Payday loan business - GoFuckYourself.com - Adult Webmaster Forum

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#1

Payday loan business

12-08-2004, 02:11 AM

anyone here run one or know someone that does?

how many people really need these 30 day 500 dollar loans?

Basically on 500 bucks you get 100-125 dollar return for 30 days

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#2

12-08-2004, 02:14 AM

I sometimes go into the moneymart we have here in our small town to pick up western union money orders. It usually takes like 10 minutes because the employees they hire are mildely retarded. So I get to overlook some of the other transactions going on and jesus christ some people sure are willing to pay top dollar to get their cheques cashed now instead of waiting for their cheques to clear with their banks.

That shows to me that there definetely is a market for this kind of business. However the amount of bullshit you would have to endur I would imagine is neverending. LOL!

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#3

12-08-2004, 02:18 AM

I've thought about it before when money's been tight, but then again many people can apply for a Cash Advance through their bank with better interest.. assuming the market you'd be targetting even has an account at a bank..

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#4

12-08-2004, 02:20 AM

well if they dont pay up you just take some collateral or call the police ?

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#5

12-08-2004, 02:22 AM

i used to do one, with a little seo you could easily find 5 clients a day but its too much work for little return asuming you'll charge a reasonable intrest. Ive seen some places doing 300% intrest.
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#6

12-08-2004, 02:22 AM

in the ghettos theres like 5 per corner here in toronto... so im assuming it does well over here.

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EscortBiz

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#7

12-08-2004, 02:23 AM

Originally posted by hydro
i used to do one, with a little seo you could easily find 5 clients a day but its too much work for little return asuming you'll charge a reasonable intrest. Ive seen some places doing 300% intrest.

20-25 bucks on 100 dollars is the norm

so let me ask you, what is the real headache in that business etc. just doing some research

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#8

12-08-2004, 02:31 AM

Originally posted by EscortBiz
20-25 bucks on 100 dollars is the norm

so let me ask you, what is the real headache in that business etc. just doing some research

my guess would be ppl not paying. your dealing with a person that can not wait a week or so for their next pay day.
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#9

12-08-2004, 02:56 AM

EscortBiz, do you have a good backend provided for this type of biz / site ?
i'd love to hear from you if you do.

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#10

12-08-2004, 02:57 AM

Originally posted by slavdogg
EscortBiz, do you have a good backend provided for this type of biz / site ?
i'd love to hear from you if you do.

hi

what do you mean by that?

right now im really researching this, looks likes its all ACH debit type stuff (both to lend the money and take the payments back)

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#11

12-08-2004, 03:43 AM

The downside is all of your customers are crackheads. Very hard to deal with.
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#12

12-08-2004, 03:50 AM

Originally posted by EscortBiz
hi

what do you mean by that?

right now im really researching this, looks likes its all ACH debit type stuff (both to lend the money and take the payments back)

Someone that handles all the transaction part of the process while we handle the marketing. Not someone thats just buying leads.

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#13

12-08-2004, 03:58 AM

Generally PayDay loans are for 2 weeks. At about 11% interest. It's a booming business right now. Once they have to payback the previous loan they are back 2 weeks later doing it again b/c they are low on money. It's a vicious cycle, almost like a pawn shop.
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#14

12-08-2004, 05:22 AM

I love the Pawn industry
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#15

12-08-2004, 05:34 AM

if you start up this business then lmk. Fastcash offers are my #1 seller to my members. I have very targeted buyers from our financial sites. What would be even better is if you get an offer that is a bit more then 500.00... like 750.00 or 1000.00

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#16

12-08-2004, 05:48 AM

Originally posted by 363R
Generally PayDay loans are for 2 weeks. At about 11% interest. It's a booming business right now. Once they have to payback the previous loan they are back 2 weeks later doing it again b/c they are low on money. It's a vicious cycle, almost like a pawn shop.

Its worst than Pawn shops, here in canada they are limited to 60% intrest per annum. There is starting to be a backlash against places like Money Mart and others whos annual effective interest rate is about 300%. In a legit pawn shop you have a year to redeem your merchandise, they charge about 35% per annum. With payday loans its a vicious cyle going from payday to payday.

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363R

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#17

12-08-2004, 05:51 AM

Florida used to have vehicle title loans for outrageous interest. A Law was passed banning this business b/c it was so shady. Most who were in the title loan business moved over to the Check Cashing Payday Loan business.
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#18

12-08-2004, 05:57 AM

usually payday loans places do check cashing also at least where i live. If you are going 2 do checking cashing better have some big money real big money.

Was talking 2 a lady that worked at one, and her boss had to sell it. Tax return checks can amount 2 in the millions (in one day), and you don't get your money for like 7 days.

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#19

01-29-2005, 06:31 AM

Make sure you carefully consider the legal and moral consequences of the payday loan business.

Here's a very interesting study of fringe banking (payday loans, pawnshops, cheque cashing, etc):
http://ius.uwinnipeg.ca/pdf/fringe.banking.Chesya.pdf

Personally I wouldn't touch this business with a ten foot pole.

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#20

01-29-2005, 06:39 AM

pawnshops will do

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#21

01-29-2005, 06:41 AM

I know of people who rely on that shit every week. Once they get in that payday loan trap, it's HARD for them to get out so they end up paying back and reborrowing the same money over and over everytime they get paid.

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#22

01-29-2005, 06:44 AM

alot of people have demand for that.

A good biz to open up is one of those check cashing joints. there is one here in hicksville by the train station that does a killing.
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#23

01-29-2005, 06:58 AM

They make good money, one by my house is always busy

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#24

01-29-2005, 07:02 AM

old thread but I did just notice that one on cj.com just closed theor doors. So the market is more open then before but there must be a problem or they would have been making bank.
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