Check cashing/payroll loan biz?
 

Anyone ever looked into this? Set up small shops in the ghetto, and give out loans and cash checks at high rates.

I own two stores (well 50% of them) we do very good business..

V

why in the ghetto?

dont do it in the ghetto :P

Why are the pawn shops in the ghetto?

This has been one of the hottest franchises lately....those places charge a ridiculously high %...good service to have if local banks hold checks for a long time

I have a friend who owns a couple. He makes massively good ROI with it. You have to be willing to deal with the kind of people that you'll be doing business with though. He hired an ex-con and pays him quite handsomely to deal with the riff raff. :thumbsup

I know a few ex cons in this biz. Maybe we can hook up!

This is even better. Get a Van that is set up with a little slit on the side to serve your customers. Make sure you have bulletproof glass and armor on the van. Put CHECK CASHING on it and drive through the hood to cash checks. One would cash checks and the other would be for driving and security.

You could spread word that you'll be parked at such and such a corner on the 1st and 15th and then you could always get the flagdown traffic.

I've seen it done successfully in washington dc...The van would pull up to the curb and a line would form right there on the sidewalk.

The business doesn't have to be in the ghetto to make money. One of our stores is in a white collar area and it makes the most money. Remember you don't make money on bounced checks, but on people who need quick buck and pay the high %.

Bradshaw I can send you some websites that are good resources and also give you some info over e-mail if you are truely interested, there is no lie the ROI is very substantial.

V

I know some people making a lot of money at this in a small town.

Volantt drop me some info....

Been looking into some commerical property and franchises of various companies.

104463163

now that's some real ghetto shit :1orglaugh

Sure thing, let me get some work done today and I will jump back online and hit you up. I have done a lot of investing with the cash I pull in from this biz... I don't want to work forever...

1. Rentals
2. Buying Mortgage Notes
3. Payday Loan Biz w/cousin
4. 1 NightClub just started it.


V

Actually I heard about that being done. The people were pulling in some big time cash with it. Now that is 100% ghetto... :thumbsup

V

There is a high return , but the risks are there as well, Fradulent cheques, etc. I was going to do it a couple of years ago ,but after looking into it, and not knowing enough I backed off.The other oprion is a franchise, but I also did not want to do that because they take the cream, and at the time they also wanted some ridiculous fee to buy in. :2 cents:

everything that can make real money is risky

the key is to do research and invest in something you truly understand

vollant my emil is info at badtushy.com interested as well

I worked in the "B" loan biz for a couple of years...very stressful.

Those white collar guys need money to support their high consumption life style...they're the ones that are over spending and living above their means...

what is the ghetto? Is that something in Texass only?

Any area where the houses are under $500k is the ghetto.

its heading there at least in ny

They have franchises for those. I'd say try em out then learn and do your own.

I owned a pawnshop years ago. I'll tell you some stories in Cancun.