Tag Archives: payday loan

Installment Loans vs Payday Loans. What’s the Difference?

Installment Loans vs Payday Loans. What’s the Difference? Continue reading

Payday Loan & Installment Loan APR Calculator

APR Calculator & Fees for Installment and Payday Loans APR Formula: [Note: Click LINK below to download a PDF of this Formula.] 100 X 365/D X (C/L -1) =APR Where: D = number of days of loan C = total cost of loan L = amount of loan Typical Payday Loan example: Client borrows $100 […] Continue reading

Texas CSO, CAB and 3rd Party Lender Metrics

Texas CAB and Texas CSO- How to Start a Texas or Ohio CSO – CAB lending Company How Texas and Ohio Installment loan lenders and Payday loan Lenders Use CAB’s and CSO’s – Credit Access Businesses – to Increase Their APR’s above the lower mandated small dollar loan caps. The Texas Constitution mandates a 10 […] Continue reading

Real World PDL vs Bank APR Comparison

There is continued controversy regarding the Annual Percentage Rate [APR] of a payday loan – single payment product – versus bank overdraft fees. Continue reading

The Unbanking of America-Professor Lisa Servon Worked in a Payday Loan Store

Why the Payday Loan Industry is Not Only Surviving But Thriving in 2017! Why do real people use payday loans? Why does the middle class choose check cashers rather than banks? Watch Professor Lisa Servon discuss her new book [2:09 minutes in Video] “Unbanking of America.” One of the RARE academic’s who ACTUALLY LEAVES THE […] Continue reading

Payday-Installment-Title loan Store Marketing Ideas: 101

Marketing Ideas. By the guys who wrote the book on starting a payday loan, installment or title loan business Continue reading

CFPB Under Attack Again by PDL, Banks, Credit Union Trade Groups

Congress Attacks All Planned CFPB Rules By: Jer Ayles-Trihouse. Financial, fintech, banking and credit union trade groups are storming Congress to  repeal all upcoming CFPB [Consumer Financial Protection Bureau] rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act Continue reading

Bank Accounts for Payday Loan Lenders

By: Jer Ayler at Trihouse Consulting Payday loan lenders and micro-lenders continue to suffer from “bank discontinuance” issues as a result of “Operation Choke Point” launched by the Obama administration in August 2013. The Community Financial Services Association of America (CFSA) and Advance America said ” a preliminary injunction was needed to end the back-room […] Continue reading

Payday and Title Loan Requirements

Typical Criteria Required to Apply for a Payday Loan, Installment Loan, or Car Title Loan This is a list of fairly typical requirements of consumers to qualify for a loan. These criteria are dependent on the state the borrower resides in, the status of the lender [startup, seasoned…]… Payday Loan/Installment Loan: Valid ID/DL Proof of Income Debit Card {No temp cards} Completed Loan Application Pass credit reporting agency filters Military Exemption Reside in state having enabling payday loan legislation References 3 Title Loan: Valid ID/DL Titled Vehicle Title – Lien Free {Co-signors?} Valuation – 50% Rough Value/Salvaged 20% Rough Value Proof of Residency – Utility Bill/Lease/Mortgage Statement Proof of last payroll amount Completed Loan Application Completed Vehicle Evaluation Sheet Military Exemption Cell phone statement {make copy} Click this link to get the “Bible” on “How to Start a Payday Loan or Title Loan Company.” Payday Loan Franchise? Continue reading

Bedford Texas City Ordinance: Payday Loan Stores

  A Typical Texas Payday Loan City Ordinace ORDINANCE NO. 16-3183 AN ORDINANCE OF THE CITY OF BEDFORD, TEXAS SETTING FORTH REGISTRATION REQUIRMENTS AND CREDIT EXTENSION GUIDELINES FOR CREDIT ACCESS BUSINESSES ; CONTAINING A SAVINGS CLAUSE; PROVIDING A PENALTY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. Continue reading