Single-payment "payday loan" products are dinosaurs!
The media, politicians, competitors [Think banks, credit unions, so-called consumer advocates...] - ALL have their own agendas - continue to beat the drum of "irresponsible payday loan products."
Talk to real people lacking 800+ FICO scores who use the multitude of personal loan products offered by those of us on the firing lines AND actually funding sub-prime loans in the marketplace today.
The Trump economy is kicking ass! 7M new jobs in 2.5 years! 10,000 new factories under construction in America today! Love the guy or hate him, these are facts.
Still, 50% of US households can't get $400 cash into their hands in an emergency. The knuckleheads who have never had a conversation with our customers tell them, "Go to your church, your friends, your family, your credit union... " Name the poison. Our customers have already tapped these sources out IF they ever existed!
Rather than parrot the same old B.S. themes of irresponsible, rich, non-tax paying, unscrupulous payday lenders taking advantage of poor Jorge Jones, the teacher whose car broke down, borrowed $300 for $45 in fees for a month... put yourself Jorge's shoes!
Where does he go?
The bank? A credit union? Have you visited a branch lately? The tellers are worse than robots."Go over there and call our 800# and enter HELL...
For $300? Are you kidding me?
Church? Maybe. It's likely their little emergency fund for the Jorge's and Jane's of the world is empty.
Friends and family? They are either in the same boat as Jorge OR they are simply tired of giving Jorge their hard-earned $$.
Invest your precious time and listen in on a quarterly earnings call by any of the publicly traded "payday loan companies" and you'll quickly learn they are "moving on" to new loan products offering instant funding, lower fees, less friction... serving the Jorge's and Jane's of the WORLD!
Sub-36% APR loans? Federally mandated? It could certainly become a reality. DC just introduced another bill that would take effect in all 50 states. California's sub-36% APR mandated loans goes into effect January 1st. Nebraska has a <36% APR bill on their ballot. South Dakota went dark. I can name 5 companies right now offering <36% APR loans and killing it. [AND NO! They are not using the bank model to acces capital at nearly zero rates!] One of them
just added 5,000,000 new customers during the past 9 months - each paying $1/month - for the privilege of maintaining an account with this lender. That's $5M monthly top line revenue for the lender w/o funding a single loan! Online. Via "the phone."
So what!
"They" cannot legislate demand to zero! Folks need cash! Immediately!!
So figure out how to service these customers.
You want answers? You want straight talk? You want solutions? You want real world strategies and tactics to enable you to stay in this game? Tribe introductions? California loan models - the biggest market for sub-prime loans in the USA - that meet the 36% mandate AND enable you to achieve superior returns? You have $$ to put to work? You want to sell out your small-dollar loan business and open a yogurt shop? Or simply retire? Buyers want your paper. Servicers want your "book"!
Here's how: I'm back! You have not heard from me for quite a while [Sure, you likely received an email from our automated platform now & then] because I've been goofing on in Europe for MANY weeks.
I've been at this since 1998. Opened my 1st store in Garden Grove, Calif.
I've experienced all the ups and downs as a LENDER, as a CONSULTANT, as a CONFIDANT, as a MOUTH! I've seen it all. The bank model explosion, the FED's clampdown in 2009, states going dark, Operation Choke Point, peer-to-peer and crowdfunding, pawn, BHPH, goofy internet services to circumvent "usury rates, wallets like Paytoo... all of it!
WE SHALL CONTINUE TO SURVIVE AND PROSPER: GUARANTEED!
Not a day goes by that I don't receive calls, texts, emails, correspondence... revealing opportunities in "the business of lending money to the masses!"
You want to collaborate with a Native American Indian tribe but don't understand the model or have a clue who to reach out to?
https://www.LeaningRockFinance.com Start the learning process. They are discreet!
You have money to invest? You want to sell your operation? You want to buy portfolios, raise $$, you want to BEGIN? Are you a vendor with a kick-ass solution enabling lenders and investors to continue to serve the millions of customers world wide who WANT OUR MONEY & a RELATIONSHIP WITH US FOR THE LONG TERM?
Finally, if you're in this space for the long term and for whatever reason think this is the worst of times rather than the BEST OF TIMES, gain some perspective.
READ! LEARN! LISTEN! BE INFORMED!
The information and connections you need are out there! Stop with The WSJ and the fake media and create something.
PLEASE do not forget! For perspective regarding the history of money lending, banking, building true enterprise value, serving our communities, inspiration and recognizing that DISRUPTION = OPPORTUNITY, get over to Amazon and get your hands on:
PS: Get the audio versions so you can hit the tread mill, ride your bike, run, walk, crawl... CHILL... name your poison and open your mind.
Finally, If my style is unappealing click here to unsubscribe: Hate to see you go but it's cool. No tricks. You're gone.
PEACE & OUT!
