New York STOP Act Kills Tip-Based Lending Models and Told the Entire “Tip-Based Lending” Industry to Drop Dead
The STOP Act is coming. And it’s not just New York’s problem. Here’s what happened: New York legislators introduced a bill that treats every dollar a consumer pays for a wage advance, tips, expedited fees, and membership charges as a finance charge. Slap those numbers into the APR formula, and suddenly the “no-interest” earned wage apps […]
Payday Loan Lender Collections: Proven Tactics, Scripts, Timeline
Quick answer: Strong results come from three things. 1) A clear timeline with specific call attempts and letters. 2) Calm, compliant phone language that sets same-day payments or firm promises. 3) Meticulous notes in your LMS so nothing slips. Letters matter for notice, but recoveries are driven by effective phone contact plus accurate reporting where […]
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 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…