Payday Loan Operators Must Embrace the Internet


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It's a fact! More and more the Internet is playing a role in the payday loan industry. Consumers by the thousands are logging on to the Net every day to apply for payday loans. They do it from home, from work and from the library. They do it from virtually everywhere in the world including the USA, the UK, Canada, Australia, Korea, Japan, Ireland, New Zealand, the Bahamas and more. They apply for cash advances from states not having favorable payday loan laws like Georgia, North Carolina, New York, PA, NJ, and Oregon. And, they apply from states and provinces having safe-harbor legislation like California, Nevada, Arizona, Florida, etc.

We have clients receiving tens of thousands of cash advance applications every week via the Internet. Typically they fund 15% to 40% of these depending on their underwriting criteria.

And let's not forget CashNetUSA. You remember! An Internet based payday loan company started in 2004; purchased for $35,000,000 in 2007 by Cash America, a brick-n-mortar play. Did you know Cash America launched in the UK 30 days later? On the Internet? Using the CashNetUSA software platform? Unreal! With the aid of the Internet they were able to literally "flip-a-switch" and offer their cash advance product to an entire country!

Now you're probably wondering how those of you with stores could possibly care about this situation. The fact is, the Internet guys are taking market share from you. Every day your customer base is eroding. It may be a trickle now but it is a certainty if you're not using the Internet to service your customer base you are not going to reach your potential.

The Internet offers you the ability to provide your payday loan product to your entire state/province rather than the 5 mile, 8 mile, 10 mile radius around your brick-n-mortar! You're licensed in your state! Why not service your entire state?

Sure, there are challenges. Marketing to a customer base throughout your state/province is a different animal. Yeah, your team will need to become acquainted with search engine tactics. And how do collect from a client 500 miles away? Hint:

And what about documentation? Well, CL Verify, Accurint, Lexus Nexus DP Bureau and others can help you with docs, eSignatures and more.

We know what your thinking. I'll need a web site and Internet based cash advance software. Yes, you will need to address those issues. But if you attended the last FISCA convention you know these challenges are not insurmountable. And if you ordered our Payday Loan Internet Report you already have the answers!

The next issue of Cheklist Magazine will probably provide some answers as well. You do subscribe to Cheklist?

Have you heard of Craigs List? The free Internet based bulletin board? We place a free ad in each city we have a cash advance store in. We average 2-5 funded payday loan applications each and every day from Craigs list depending on the size of the city! We all know the life-time fee value of a payday loan customer. $1,200? $2,000? Thats pretty good for zero cost!

We'll cover more of this topic in a future Payday Loan Newsletter.

For now, start thinking about this opportunity. Get up to date. Get on the Internet and start using Google and Yahoo for payday loan research. Signup for future free Payday Loan Newsletters over on the left.

This topic is not over. We are just getting started.

The Payday Loan Guys at:

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