How Lending to Strangers Can Become Your Most Profitable Venture Yet!
Lending Money to Strangers Grab Our Course Customer Referral Programs Here’s an expansion on the idea of “Smart Referral Programs” for lenders, specifically focusing on providing excellent customer service and enhancing client engagement through various strategic actions: 1. Personalized Customer Service: By ensuring customer service representatives (CSRs) address clients by name, lenders can create […]
Rethinking APR: The Misguided Metric Hurting Borrowers
Misconceptions Around Short-Term Loan Costs and the Ineffectiveness of APR Understanding Short-Term, Small-Dollar Loan Expenses Short-term, small-dollar loans, often misconstrued in cost discussions, have a straightforward expense structure for consumers: borrowing $100 typically incurs a flat fee of $15 until the next payday. This model is transparent, with no hidden charges or escalating interest, ensuring […]
Lending to the Masses: Referral Idea
Small Dollar Lending: Idea for Customer Referrals To express appreciation for its clients and underscore continued support of their ongoing financial goals, BargainPaydayLoans.com has launched a customer referral program, awarding existing clients an impressive $110 per new customer referral. [NOTE: All-in, it’s common for lenders to spend as much as $180+ to fund a loan!] Through the customer referral […]
CURO Declares Chapter 11
CURO Group Holdings Corp., a publicly traded consumer lender, has entered Chapter 11 bankruptcy proceedings. This form of bankruptcy involves the reorganization of a debtor’s business affairs, debts, and assets. The Company is an omni-channel consumer finance company founded more than 25 years ago to meet the growing needs of consumers looking for convenient and […]
Unlock the Power of Speed: Instant Funding Solutions for Modern Lenders & High-Risk Borrowers
Expanding Access to Small-Dollar Loans: Innovative Funding Methods for Subprime Consumers In the evolving landscape of online lending, especially for subprime, credit-challenged consumers in the USA, it’s crucial to explore and implement versatile funding methods. This blog post [signup for our free Newsletter] delves into various strategies to streamline financial transactions for these consumers once […]
Texas Credit Access Business [CAB] License
THIS IS AN OFFICIAL EMAIL FROM THE OFFICE OF CONSUMER CREDIT COMMISSIONER DELINQUENCY NOTICETexas Credit Access Business As of the date of this notice, we have not received the fees to renew one or more of your Credit Access Business Licenses. All licenses will cancel non-renewable if fees are not received by December 31, […]
Must-Read: The Hidden Consequences of the Senate’s 36% APR Loan Cap Bill!
Predatory Lending Elimination Act (S. 3549) Analyzing the Impact of the Proposed 36% APR Cap on Consumer Loans IntroductionThe U.S. Senate is considering a significant legislative move that could redefine the consumer lending landscape in America. The “Predatory Lending Elimination Act” seeks to implement a nationwide 36% annual percentage rate (APR) cap on all loan […]
How to Start a Payday Loan Business in 2024
The Comprehensive Guide to Starting a Payday Loan and Check Cashing Business Introduction to the Payday Loan and Check Cashing Industry The payday loan and check cashing industry presents a unique blend of financial services, offering quick, short-term loans and check cashing services to customers. With a market size of approximately $11 billion, it’s a […]
Subprime Lender Enova fined $15MM by CFPB for “widespread illegal conduct”
Enova International: Examining Regulatory Compliance and Industry Impact Introduction In the competitive world of fintech, compliance with regulatory standards is pivotal in establishing trust and maintaining operational integrity. The recent developments involving Enova International and the Consumer Financial Protection Bureau (CFPB) highlight the complexities and consequences of regulatory adherence in the financial technology sector. Enova’s […]