How to Start a Car Title Loan Business
How to Start a Car Title Loan Business Introduction Starting a car title loan business can be a great way to make money and be of service. By ensuring you have everything in place and are prepared for the challenges of owning such a small business, you’ll be able to get off on the right […]
Subprime Loan Originations Expected to Soar After Q3
A new Bank Rate study is out! [Link below.] “As the job market cools down and inflation heats up, a new survey from Bankrate indicates that side hustles are a necessity for a growing number of Americans. Former top motivations for side hustling, like paying off debt and saving, have given way to a […]
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.
Heads Up: Debt Buyers Paying More for Our Bad Paper
payday loan, car title loans, installment loans… % Debt buyers are in a state of frenzy. Payday, installment, car title… lenders are working their bad debt longer than normal. Why? Our subprime borrowers are sitting on a ton of cash. Our collection Team is experiencing more than usual success.
“The Payday Loan Puzzle.”
“FACT: Two-thirds of individuals who use both credit cards and payday loans have at least $1,000 of credit card liquidity left when taking out a payday loan.” The term “Payday Loan” comes with more negative connotations than the term “carpetbagger” did after the Civil War. Our industry, “the business of lending to the masses” has […]
How to Loan Money to the Masses Profitably
Let’s get real! Lending money to the masses can be very profitable!
We are rapidly becoming a nation of “haves” and “have not’s.” The average U.S. worker is paid $23/hour. In real terms, $23/hour has the same purchasing power as $6/hour 40 years ago. The result? Staggering household debt! [Yes, I know! Many of you are reading this Course as you sit in Australia, Europe, the Islands, China… It’s the same theme everywhere. The business of lending money.]
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