How to Start a Car Title Loan Business

How to Start a Personal Loan Business

How to Start a Payday Loan Business

How to Start an Installment Loan Biz

You know the drill. You have that burning desire to start your new business, BUT you just don’t know where to begin. You’ve heard about all the money being made by “lending money to the masses.”

What’s that mean: “Lending Money to the Masses?” It’s the business of providing various loan products to consumers; car title loans, installment loans, personal loans, and micro-loans..

You know in your gut that these loan businesses can generate SERIOUS profits for their owners! But you’re unsure of exactly what steps to take to be successful.

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? There is a HUGE and growing demand by consumers for access to small-dollar loans. It’s no secret Silicon Valley is launching new lending platforms by the boatload. However, the majority of these platforms are focused on 680+ FICO scores. There is not a lot of new competition for the “unbanked” and “underbanked” employed workers that absolutely must get their hands on $300 to $2500+ quickly and without a hassle.

You can fill this consumer need. We teach you how to make money by lending money. We teach you how to make collateralized loans to consumers [Car, boat, plane, RV, motorcycle…] and non-collateralized personal loans like payday, installment loans, micro, and line of credit.

No one else does what we do! Doubt me?  Start a Google search for “how to start a car title loan business.” Or search for “how to start a consumer lending business.” Jer & the Trihouse Team DOMINATE. The few competitors who have entered this title loan training space are long gone! We know our business. We’ve been doing it since 1998. Everyone in the title loan industry knows us, and I guarantee everyone making car title loans or providing products and services to our industry has read our “Bible” or attended one of our “Bootcamps.”

[I know what you’re thinking! If we are so good, why don’t we simply focus on lending to the masses ourselves? Here’s why:

• It’s a $50 billion dollar industry. No lender in our industry has more than a 3% market share. Enova loaned nearly $300,000,000 last quarter. Curo is the same. We sure as hell don’t have the cash to dominate this industry either.
  
  
• We ARE lenders. We have equity in 15 locations in four states. We own and operate online loan platforms as well. And we partner with Native American Indian tribes.

How do you start a consumer loan business?

This is NOT rocket science! Should you buy a loan franchise? We say NO! Here’s why. The Trihouse Team has over 20+ years of experience running businesses focused on car title, installment, payday loan, check cashing stores, and Internet portfolios. Our “The Business of Lending Money to the Masses Course”  today, require a few days to study it, then pick up the phone and call 702-208-6736 or email TrihouseConsulting@gmail.com with any questions.

How to Make Money by Lending Money to the Masses.

Step-by-Step What We Teach You.

Our “The Business of Lending Money to the Masses” Course will teach you EVERYTHING you need to know to make money in the lucrative consumer loan industry. We begin with an overview of consumer lending in the USA and continue with a thorough explanation and analysis of every aspect of starting and successfully running a profitable consumer small-dollar loan business.

 Immediate PDF delivery to your Inbox.

Table of Contents

Your First Steps: Page 17

Macro View of the Consumer Loan Industry. Page 19

State of the Consumer Lending Industry. Page 23

Hang-In There! The Future is Ours! Page 30

Flash – It’s a Whole New Business. Page 33

The Future of the Consumer Loan Industry. Page 47

Executive Summary. Page 56

Consumer Loans Defined. Page 58

The Demand Side. Page 59

Customer Profile. Page 62

The Numbers. Page 64

Regulatory Environment. Page 68

Legislative Survey. Page 70

Trends in Financing & Valuations. Page 70

The Future of Lending. Page 72

The Loan Process: an Overview. Page 74

Step-by-Step Procedures. Page 75

Consumer Loan Procedures Step-By-Step Overview. Page 75

Telephone Qualifications: Your Most Important Skill. Page 79

In Your Office, Step 2. Page 84

How to Calculate the APR Formula. Page 85

General Tactics. Page 90

Exhibits. Page 94

Loan Extension Procedures. Page 102

Typical Installment Loan Breakout. Page 105

Title Loans: Overview of the Product & Industry. Page 106

How Big Is the Title Loan Market? Page 107

How Title Lending Works. Page 108

Who Uses Auto-Title Loans. Page 110

Title Loan Profits. Page 112

Regarding Title Loan Legislation. Page 116

Laws & Regulations. Page 117

Title Loans: Documents You Need. Page 120

Recording the Title. Page 123

Title Loan Add-On Fees. Page 126

Title Loans: Repossession. Page 126

Title Loan Repossession Checklist. Page 129

Repossession: The Consumer’s Point of View. Page 134

Defaults and Repossessions in Motor Vehicle Transactions. Page 147

Title Loan GPS, Starter Interrupt Devices – Payment Assurance Devices. Page 151

How to Value Your Loan Collateral. Page 161

Title Loan Lender Philosophies. Page 166

Title Loan Lenders Serving Active-Duty Service Members NO-NO! Page 166

Title Loan Resources. Page 169

Detecting Title Fraud. Page 170

Title Loan Forms. Page 173

Man loading & Personnel Page 178

Consumers typically apply for consumer loans as follows: Page 178

Profits: How Much Can You Make? Page 180

Sub-Prime Consumer Reporting, ID Validation & Credit Bureaus. Page 185

Software for the Business of Lending Money. Page 200

Features & Issues to Consider: Page 203

Consumer loan Software Vendors. Page 206

Electronic Funds Transfer (ACH & EFT). Page 211

Internet Lending: How to & Strategies. Page 228

How Internet Lending Works. Page 229

Your First Steps to Reverse Engineer an Internet Lender’s Loan Process. Page 230

Web Site Development. Page 233

Choosing a Domain Name. Page 233

Web Site Hosting. Page 234

Web Site Development. Page 235

In-House Development. Page 235

Out Sourcing. Page 237

Turnkey Websites. Page 239

Search Engine Positioning. Page 241

Keywords and Key Phrases. Page 246

Final Note on Google’s PPC Policy. Page 247

More on Pay-per-Click Search Engines. Page 251

Definitions. Page 252

Marketing Other Than Search Engines. Page 254

Affiliate Programs. Page 254

CFSI Small Dollar Loan Data. Page 257

Purchasing Loan Leads & Applications. Page 270

Buying Consumer Loan Leads. Page 270

Percentage of Applications Funded. Page 272

Fees to Charge. Page 272

Email Strategies. Page 274

Mobile-Friendly Web Sites. Page 277

Faxing of Loan Documents. Page 281

Collections. Page 283

Debt Collector’s Phone Communication Required Statements. Page 291

List of Techniques & Procedures for Your Collection Campaign: In-House Approach. Page 292

Collection Record Keeping and Data Entry. Page 292

Typical Collection Letter Template. Page 300

Taking the Risk Out of Consumer Advances. Page 301

Collections: Final Thoughts. Page 301

Extended Payment Plans. Page 302

Consumer Perspective on Collectors. Page 304

Collections. Page 306

Collection Letters & Practices. 307

Avoiding the Pitfalls of Debt Collection. Page 307

Small Claims. Page 313

ID-Verification Systems. Page 325

Instant Bank Verification. Page 327

Selling Your Debt. Page 329

How to Calculate the True Annual Percentage Rate on a Consumer Loan? Page 330

The APR Formula. Page 331

APR for Deferred Presentment Loans. Page 332

Default Rates. Page 333

Compliance Issues. Page 335

Arbitration Clauses. Page 346

Licensing & Legislation. Page 350

Current Licensing Models. Page 352

•      Choice-of-Law Model: Page 352

•      State-by-State Licensing Model: Page 352

•      Offshore Model: Page 352

•      Sovereign Nation: Page 352

•      Credit Services Organization (CSO) Model: Page 352

•      Bank Model: Page 352

•      Creative Models: Page 352

Scenario 1. Page 353

Scenario 2. Page 353

Scenario 3. Page 353

Scenario 4. Page 355

Scenario 5. Page 355

Final Thoughts. Page 355

Consumer Loan Demographics. Page 357

Marketing/Branding/Advertising. Page 359

Craigs List. Page 365

Tactics & Strategies. Page 370

Tactics: Niches. Page 370

Tactics: How to Make Money & Not Fund Consumer Loans. Page 370

Tactics: Contact Info on Your Web Site. Page 371

Tactics: Choosing a Name for Your Company. Page 371

Tactics: Contract Language & Arbitration. Page 372

Tactics: Additional Web Site Resources. Page 372

Tactics: Stress the Benefits. Page 372

Tactics: Make it Easy. Page 372

Tactics: Repayment Options. Page 372

Tactics: Gathering Intelligence on your Market. Page 373

Your Competition: Tactics. Page 374

Site Selection. Page 376

Zoning. Page 376

Criteria for a Consumer Loan Store. Page 377

Motion Loft: A Tool for Site Selection. Page 378

Zoning. Page 380

Leasing Checklist. Page 381

Site Location Criteria. Page 383

Site Criteria Table Checklist. Page 384

Top 10 Do’s. Page 385

Top 10 Don’ts. Page 385

Consumer Lending & the Internet. Page 389

Licensing. Page 389

Internet Lending Topics. Page 390

Internet Default Rates. Page 390

Internet Volume & Capital Requirements. Page 390

Web Site Marketing. Page 391

Obtaining your Client Documents. Page 391

Delivery of the Funds to the Client. Page 391

Call Centers & Outsourcing. Page 392

Prepaid, Stored Value & Reloadable Cards. Page 394

What Are They? Page 394

Consult legal Counsel and the Vendors. Page 396

Kiosks or Automated Financial Centers. Page 397

Consumer Loan Product Alternatives. Page 398

Sales-Leaseback. Page 399

Cash Back Ad Sales. Page 402

Catalog Sales. Page 402

Delivery Document Center. Page 403

Cash Rebates. Page 403

Additional Income Opportunities & Traffic Builders. Page 406

Obtaining Funds for Your Loan Business. Page 408

Lender Resources. Page 409

Lender Surety Bonds & Insurance. Page 411

List of State Regulatory Agencies. Page 413

Definitions. Page 419

Customer acquisition Cost. Page 419

Consumer Lenders. Page 419

APR. Page 419

Cash Advance Loan. Page 419

Cash Advance Industry. Page 419

Consumer. Page 419

Contract. Page 419

Credit. Page 420

Customer Service Reps. Page 420

Deferred Deposit. Page 420

Extension. Page 420

Financial Accommodation. Page 420

Flip. Page 420

NSF. Page 420

Consumer loan. Page 420

Refinance. Page 421

Renewals. Page 421

Rollovers. Page 421

Short-Term Loans. Page 421

Typical Guide to Buying a Franchise. Page 422

Industry Associations. Page 435

Legal Resources for Lenders, Check Cashing & Car Title Lending. Page 438

Business Plan Outline. Page 441

Excel Business Plan Spreadsheets. Page 441

Conservative 1st Year Projected Cash Flow: Single Payment Loans. Page 449

Typical Minimum Equipment List for a Single Payment Startup. Page 450

I. WHAT IS A BUSINESS PLAN. Page 450

II. WHY WRITE A BUSINESS PLAN. Page . 450

III. KNOW YOUR BUSINESS. Page 451

IV. BUSINESS TRENDS TO CONSIDER. Page 451

V. BUDGETING – HOW AND WHY. Page 452

VI. MANAGING YOUR BUSINESS PLAN. Page 455

VII. SUMMARY. Page 456

VIII. OTHER CONSIDERATIONS. Page 456

PERSONAL TRAITS. Page 456

WHAT DO BANKERS LOOK FOR? Page 456

YOUR OWN PERSONAL DEVELOPMENT. Page 456

MARKETING THOUGHTS. Page 457

Sample Loan Forms. Page 461

Consumer Loan Document Checklist. Page 480

Final Thoughts on Launching & Operating a Successful Consumer Loan Business. Page 510

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Thorough coverage of both Internet and store-front consumer lending.