REPORT:
How To Start & Operate a Payday Loan Business On the Internet
OUR GOAL With This Payday Loan Internet Report
Our goal with this report is to provide you with the information you need to convert your
existing payday loan knowledge base into the ability to start and profit by offering payday loans
via the Internet.
We will provide the insight and knowledge you require to negotiate the challenges that confront
you in developing a web site, driving payday loan customers to your site, delivering the funds to your cash advance
customer electronically, getting your principle plus fees back into your bank account, utilizing payday loan
software to manage your business, marketing your site via search engines, and more.
It is not our intention with this report to teach you every aspect of starting and successfully
operating a payday loan business. We do not discuss demographics, marketing (other than Internet
search engines), etc. These subjects and more are thoroughly covered in our Payday Loan Startup &
Training Manual described at: Payday Loan Startup &
Training Manual
IT'S A WHOLE NEW BUSINESS
The payday loan industry has grown into an estimated $14 billion dollar per year industry.
Demand is unquenchable! Consumers in the USA, Canada, England, Australia, New Zealand,
South Korea, the Caribbean and more, cannot get enough. At the present time, 99.9% of
these payday loan transactions transpire in "brick-and-mortar" environments. Like most retail
financial services offered in the marketplace today, the consumer must present himself at the
store-front with all his documents to apply for the loan. After standing in line, answering
several probing questions by a non-caring clerk, a few delays while TeleTrack, Telecheck, Accurint,
their employer, their references and more are conferred with; during which the clerk may have to
answer a few phone calls, the payday advance is approved and a check is issued. Next stop for the
consumer? Their bank...and more delays. Almost seems barbaric doesn't it? Isn't there a better way?
Well of course you know the answer! The INTERNET!! From the comfort of their home or work,
the payday loan customer of today can apply for a payday loan, be approved and have the funds
available within short order. Privacy, dignity, respect, and SPEED! And on the other side of
this equation, you and your team can operate from anywhere in the world!
TABLE OF CONTENTS with Chapter Headings:
- Our Goal
- It's a Whole New Business
- How Much $$ Can You Make
- Demand for Internet Payday Loans
- How It Works
- Your First Steps
- Web Site Development & Software
- A) In-House
- B) Out-Source
- C) Turn-key
- Search Engine Positioning
- Marketing: Other Than Search Engines
- Purchasing Payday Loan Leads & Applications
- Fees to Charge
- Faxing of Documents: Pros & Cons
- ID Verification Systems
- Man-loading/Personnel
- Default Rates
- Automated Clearing House (ACH) & Electronic Funds Transfer (EFT)
- Software Features & Issues to Consider
- Collections
- Sub-Prime Consumer Reporting
- Tactics & Strategies
- Licensing & Regulations: Fund All States Vs Licensed Vs No License
- How to Make $$ and NOT Fund Loans
- Resources
- Definitions
- List of State Laws & Legislation
- Your State license application
- List of State Regulatory Agencies
- List of Banks That Rent Charters
- List of State Organizations
- Helpful Links
- Bonds
- OFAC List
- Payday Loan Contracts & Disclosure Forms
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