PAY DAY LOAN BUSINESS

Thefortress

I am interested in starting a pay day loan business from home.  Any suggestions on where to start?
 I have been in business for over 5 years  as a consultant/broker.  I work with private lenders who provide working capital to small/medium size businesses in the form of account receivable and purchase order  funding.  I want to extend my service by providing pay day loans to individuals.  Any advice out there?

Thefortress

Hi Paula,
Thanks for your response. 
What makes the pay day loan business so horrible?  I see it as giving an opportunity to people who are in desperate need and have no where else to turn due to the urgency of their situation or bad credit.  Is there something more to it that I am missing? 

Christina

A long time ago, we used one of those services a few times. It was handy, so I guess it can be a useful business. Unfortunately, I don`t have any information on it, for you.

Thefortress

Is there a requirement stating that pay day loans must charge these exuberant rates?  If this is my business and my intention is to help others while helping myself by making some interest on my money, I do not  understand why I cannot charge what I think is reasonable. Is there a regulation stating a minimum rate that must be charged by all pay day loan lender you think? 

gordob

I have a strong background in this arena .. you can email me to discuss.

Thefortress

Please contact me @ [email protected].  Thank you