More families are living paycheck to paycheck and current market forecasts project that this trend is likely to increase in 2021-22. Unanticipated expenses leave people in need of short-term loans to provide needed bridge financing.
Until recently, people needing short-term financing would turn to one of the approximate 38,000 “brick & mortar” retail locations across the USA and Canada. They would apply in person and wait for a retail employee to assess the application. This model is outdated, inefficient, and carries significant risk to the lender.
The industry is now shifting towards online alternatives with web-based interfaces that allows a client to conveniently and quickly complete the entire loan application from where ever they happen to be at the time.
This emerging online model was refined by a Canadian company that consolidated its existing industry experience operating short-term loans, with an industry-changing proprietary algorithm, to develop a complete turn-key, web-based system offering short-term loans.
This company is considering applications for territory licenses to qualified individuals seeking a unique business opportunity within a very lucrative market that requires no industry experience.
The company’s proprietary algorithm, an advanced machine-learning based AI software, is designed to be fully automated and secure in accepting, reviewing and approving loan applications. Due to the software’s ability to assess the client’s banking history, with applicant approval, the system confirms high quality loans.
The result is an end-to-end system that does the most challenging work for the lender, at a fraction of the retail cost. Once approved, the company provides a turn-key payday loan system that includes advertising, loan undertaking, loan dispersal, loan collections and customer support. Territories for purchase range from $75k depending on the location.
A licensee must have a minimum of $100k loan capital for funding their territory. Note: In Canada, Alberta & Manitoba governments requires a $50k & $25k bond respectively in addition to all other licensing costs requirements. The industry is Federally regulated and governed by provincial/state laws.
The Licensee must be approved by the regional Consumer Protection Agency for the Payday Loan Lending License. The company will provide assistance throughout the application process.