Singing Pig

Thanks!

that's some really good information.

regards

leighton

My experience.....

We all become focusssed too much on the 'scroats' who don't 'won't pay you back.

Yes its a reality,but also a reality is the people we don't mention.

I have clients who never miss a payment (most of them on SOs, due to holidays and the like)

I have one who pays me £45 per week every week (retired and dunno how she does it but does) cash

I still think its a gamble..ie I have gambled raising a loan from 200 to 400.. Sometimes it pays off, sometimes it doesnt.

I have recently started collecting again and sorted out all the scroats..... (I am employing someone new in Sept)

Some will pay at a reduced rate..Some are going debt collectors.

It is very difficult to judge (even with credit checks) but I will splay MY personal history on the forum.

I was earning about 60-70K per year working 12 hour nights in the tv industry (not fixing tellys by the way)

I sat and thought of how to make money, and considered lending money to people.!!

I had no idea how to go about it!!

I also had property interests and read SP for a while.

Contacted Paul and went from there..

Now, this sounds like an advertisement, but  it's not.

For those who have taken the plunge, it sometimes feel that we have made the wrong decision, but I disagree.

Reading statistics, most new businesses FAIL in the first three years. We won't...We cannot afford to.

At whatever level we are at(be it £500 pe week, £1000 per week or above), we will succeed

As Craig says,it is Cash hungry....

I wonder if Paul actually remembers the time when it was difficult ...........

I wonder if ten years time, we will have forgot????

Figures First year net 35K profit

Second Year net £50K profit

Be Lucky

Tass 

I had 145 clients in Year 1.

Year 2,  I had 200 clients.

My bad debts run at about 15%, which is higher than I would have hoped, but much of it is my own fault by initially trying to grow quickly and making bad lending decisions.

I have only ever had around 15K of my own money invested, and now the business is self-financing. 

To be honest, I could have put more effort into increasing the client base and therefore profit, but I've been a bit lazy. 

I am looking to increase my client base to 300, which would give me £1500 per week profit, which is quite easily achievable. Just need to get off my lazy backside and do it.

Tass
 

I wish to enter the Payday Loans business. Preferably online as opposed to shopfront. I have capital to invest and would appreciate any tips/help.

Alan B

I dont think you will find advice on payday loans here or anywhere.

We dont mind giving out advice on home credit, as we dont step on each others' toes.

If you want to go global or national with a website, you are in competition with many companies, then the free information is extinct.

There is a lot of fraud in the payday industry...If you are going into it, beware!! 

If you wanna chat about it, pm me 

Hi guys,

Having read everything on SP there is to read on this business model, I am considering taking the plunge, and will be buying Pauls manual soon.  I have a couple of questions for the guys here who have "walked the walk".

My situation is this:

I have £20000 to invest in this, but would need to be able to draw £500 per week from pretty early on.

My catchment area consists of 2 towns, with a combined population of 20000.

I do not mind working "full time hours" in order to grow the business and make it a success.

Bearing all this in mind, are my figures acheivable, and do you see the population figures as restrictive?  Any help would be greatly appreciated.

Thank you, and thanks for some great reading over the past few days,

Keep it goin'

Hi 'KIG'

The key thing we've ALL learned is that you need to build this business quite slowly. A lot of us have profit levels at half of what they should be due to rapid expansion, but the business is still profitable.

I have a projection template based on my current levels and you should easily get to £500 per week reasonably quickly IF you do it correctly.

My area has I think just under 30000 and there are subsections I've never even been to within that area. If I could tap into the lot I'd be a wealthy man!

Craig