This is Probably a Bad Idea: I Own a PDL...
Published: Wed, 08/15/18
This is Probably a Bad Idea… I Own a Payday Loan Company.
Question: Do you have trouble sleeping at night?
Payday Lender: Not even slightly!
Q: OK, what are some ways I, as a loan holder, can avoid getting super screwed by the exorbitant interest rate?
Payday Lender: Pay the whole damn thing off NOW and never take another loan out from me.
Q: My plan, but sometimes you’re in a hard place, and these guys are the only option. But I totally agree.
Payday Lender: Is it online/tribal? Do they show their lending license? If its tribal, stop paying. Then send a letter saying you will only pay 20% interest.
Default on the first payment then renegotiate is the easiest. Work with unlicensed vendors(tribal or foreign). Not state. They have no teeth with claims because they aren’t obeying the state laws so collecting is hard for tribes if not impossible.
Q: What percentage of your customers are one time (or at least, super rarely) customers compared to the every week sort of customer?
Payday Lender: About one...
READ The rest of the Article HERE. :
http://paydayloanindustryblog.com/this-is-probably-a-bad-idea-i-own-a-payday-loan-company/
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BE BAD!
Jer