How to start a car title loan business.

CAR TITLE LOAN BUSINESS, LICENSE & PROFITS.

A recent study revealed that 63% of U.S. residents cannot meet a sudden $500 car repair bill! Shocking!! What’s this mean for you? Consumers have a HUGE and growing demand for access to car title loans and various noncollateralized small-dollar loans.

It’s no secret Silicon Valley is launching new lending platforms by the boatload. However, most of these lending platforms are focused on 680+ FICO scores. There is not much new competition for the unbanked and “underbanked” employed workers who absolutely must get their hands on $300 to $2500+ quickly and without a lot of hassle.

You can fill this need. Via a store or website, you can learn to make money by lending money. This is NOT rocket science!

Starting a car title loan business is not tough. You simply need to do some work ahead of time. Are there car title loan companies offering title loans in your state or province? Look around.

Whip out your phone. Visit Google. Search for “title loan company.” What pops up? Are any title loan lenders nearby? Yes? Visit them. Visit a title loan lender’s store or call them. Ask basic questions:

• Do you offer title loans?
• What do I need to qualify for a title loan?
• How much does it cost for a title loan?

Next, visit a title loan lender. Look on their walls. You’ll see their state/province-issued license. Typically there will be a license issued by a licensing authority. Perhaps a phone number as well. Call and ask them what it takes for a license. (Note: visit our Page entitled “Car Title Loan Laws” for a quick link to your title loan licensing authority and to download your car title loan license application.)

Consumers today need quick access to cash without having to jump through hoops. Demand for car title loans continues to increase while “big brother” attempts to put a stop to it. To entrepreneurs on the “outside,” it’s becoming more difficult to start a car title loan business, much less operate one without running afoul of the law.

This is an error in perception. A car title loan business can be highly profitable. Witness TMX Finance as but one example. Even in a state such as Florida, where the car title loan laws can be a challenge, the creative Team at TMX Finance manages to offer car title loan products. TMX Finance operates more than 1,470 stores in 18 states with plans to grow by more than 20 percent each year from its Georgia headquarters.

Are you ready to jump into the car title loan lending pool? Invest in our “bible,” How to Loan Money to the Masses. We thoroughly discuss every aspect of standing up a car title loan business, a payday loan company, an installment loan operation… Both storefronts and online entities are covered. 

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