Who Gets Payday Loans Today
NOTE: Quite frankly, PAYDAY LOAN products are dinosaurs! Virtually all forward-thinking payday loan lenders have evolved to various types of “installment loans, line-of-credit loans, even buy-now-pay-later” [BNPL] forms of payment. [These BNPL financial products are often worse than old school payday loans because consumers OFTEN fail to realize the payments eventually do come due and they simply forgot! The free interest evaporates and the late fees kick in. It gets REAL UGLY fast. But, this issue is another Post.]
Demystifying a Buy Now Pay Later Startup: Ex-Enova Employee
Arad Levertov is the founder of Sunbit an Ex-Enova employee; a Buy Now Pay Later platform [BNPL}. He shares with my mentor how he did it! Today’s guest was new to the US but had a great job and was making good money. So imagine how surprised and embarrassed he was when he was turned down for a Costco credit card when shopping with his family.
National 36% APR Cap Introduced
A National 36% APR CAP INTRODUCED! Lenders, NEED HELP? We have STRATEGIES. Reach out to Jer@theBusinessOfLending.com
“WASHINGTON – A bill to protect consumers who borrow with consumer loans has been introduced by U.S. Senate Majority Whip Dick Durbin (D-IL) and other lawmakers.
The bill, known as the Protecting Consumers from Unreasonable Credit Rates Act, would cap fees and interest on consumer loans at an Annual Percentage Rate (APR) of 36 percent. This is the same limit that currently exists for loans marketed to military service members and families.” https://lnkd.in/gumxCxa
Subprime Lending Opportunities: Lending to the Masses
Change is the order of the day. Banks are slowly eliminating NSF fees [Too much heat by the FED’s!], there are more and more white-labeled platforms, tools & 3rd party solutions being introduced weekly. M & A is scaling. Crypto solutions are creeping into our business. [Did you know you can earn 10%+ using BTC as collateral with a 30% – 50% LTV today?]
Do you have an opportunity? Capital available? Need an introduction? Idea? Challenge? Looking for talent?
Loan Tools You Need Today for Tomorrow. Lenders Beware: Biden + CFPB = More Heat!
By Jer Ayles: Face Facts, Small-Dollar Lenders! A Biden Presidency means certain “pain” for Lenders. Business to Consumer [B2C], Business to Business [B2B], MCA [Merchant Cash Advance], payday loans, installment loans, car title loans, line-of-credit loans, Fintech, wage advance… all will face increased scrutiny, compliance issues, and increased legal costs. Of course, CONSUMERS will be […]
Meet Me in Miami or Cabo San Lucas: November 2020
Finally, if you want to learn more about the latest 4 “Silicon Valley” mind-blowing platforms dramatically improving our lending/collection businesses by reducing headcount, Online tile lending, underwriting, debt negotiation via robots, delivering superb ROI’s…
Instant Wage & Income Earned Verification BEFORE the banks https://IWVPro.com
A new, revolutionary IBV [Instant Bank Verification] tool at 1/10 the cost of the old school vendors
An AI powered debt negotiation tool working 24/7/365 w//o your employees & call center CSR’s https://iouumpire.com/
A brand new Online Car Title Loan APP [IOS/Android] no more face-to-face title loans. REVOLUTIONARY!
Email me; Jer@TheBusinessOfLending.com or TrihouseConsulting@gmail.com
The Businesss of Lending to the Masses from the Perspective of ENOVA: Publicly Traded Sent Tuesday
Lenders want to know what the heck is going on! So many unknowns. Government subsidies, the election, Chinese virus, “essential business” definition, consumer demand for loans… Maybe you have a few buddies in our industry you can call. Perhaps you’ve joined a “virtual convention” & listened to the pundits and the academics. Now & then you might happen upon a balance sheet lender whose “in the weeds,” gotten their boots muddy, and actually bought leads and funded some loans.
Luckily for me, and for you, I’m privy to a lot of these conversations, deal-making, tribal developments, Fintech Founders reaching out to me for advice & counsel, investors in pursuit of information & guidance, vendors offering industry insight…
Consumer Wages & Employment Real-Time: a State-of-the-Art Platform
Instant Bank Verification on Steroids! Announcing a state-of-the-art service for sophisticated small-dollar loan balance sheet lenders! The simplest way to access, verify & update your loan applicants, & existing borrowers employment status up to the hour.; real-time! Better than IBV! We integrate DIRECTLY with employers! Major, significant employers! 22,000+ employers!! Want to know how many […]
Dinosaurs, CFPB, Parasites, Lobbyists and the Payday Loan Ability to Pay Rule
To be clear, I’m not saying demand for payday loan styled small-dollar, accelerated, hassle-free, quick, and easy loans are in decline. At least not in the long-term. With the FED’s “printing presses” spitting out cash to anyone who can breathe many brick-n-mortar loan stores are not exactly carrying tons of cash to their bank from new loan originations. But long term? The business of lending to the masses? The future is OURS!
PS: Details? Reach out to Jer TrihouseConsulting@gmail.com