By: jenjen1251

jenjen1251 — Thu, 11 Dec 2008 02:26:36 +0000

I used to work for a pay day loan place. The first thing I would urge you to remember is that with title loans you have to be prepared to reposes cars when people defult and also you have to have a way to sell those cars to get your money back maybe there is a local used car dealership that you could work out some deal with them for them to buy the cars. I personally think payday loans are easier one because you are making sure that you are dealing with people who are employed. I live in IL and there are alot of laws about how much you can loan and for how long the loan can be kept out before having to be repaid but there is very good money involved because the intrest rates are high. I think one of the most important things is to build a good customer base. Over 90% of our customers came back more than once and most of them on a very regular basis. The license’s needed vary state to states so you need to check into your particular state. I would think that you would need somewhere between fifteen to twenty thousand to start out avalible to loan not including everything else you need like office supplies and things like that but you should start to make your money back much quicker than other places. I would think that you would need a simple data base program and filing system for your customers information, but alot of that will have to do with your state and local laws considering what info you are required to keep on file. The intrest rates are most likely another matter the the local laws set in your area. I would encourage you to go into several local payday and title loan places ask general questions just pretend like you are intrested in a loan it will help you to get a good idea about a lot of things. If you have other questions feel free to email me I would be happy to answer any other questions I can.

Comments on: payday, car title and cash loan?

By: jenjen1251