Serving Sub-prime: Pre-Corona,,, Post-Corona... It's ALL about the phone!
As of Oct 1st, 2020 weekly sub-prime loan applications are up 120% over May.
FED subsidies died.
First Time Payment Defaults [FPD] all-time low!
Lender cash balances are at all-time highs.
Loan revenue down 30% - 40%+ depending on geo.
Forbearance requests are down.
Online lenders significantly cut costs.
Fewer competitors serving sub-prime.
Open-ended loan products are the future.
We are headed into prime Christmas season! Second stimulus plan after elections will drive economic growth & credit demand. AND enable borrowers to pay you back!
Customer Acquisition Costs [CAC} is down!
Mention "Jer" for big discounts & free trials. Honestly, won't cost you an extra dime!
MY COUNSEL? Be ready to GO BIG!
Chinese virus simply accelerated the digital movement! MOIP: Money Over Internet Protocol.
EMBRACE THESE TRENDS or GET OUT.
