A typical question I get every day about starting a consumer loan business:
My name is XXXXX and I live in the State of XX in Center City. I want to have my own check cashing / Vehicle Title loan business but what if I don’t have money to open one up in the beginning? Does you guide – your “bible” – advise on what to do, etc? Everything basically?
We certainly do! But you have to be realistic. You need to know the intricacies of “lending money to the masses profitably”, you need to be aware of the latest technology, underwriting, production. advertising… strategies for servicing this demographic, you need folks with money to buy into you and your vision!
We provide the knowledge, know-how, inside tactics and strategies. YOU must implement it.
The demand is huge! Billions lent every month at sky-high interest rates. The profits are there to be had. No single incumbent has more than 6% of the market today. And yet Enova and Curo just reported they each lent out nearly $400,000,000 to consumers in the last 3 months at 200%+ interest rates!
Best,
Jer – Trihouse