How-to: Installment Loans for the Subprime Demographic
Many of the national Lenders have been transitioning to a multitude of financial loan products in an effort to continue to serve subprime borrowers while still achieving superior ROI. Witness Avant, CURO… You only need to refer to Avant’s latest Q4 earnings call to comprehend the extent of this transition away from single-payment products. Avant’s progeny is CASHNETUSA.com back in the late 90’s. At the time they offered singularly payday loans having 400% – 700% APR payday loans. As per their Q4 earnings call. these single payment [payday loan] products made up a mere 2% of loan originations. Obviously, they see the writing on the wall.
Pray Tell, What’s a Non-Depository Financial Technology firm? New PPP for Lenders
“As a result of the changes, all PPP lenders approved by the SBA, including non-depository institution lenders, are now eligible to participate in the PPPLF. SBA-qualified PPP lenders include banks, credit unions, Community Development Financial Institutions, members of the Farm Credit System, small business lending companies licensed by the SBA, and some financial technology firms.”
Corona Stimulus: What Lenders Must Do Immediately to Help Their Customers & Themselves
The IRS Is Urging These 3 Groups to Register for a Stimulus Payment ASAP
Corona: States Where Consumers Need Small-Dollar Loans the Most
Based on Google Search Results, Which States Have the Greatest Need for Small-Dollar Loans. Personal loans, payday loans, installment loans, title loans, home equity loans… U.S. households are on the hunt for fast cash. “WalletHub compared the 50 states across four metrics. Google search trends were combined for related search terms.” Scroll over each state […]
Update: Lenders Payment Protection Program-PPP-FISCA & Mr. Woods Update
We do not have an official word on the PPP program for our industry, at this time. The most recent factual information we have is that our industry does not likely qualify because we are a financial service company. That information comes directly from the Senator’s office in Washington who is chair of the committee that authored the bill.
$2000 Turn-Key “Small-Dollar Loan Business in a Box” for Lenders & a Loan Strategy a la Chime Bank
A colossal quantity of intestinal fortitude and enormous liquidity is required for a balance sheet lender to fund small-dollar loans in this environment! Frankly, if you have been following my counsel, invested in our “How to Lend Money to the Masses Profitably Course,” scheduled and/or completed a consultation with me, you are already hunkered down, […]
Check Cashing Kiosks
I have kiosks machines that enable your store to begin cashing checks in 10 days.
That’s delivered, setup, licensed, banking… EVERYTHING! [Facial recognition, scanner, dispenses cash…]
These kiosks offer a multitude of other services as well!
VERY LIMITED NUMBER available for immediate delivery with more coming soon.
Texas is my ideal target for the few we have available. You can keep your location(s) open!
CORONA: The State of the PDL, Small-Dollar, Installment Loan Industry & CURO PR.
Key Themes:
Survival: Hoard cash. “Keep your powder dry,” as they say. STOP LENDING!
Focus on getting your money!
MOIP: “Money Over the Internet Protocol.” Prepare/embrace the phone!
Digitize your lending operation.
Look around you! 70% of your competition will be gone!
The business of lending to the masses has radically changed! The “good old days” are NOT returning.
One thing will not change; DEMAND by consumers for cash!
Payday Loan Industry Ready to Provide Emergency Funds for Corona
By: Jer Ayles. Our communities rely on the “business of lending to the masses” for much more than small-dollar loans to help them in a jamb! Money transfer to friends and family in other cities and countries, money orders for the millions of households in need, cell phone top-offs… For those pessimists who are reading, […]