How to Start and Run an Internet Payday Loan Business, (Volume 1 ?)

By Chris E Bulen

Copyright 2007 Christopher E Bulen

Please note that the page numbers following each chapter title are not correct, as the book is still a work in progress.  The book is anticipated to be about 100 pages long.  If it is substantially longer, it will be divided into a muli-volume set.

Table of Contents: How to Start and Run an Internet Payday Loan Business

Table of Contents

1 Introduction  4

2 The Reality of Being a Payday Lender         5

3 Credit Worthiness of the Owner       7

4 Payday Loan Business Jargon          7

5 Business Plan           9

Business Model 1:  High Volume, High Approval, High Charge-off  9

Business Model 2:  Low Volume, Low Approval, Low Charge-off   9

Business Model 3:  Brick and Mortar Addition          9

6 Business Entities (Incorporation, LLC, Sole-proprietorship)          10

7 Accounting methods: Cash vs. Accrual        10

8 Local Licensing        10

10 State Licensing       11

9 Federal Regulations 11

11 State Regulations    11

12 Consumer Advocate Groups          11

13 Taxes          11

14 Marketing   11

Website           11

Search Engine Optimization    11

15 Equipment: Computers, Phones, Toll Free Number, DSL and Cable Broadband, Printers, Copies, Scanner         

16 Operations  13

Customer Service        13

Training Customers     13

Website           14

Forms  14

Information for the customers  14

Software          14

Receiving Documents  14

Fax, Online Fax, Scanned Docs attached to eMail, Scans uploaded to website          14

17 Underwriting (approving customers, and how much to approve them for) 14

The 3 Business Models           14

3rd party confirmation services          14

Credit Checking and TeleTrack          14

Repeat business, the lifeblood of your business          14

18 How to transfer funds         14

ACH and the NACHA Rulebook         14

Sending the money       14

Cash, Wires, ACH      14

Getting the money back           15

ACH, Demand Draft, Credit Cards, Paypal    15

19 Collections, Litigation, Arbitration            15

20 Tracking the Business:  Performance Numbers and Key Ratios.    15

21 Growing Pains       15

22 Employees  15

23 Trends in the Industry         15

Trade Journals 15

24 Client Stories         15

25 Final Word 15

Bibliography   15

Index   15