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Payday Loan Alternative Approaches

Assuming you plan to operate in a state lacking current enabling legislation, our opinion is that it is wise to research and study the payday loan industry as thoroughly as possible; then enter anyway you can! Of course, your team must be composed of good legal and accounting expertise. Next, do whatever it takes to be aware of ANY legislation introduced in your locale. It is certain that the continued pressure on your regulators from the internet payday loan model, the Internet Service Provider approach, the call center approach and the legal payday loan businesses on your geographic borders will result in favorable legislation in your geographic area! This is inevitable. Consumers EVERYWHERE demand our payday loan product. It serves a gigantic need in the marketplace.

It is generally thought that instead of implementing the bank model, consider working to get your legislators to wake up to the inevitable and embrace the payday loan product. In the interim, prepare yourself to enter the business the day your legislature gives you the green light!

State regulators are focusing on the payday loan alternatives. The ISP model. The phone card. The sale-leaseback. THEY DO NOT LIKE THEM! Disguised loans. Alternatives. They would rather we worked to change the state law. Of course, MSN, Earthlink, and AOL all offer cash rebate programs with dramatic success. Why can’t we utilize these tactics? If you can afford to litigate them or you plan to remain "under-the-radar", go for it.

ISP Approach With Cash Rebates Again, HAVE A GOOD LEGAL TEAM! You will be attacked. This does not mean the cash rebate approach is not legal. It does mean you should research this model very carefully and keep your eyes on what the "big-boys are doing. And always consult competent legal counsel.

The CSO Model or Credit Services Organization is becoming very popular! Texas, Colorado, Oklahoma, Oregon and many other states have very good Credit Services Organization CSO legislation in place. See Credit Services Organization or CSO payday loan model