Payday loan business - GoFuckYourself.com

EscortBiz · 12-08-2004, 04:11 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

GTS Mark · 12-08-2004, 04:14 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!

DH

Dynamix · 12-08-2004, 04:18 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..

nofx · 12-08-2004, 04:20 AM

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

hydro · 12-08-2004, 04:22 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.

sean416 · 12-08-2004, 04:22 AM

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

EscortBiz · 12-08-2004, 04:23 AM

Quote:

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

steve90 · 12-08-2004, 04:31 AM

Quote:

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.

slavdogg · 12-08-2004, 04:56 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.

EscortBiz · 12-08-2004, 04:57 AM

Quote:

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)

slapass · 12-08-2004, 05:43 AM

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

slavdogg · 12-08-2004, 05:50 AM

Quote:

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.

363R · 12-08-2004, 05:58 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.

ClamSmacker · 12-08-2004, 07:22 AM

I love the Pawn industry

rocki · 12-08-2004, 07:34 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

Slavdogg... hey stranger... long time no see... if you are doing any mainstream in the financial niche please hit me up... i'm doing incoming and outgoing traffic now for cardtraffic.

raquel at cardtraffic dot com
icq 110206861

JFK · 12-08-2004, 07:48 AM

Quote:

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.

363R · 12-08-2004, 07:51 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.

jimmyf · 12-08-2004, 07:57 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.

NetRodent · 01-29-2005, 08:31 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.

Der Schleicher · 01-29-2005, 08:39 AM

pawnshops will do

BVF · 01-29-2005, 08:41 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.

Juicy D. Links · 01-29-2005, 08:44 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.

pornstar2pac · 01-29-2005, 08:58 AM

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

slapass · 01-29-2005, 09:02 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.

12-08-2004, 04:18 AM	#3
Dynamix G F Y not Industry Role: Join Date: Jan 2004 Location: MN Posts: 2,910	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.. __________________ TGPFactory Full TGP Design & Installation Services ICQ 250 142 484 · AIM TGPDynamix · Email: patrick (at) tgpfactory (dot) com See who I am at AdultWhosWho.com!

12-08-2004, 04:20 AM	#4
nofx Too lazy to set a custom title Join Date: Nov 2002 Location: Virgin Mary's womb Posts: 16,826	well if they dont pay up you just take some collateral or call the police ? __________________ Often times I wonder why There's love and hate, theres live or die. When sickness comes I must decide: When feelings go, theres suicide.

12-08-2004, 04:22 AM	#6
sean416 Confirmed User Join Date: Feb 2004 Location: Toronto Posts: 3,633	in the ghettos theres like 5 per corner here in toronto... so im assuming it does well over here. __________________ ServerProvider.com

12-08-2004, 07:57 AM	#18
jimmyf OU812 Join Date: Feb 2001 Location: California Posts: 12,651	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. __________________ Epic CashEpic Cash works for me Solar Cash Paysite Plugin Gallery of the day freesites,POTD,Gallery generator with free hosting

01-29-2005, 08:31 AM	#19
NetRodent Confirmed User Join Date: Jan 2002 Location: In the walls of your house. Posts: 3,985	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. __________________ "Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats." --H.L. Mencken

12-08-2004, 04:11 AM	#1
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	Payday loan business 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

12-08-2004, 04:14 AM	#2
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	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! DH

12-08-2004, 04:22 AM	#5
hydro Confirmed User Join Date: Dec 2003 Location: Dirty 3rd Posts: 4,216	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.

12-08-2004, 04:56 AM	#9
slavdogg Confirmed User Join Date: Jan 2001 Posts: 3,570	EscortBiz, do you have a good backend provided for this type of biz / site ? i'd love to hear from you if you do.

12-08-2004, 05:43 AM	#11
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	The downside is all of your customers are crackheads. Very hard to deal with.

12-08-2004, 05:58 AM	#13
363R Confirmed User Join Date: Jun 2003 Location: far far away, in a land unknown. Full of mutants and illegal immigrant webmasters. Posts: 217	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.

12-08-2004, 07:22 AM	#14
ClamSmacker Confirmed User Join Date: May 2004 Location: Oztralia Posts: 677	I love the Pawn industry

12-08-2004, 07:34 AM	#15
rocki Confirmed User Industry Role: Join Date: Feb 2002 Location: Fort Lauderdale Posts: 988	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 Slavdogg... hey stranger... long time no see... if you are doing any mainstream in the financial niche please hit me up... i'm doing incoming and outgoing traffic now for cardtraffic. raquel at cardtraffic dot com icq 110206861

12-08-2004, 07:51 AM	#17
363R Confirmed User Join Date: Jun 2003 Location: far far away, in a land unknown. Full of mutants and illegal immigrant webmasters. Posts: 217	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.

01-29-2005, 08:39 AM	#20
Der Schleicher Confirmed User Join Date: Jan 2005 Posts: 1,189	pawnshops will do __________________ Teeny Teen Girls - One of the best free pictures and videos online. WEBMASTER - We offer free hosting and dream submitter sign up now!

01-29-2005, 08:41 AM	#21
BVF Black Vagina Finder Join Date: Jan 2002 Location: The Midwest Posts: 13,975	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. __________________ Black Pussy Click On Mr Cosby..CCbill, 60/40, 136 FHG's....The Cos Loves Black Ghetto Pussy!!

01-29-2005, 08:44 AM	#22
Juicy D. Links So Fucking Banned Industry Role: Join Date: Apr 2001 Location: N.Y. -Long Island -- Posts: 122,992	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.

01-29-2005, 08:58 AM	#23
pornstar2pac Omaha Hi/Lo Join Date: Nov 2003 Posts: 17,380	They make good money, one by my house is always busy __________________ Trump haters gonna hate. that's all they can do

01-29-2005, 09:02 AM	#24
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	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.