Singing Pig

It's the actual face to face that's prohibited.

Pal's manual does have examples of his leaflet, which is still the basic template most of us use.

Craig

I have now been seriously thinking about setting up a shop(somewhere decent with cheap rent and the sort of area i think would use my services) to offer payday loans and started doing some early research.

So would love to hear from anyone already doing it

Will be purchasing one of pals manuals very soon about his home credit business model aswell just to take a look

Craig - do you have a LTD company, Consumer Credit License and CCA membership or just the CCL? Do you think its worth joining the CCA?

Hi

I have all three.

Definitely worth joining the CCA. They can guide you through any new regulations, but that's only from a Home credit perspective...ie. mine. The vast majority of members operate home credit businesses as well as payday loans as an add on.

As long as you ticked all the boxes you can branch out into all sorts of different areas.

I know I've posted this before but anyone interested in Pal's manual can find it here: www.home-credit-business.com as Paul is currently too busy on other projects to afford the time at the moment. Good to see a success story such as his.

I have just started looking into the payday loan business, its seems pretty simple to me. There are a number of websites offering this already and by looking at them from a customer point of view you can see how they limit their risks by asking for payslips etc. Some ask for credit card details then process the balance sum including interest at the date the term of the loan is up, whilst others ask for a cheque which they then cash on the end date of the loan. Most I believe offer extension of the term of the loan for one time if the customer pays the interest only.

I also run a training course for the cash loan credit business - details at www.briteways.com