Turn-Key “Small-Dollar Loan Biz in a Box” for Lenders & a Strategy a la Chime Bank

Published: Fri, 04/10/20

Crazy times demand I break my rules! I refrain from bombing your Inbox too often BUT this cannot wait.

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A colossal quantity of intestinal fortitude and enormous liquidity is required for a balance sheet lender to fund small-dollar loans in this environment!

Post Corona Theme for Lenders?

MOIP: MONEY OVER INTERNET PROTOCOL

Frankly, if you have been following my counsel, invested in our "How to Lend Money to the Masses Profitably Course," scheduled and/or completed a consultation with me, you are already hunkered down, 100% focused on hoarding cash, achieving liquidity, and performing "soft-collections."

In other words, YOU ARE PREPARING FOR THE AFTERMATH!

"The business of lending to the masses" will never be the same. Many of the pre-Corona small-dollar lending incumbents will be gone! If you're attending a Zoom webinar with your peers, know that 7 of every 10 participating will not survive.

What's this mean for you? OPPORTUNITY!

Consumers, since "the beginning..." NEED CASH! Their need for CASH will not abate!

Be ready to SCALE!

Digitize your small-dollar loan business. That means enable your customers to both borrow and pay you via their phone, tablet, computer...

No longer does this require tens of thousands of dollars to accomplish! "B2C Lending in a Box" solutions exist now. Turn-key packages to "go live" are available for as low as $2,000.

These $2000 complete "loan business in a box" packages include:

You select from a multitude of custom website Themes [see just a few of them below] targeted for lenders that are ready to rock-n-roll.
Your Theme will be customized exclusively for your needs.
Changes to the Loan Application Fields ( Remove or Include fields)
Change the color of the themes.
Includes branding and logo.
Fully Responsive – Mobile Friendly website(s)
Online Loan Application
Social Media Setup and Integration
Google Analytics Integration
Inclusion of Keywords and Meta-tags for SEO
Hosting Support
The website will be tested for performance and will be optimized

Here is the list of items that you, the lender must provide:

Textual Content to be placed in the website
Logo and Graphics – if you want specific images to be included [Hint: use Fiverr.com]
Any specific color themes to follow
Slogans/phrases/taglines to be placed on the website.
Hosting / WebServer/Domain details and credentials to host the website. [Hint: budget $15/year for your BlahBlah.com domain. Budget $5 -$20/month for hosting.

If you're already a Lender, integration with the Loan Management Software that you currently use will be performed and charged at the rate of $48 an hour. This from the developer, "We don’t know their existing LMS and its API. Therefore, we don't have the ability to provide an estimate for this. If they want the leads from their website to go to the LMS, they need to provide us the API documentation.

NOTE to current & prospective Lenders: in addition to building mobile-friendly and responsive websites for Lenders, these developers also offer complete, state-of-the-art consumer and merchant cash advance loan software solutions. If you've been considering changing your current LMS provider, these are the guys to employ! They have flat-rate packages available. I've been recommending AND using them for years! {Full disclosure: I use others as well.]

FINALLY, here's one interesting idea brought to my attention by American Banker.

Chime Expands Stimulus Advance Offering to 100,000 Customers

Digital only bank Chime was one of the first firms to offer customers a chance to advance part of their stimulus check and the company is now expanding the offering to 100,000 customers; the expansion comes with the caveat that users can limit advances to $200 per person; the initial program was piloted to 1,000 customers who had the ability to draw up to $1,200, most advanced between $100 and $350; “The insight we got from our first pilot was that the vast majority of people did not want to access the full $1,200,” said Chris Britt, Chime’s CEO, to American Banker. “In listening to our customers, through social media and direct feedback, a lot of people said they could use $100 or $200 to go to the grocery store one more time. We wondered if we could just reduce the dollar amount since it appears people aren’t accessing it anyway, and offer it to more people.”; Chime is taking on the risk as it does not know who will receive stimulus checks but they believe the advance is worth the investment to acquire a customer. AmericanBanker.com

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Jer - 702-208-6736 Cell TrihouseConsulting@gmail.com
https://www.TheBusinessOflending.com
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