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Start a Payday Loan Business

Start a Payday Loan Business

In a world where financial sectors are collapsing like dominoes, payday loans appear to be a solution to most individuals who urgently need some form of credit or a cash advance to stabilize their finances. It is, therefore, implied that the payday loan as an enterprise is an industry that has the potential to grow and thrive during these troubled ... Read More »

How to Start a Payday Loan Business

Start a Payday Loan Business

Some books and infomercials make it sound like you can get started in the payday loan business with little money and a simple office and just rake in the cash.  That was about 10 years ago.  Now with the increased scrutiny and burdensome regulations, the payday loan business got a lot harder.  In addition there is a lot more competition, both online and ... Read More »

Starting a Payday Loan Business – 4 Tips to Making Money

Starting a Payday Loan Business - 4 Tips to Making Money

  With the continued notoriety and media focus on payday loans it’s no surprise that we receive inquiries on a daily basis from entrepreneurs on starting a payday loan business. The payday loan product is in huge demand by consumers not only in the United States but in the United Kingdom, Australia, the Bahamas, New Zealand, Barbados, Korea, Japan and ... Read More »

Payday Loans – 10 Secrets to Making Money in the Payday Loan Industry

make money with payday loans

The majority of us are unaware of the multitude of ways an entrepreneur can make money with payday loans. Often we are so focused on our own passion, skill and knowledge base that we fail to comprehend other methods of monetizing our expertise and understanding of this dynamic industry. This brief discussion will cover a few of the ways we ... Read More »

Loan Approval in the Payday Loan Business

Loan Approval in the Payday Loan Business

    The loan approval process is very important in the payday loan business as making too many bad loans will ensure your money will never return.  It is critical that you have these policies written out before you open the doors and never make exceptions, even though the person sitting across from you is really nice. Nice does not pay the ... Read More »

Payday Loan Business Franchises

Payday Loan Business Franchises

    The easiest way to get started into the payday loan business is to buy a franchise, especially if you have no industry experience.  This is because the franchise has built a business model that works.  With a franchise you can call other payday loan franchisees to see how the company is to work with, have a strong marketing program out ... Read More »

Software for a Payday Loan Business

Software for a Payday Loan Business

There are a lot of features for software in the payday loan business that is on the market and it is difficult to evaluate the cost vs. benefits, especially without industry experience.  The software is a huge investment $80,000 and climbing but will have a huge impact on the operations, profitability and ease of running your payday loan business.   While ... Read More »

Location for a Payday Loan Business

Location for a Payday Loan Business

Location is a key component for success in the payday loan business.   For starters you should not be located along a stretch of road directly next to several other competitors unless you can start out with a more professional image at a simliar price. While placing your location in an area with different demographic, a good one will have a target ... Read More »

Licensing a Payday Loan Business

Obtaining state licensing for a payday loan business will be one of the toughest hurdles in getting started and is a pretty long process.  Many of states will require some kind of business plan and some states require bonding. The difficulty level also increases with the number of services you plan to offer (payday loans, title loans, check cashing, etc.)  Depending on ... Read More »

Costs to Start a Payday Loan Business

The costs to start a payday loan business can vary as there are multiple options from brick and mortar vs. internet site, franchise vs. start from scratch, size of market and the software. If you are starting a payday loan business yourself from scratch as a brick and mortar expect $40,000 and up for a turn-key operation with a leased ... Read More »