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How To Start a Payday, Car Title and Consumer Loan Business
Payday loan, car title loan, installment loan... consumer lending businesses are popping up all over the United States, Canada, Mexico, the Caribbean, Australia, New Zealand, England, Ireland, and more. The consumer loan industry may be the fastest growing financial segment - bar none! Not only can you find a consumer loan store virtually everywhere, but additionally there are consumer loan web sites as well. As a matter of fact, the consumer loan internet component offers even greater rewards than the consumer loan brick-n-mortar! After all, we all know more and more consumers are migrating to the Internet to purchase products and services.siteground
(That's why it's so important to follow our advice in our consumer loan business training materials and "Embrace the Internet." Let us show you how to profit with consumer loans by using just the Web, stores or both.)
So, why is this so? Why is the payday loan/car title loan/installment lending industry growing at such a rapid rate? And why are a few of the most savvy financial minds entering this "loan shark" business segment? The answer, of course, is the TREMENDOUS PROFITS AVAILABLE! Depending on the state or province, consumers are paying $10 to $35 per $100 borrowed for a term averaging 8 days. These fees are equivalent to 480% to 1200% APR's (Annual Percentage Rate). These returns are simply PHENOMENAL!
Not only are the fantastic profits luring entrepreneurs to the consumer loan industry but consumers throughout the world have an insatiable demand for these alternative loan products! Small loans ranging from a few hundred dollars to $1500 or more are in huge demand by cash strapped consumers everywhere on this planet. The demand for these so-called "micro-loans" is so profound that Muhammad Yunus who founded the Grameen Bank won the Nobel Peace Prize for leveraging small loans to impoverished families. Take a look at his book; "Banker to the Poor: Micro-Lending & the Battle Against World Poverty". (Couldn't we use a portion of our profits and our business model to help families? Think about it!)
Sure, you're reading this and saying to yourself, "Who the heck needs to borrow $300, $500, $1000 and more until their next paycheck? I cannot imagine."
Payday loans, title loans and installment loans were developed to help a person receive the money they need today without having to wait until their next paycheck.
We delay the deposit of their personal check until their next pay day, which is usually less than 2 weeks away.
With a payday loan, they get the cash they need before their next payday!!
PAYDAY LOANS, CAR TITLE LOANS and INSTALLMENT LOANS are one of the fastest growing businesses in the US, Canada, Australia, Costa Rica, South Africa, England, and others. It's the ideal complement to your present business or as a new establishment. If you have a 5 ft. by 5 ft. area available, you can turn it into additional income.
We are helping entrepreneurs open consumer loan offices everywhere! There is a tremendous opportunity for individuals to open a consumer loan business and get in on the ground floor of a wonderful, money making business. You can even open a Consumer Loan business in conjunction with your existing business. Pawn shops, check cashers, liquor stores, car and truck rental companies, furniture rental stores, etc., are opening consumer loan businesses.
A typical 8 day payday advance extended to your client will yield an annual percentage rate on your money of 805%!. Starting costs vary tremendously and are determined by your goals. A new store might require leases, first and last plus a deposit, signs, licenses, phones, etc. Adding a consumer loan business opportunity to an existing business requires hardly more than working capital, business cards, flyers, advertising, forms, etc.
Consumer loan working capital requirements are determined by you! We have witnessed new operators who began with less than $5000.
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A consumer loan business is easy to operate IF YOU KNOW HOW TO CONTROL IT. Typically, you advance your check to your client and accept their personal check for an amount in excess of the amount of your check. Your accepting a check, giving the writer less than its face amount, and holding it for an agreed upon period of time. Thus, paycheck advance or paycheck loan or deferred deposit or...
The rationale behind the boom in payday loans is perceived high credit card rates and high bank fees for bounced checks. Immediate gratification by the consumer is another driving force in the deferred deposit business. There is nowhere a consumer can go for a small loan in an emergency. Banks don't do it and loan companies are too slow and complicated. High check bouncing fees drive the business. Banks charge a $35.00 fee and more for bouncing a check (even more for a 2nd or 3rd!). Then the original recipient of the check charges a fee. (Remember the recipient's bank charges a fee to them!) That can make a paycheck advance/deferred deposit fee the best choice.
YOU CAN MAKE A TREMENDOUS AMOUNT OF MONEY IN THE CONSUMER LOAN BUSINESS AND HELP PEOPLE IF YOU KNOW WHAT YOU'RE DOING!!
To achieve success and make SERIOUS MONEY you need Information. Our How to Loan Money to the Masses Manual & Seminars cover the following Topics:COMPREHENSIVE TRAINING
ALLOW US TO TEACH YOU TO BE SUCCESSFUL IN THE CONSUMER LOAN INDUSTRY
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