Payday Loan Applications & Frequently Asked Questions - Buy & Sell
At PaydayandPaycheckloans.com we receive calls and emails every week asking us about buying
and selling payday loan applications. So... we asked the
professionals to bring our readers up to date
regarding this important topic.
Never think because you're focused on the "brick-n-mortar model" (stores) that this subject
is of zero importance to you. Leads and applications from local customers can make a huge difference in
your profits. Never forget the life-time value of your customer.
Also, if you're a payday loan affiliate trying to make money selling payday loan leads and applications to
payday loan funding companies you'll want to pay special attention to this as well.
So... you want to learn more about payday loan leads? Read on...
What is a PDL Lead?
A Payday Loan (PDL) or Cash Advance Lead is a consumer looking to obtain financing through an unsecured
loan product which is designed for short term use. Generally a "lead" is classified as an interested
consumer who has taken the time to complete a loan application while providing full information. That
information includes full name, address, home & mobile numbers, personal identification items, employment
status & income, references, and if they currently have an active checking account.
Different sources of PDL leads:
A "source" is the start, beginning, or origin of something. In the marketing industry the terms used to
identify different sources are: organic search, search engine optimization, PPC (pay per click), email,
banner, contextual, video, print, radio, and TV advertising. Different methodologies have been applied
to generate interested consumers looking for a Payday (PDL) or Cash Advance Loan.
Why certain sources are better than others?
Do you wear the same size shoe as all your friends? Of course not! Same thing applies in which scenario
of sources are better than others. Typically the most preferred way of obtaining customers is where
they initiate a Google or Yahoo search by typing something like "I need a loan". From the results
they will select which advertisement looks most appealing and then hopefully apply for their Payday
Day Loan. Every source is existent because it has proven its effectiveness in the market place. As a
buyer or lender, you will have to decide which sources are most prevalent to your portfolios needs.
What to watch out for as a buyer/ lender?
The number one issue with a lead generation campaign in any industry is fraud. Buyers should put
several verification systems in place to validate the identity of the applicant. The best solution
is to verify via phone with every transaction if applicable. The secondary issue would be leads
sold multiple times to several buyers all within minutes. A trusted and amicable relationship with
your lead provider will go a long way in seeing a positive outcome.
What to expect, how to avoid pitfalls?
Setting clear expectations on what should happen and the type of outcome you might see from the campaign
is very important. As we know Murphy's Law, "If something can go wrong, it will go wrong". A lead
generation campaign is no different. Technology can bring situations that were unforeseen at
conception as well. Overall working with a trusted partner that has longevity in the industry is
ideal. At least you know they are committed to successful solutions.
Rough range of pricing of leads:
There are several ways to price leads. Most common would be purchasing on different tiers or
levels in a lead providers market place. That can range from $1 all the way up over $100. Other
pricing arrangements could be on a Cost Per Funded Loan (CPFL) or on a Revenue Share (split 80/20) model.
How to help your lead provider do a better job for you?
Communication between your lead provider and you are extremely relative to the outcome of your
campaign. Be willing to share statistics of how the loan performs after funding, what sources of
leads are converting best, and communicate your realistic expectations of the campaign. Feedback
from buyers is the number one key for a successful lead generation campaign.
How to get the most from your leads?
Some buyers after initially buying a lead will not pursue a continued monetization campaign to
convert the client if not successful on the first round. The sole responsibility of the marketing
company is to bring a prospective customer to your door step but it is the buyer or lenders
reasonability to sell them on way they should accept the loan. Be willing to invest additional
marketing methods after the lead is received such as offering a special offer via email, call
center, or print mailer.
Any other Tips for buying payday loan leads?
Most companies to a certain degree taunt that they have "exclusive leads". The real question would
be how would the lead provider know that you the buyer have never seen that lead before without
presenting it to you? Let's face it, people want money and will go to extreme lengths with multiple
applications online to find someone willing to give them money. Please remember that you will see
a certain percentage of duplicate leads whether they are from your portfolio or from another lead provider.
Lastly, be cautious of companies asking you to prepay money to receive leads. Unfortunately this
isn't the dollar menu at McDonalds. Make sure the rationalization of why a prepay is required is justifiable.
Want to discuss your situation with a pro? Do you need payday loan leads? Email your contact info to receive additional information
free. Email Your Contact Info
Trihouse Enterprises, Inc.
Payday & Paycheck Loans & Consulting
823 South 6th Street
Suite 150
Las Vegas, Nevada. 89101
1-702-889-9555
eMail Us
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