSINESS of LENDING.. 56
The Online & the Storefront Models
SECTIONS 1 – 9. 57
CONSUMER LOANS DEFINED.. 58
DEVELOPMENT OF DEMAND.. 59
CUSTOMER PROFILE. 62
THE NUMBERS. 64
REGULATORY ENVIRONMENT. 68
LEGISLATION SURVEY. 70
TRENDS IN FINANCING & VALUATIONS. 70
FUTURE OF THE PRODUCT. 72
The Loan Process: an Overview.. 74
Step-by-Step Procedures. 75
Consumer loan Procedures Step-By-Step Overview.. 75
Telephone Qualifications: Your Most Important Skill. 79
In Your Office, Step 2: 84
How to Calculate the APR Formula. 85
General Tactics. 90
Exhibits. 94
Loan Extension Procedures. 102
Typical Installment Loan Breakout. 105
Title Loans: Overview of the Product & Industry. 106
How Big Is the Title Loan Market. 107
How Title Lending Works. 108
Who Uses Auto-Title Loans. 110
Title Loan Profits. 112
Regarding Title Loan Legislation. 116
Laws & Regulations. 117
Title Loans: Documents You Need. 120
Recording the Title. 123
Title Loan Add On Fees. 126
Title Loans: Repossession. 126
Title Loan Repossession Checklist. 129
Repossession: The Consumers Point of View.. 134
Defaults and Repossessions in Motor Vehicle Transactions. 147
Title Loan GPS, Starter Interrupt Devices – Payment Assurance Devices. 151
How to Value Your Loan Collateral 161
Title Loan Lender Philosophies. 166
Title Loan Lenders Serving Active-Duty Service Members NO-NO!. 166
Title Loan Resources. 169
Detecting Title Fraud. 170
Title Loan Forms. 173
Man Loading & Personnel 178
Consumers typically apply for consumer loans as follows: 178
Profits: How Much Can You Make. 180
Sub-Prime Consumer Reporting, ID Validation & Credit Bureaus. 185
Software for the Business of Lending Money. 200
Features & Issues to Consider: 203
Consumer loan Software Vendors. 206
Electronic Funds Transfer (ACH & EFT). 211
Internet Lending: How to & Strategies. 228
How Internet Lending Works. 229
Your First Steps to Reverse Engineer an Internet Lender’s Loan Process. 230
Web Site Development. 233
Choosing a Domain Name. 233
Web Site Hosting. 234
Web Site Development. 235
In-House Development. 235
Out Sourcing. 237
Turnkey Websites. 239
Search Engine Positioning. 241
Keywords and Key Phrases. 246
Final Note on Google’s PPC Policy. 247
More on Pay-per-Click Search Engines. 251
Definitions. 252
Marketing Other Than Search Engines. 254
Affiliate Programs. 254
CFSI Small Dollar Loan Data. 257
Purchasing Loan Leads & Applications. 270
Buying Consumer Loan Leads. 270
Percentage of Applications Funded. 272
Fees to Charge. 272
Email Strategies. 274
Mobile-Friendly Web Sites. 277
Faxing of Loan Documents. 281
Collections. 283
Debt Collector’s Phone Communication Required Statements. 291
List of Techniques & Procedures for Your Collection Campaign: In-House Approach. 292
Collection Record Keeping and Data Entry. 292
Typical Collection Letter Template. 300
Taking the Risk Out of Consumer Advances. 301
Collections: Final Thoughts. 301
Extended Payment Plans. 302
Consumer Perspective on Collectors. 304
Collections. 306
Collection Letters & Practices. 307
Avoiding the Pitfalls of Debt Collection. 307
Small Claims. 313
ID-Verification Systems. 325
Instant Bank Verification. 327
Selling Your Debt. 329
How to Calculate the True Annual Percentage Rate on a Consumer loan?. 330
The APR Formula. 331
APR for Deferred Presentment Loans. 332
Default Rates. 333
Compliance Issues. 335
Arbitration Clauses. 346
Licensing & Legislation. 350
Current Licensing Models. 352
• Choice-of-Law Model: 352
• State-by-State Licensing Model: 352
• Offshore Model: 352
• Sovereign Nation: 352
• Credit Services Organization (CSO) Model: 352
• Bank Model: 352
• Creative Models: 352
Scenario 1. 353
Scenario 2. 353
Scenario 3. 353
Scenario 4. 355
Scenario 5. 355
Final Thoughts. 355
Consumer Loan Demographics. 357
Marketing/Branding/Advertising. 359
Craigs List. 366
Tactics & Strategies. 371
Tactics: Niches. 371
Tactics: How to Make Money & Not Fund Consumer Loans. 371
Tactics: Contact Info on Your Web Site. 372
Tactics: Choosing a Name for Your Company. 372
Tactics: Contract Language & Arbitration. 373
Tactics: Additional Web Site Resources. 373
Tactics: Stress the Benefits. 373
Tactics: Make it Easy. 373
Tactics: Repayment Options. 373
Tactics: Gathering Intelligence on your Market. 374
Your Competition: Tactics. 375
Site Selection. 377
Zoning. 377
Criteria for a Consumer Loan Store. 378
Motion Loft: A Tool for Site Selection. 379
Zoning. 381
Leasing Checklist. 382
Site Location Criteria. 384
Site Criteria Table Checklist. 385
Top 10 Do’s. 386
Top 10 Don’ts. 386
Consumer Lending & the Internet. 390
Licensing. 390
Internet Lending Topics. 391
Internet Default Rates. 391
Internet Volume & Capital Requirements. 391
Web Site Marketing. 392
Obtaining your Client Documents. 392
Delivery of-the Funds to the Client. 392
Call Centers & Outsourcing. 393
Prepaid, Stored Value & Reloadable Cards. 395
What Are They?. 395
Consult legal Counsel and the Vendors. 397
Kiosks or Automated Financial Centers. 398
Consumer Loan Product Alternatives. 399
Sales-Leaseback. 400
Cash Back Ad Sales. 403
Catalog Sales. 403
Delivery Document Center. 404
Cash Rebates. 404
Additional Income Opportunities & Traffic Builders. 407
Obtaining Funds for Your Loan Business. 409
Lender Resources. 410
Lender Surety Bonds & Insurance. 412
List of State Regulatory Agencies. 414
Definitions. 420
A Typical Guide to Buying a Franchise. 423
Industry Associations. 436
Legal Resources for Lenders, Check Cashing & Car Title Lending. 439
Business Plan Outline. 442
Excel Business Plan Spreadsheets. 442
Conservative 1st Year Projected Cash Flow: Single Payment Loans. 450
Typical Minimum Equipment List for a Single Payment Startup. 451
I. WHAT IS A BUSINESS PLAN.. 451
II. WHY WRITE A BUSINESS PLAN.. 451
III. KNOW YOUR BUSINESS. 452
IV. BUSINESS TRENDS TO CONSIDER. 452
V. BUDGETING – -HOW AND WHY. 453
VI. MANAGING YOUR BUSINESS PLAN.. 456
VII. SUMMARY. 457
VIII. OTHER CONSIDERATIONS. 457
PERSONAL TRAITS. 457
WHAT DO BANKERS LOOK FOR. 457
YOUR OWN PERSONAL DEVELOPMENT. 457
MARKETING THOUGHTS. 458
Sample Loan Forms. 462
Consumer Loan Document Checklist. 481
Final Thoughts on Launching & Operating a Successful Consumer Loan Business. 511
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