The History of
PAYDAY LOANS
PAYDAY ADVANCES
The passage of new consumer finance laws in various states
has opened the doors to this highly lucrative business!
Prior to these events, state usury laws made it impossible to justify
the risks involved in this type of lending.
For example, in California, Senate Bill 1959,
passed in July of 1996, changing everything for us. Our legislators realized
the need for consumers to secure small, emergency loans,
with little or no red tape. They
also recognized that banks were closing branches as a result of
mergers and acquisitions, making it difficult for their constituents
to avail themselves of bank services. Lastly, the typical consumer
finance companies were not interested in originating $100 to $500
non-secured loans.
Meanwhile, our clients still required small, quick, no hassle, loans
to take care of "surprise" expenses, like auto repairs, cover a check
they have written, rent due, phone or utility bill, etc., etc., etc.
The nicest thing about our business, besides the
PROFITS, is the the fact
we not only provide a wonderful service to our clients but we save them lots
of money! One example is the lawsuit against
Wells Fargo. In a concerted effort to increase
their profits, banks are accused of "clearing" a customers largest check
first in order to collect multiple "NSF" fees! In these situations, it
is much more economical to use our services than to "bounce" checks. And of course,
where can one go in an emergency, for a quick $300 loan! We are the
only resource they have!!
Thus, a tremendous business opportunity was born.
We made EVERY MISTAKE IN THE BOOK. With our help, YOU WON'T!
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