Payday Loan Store Introduction
Some clients use the online loan application simply as a tool to get new potential
customers in their store. They offer the convenience and privacy of an online loan
application to pre-qualify new customers. After pre-qualifying the customer an
email is sent or phone call made telling the new customer of their preliminary
approval. The customer is then asked to go to a store location with the needed
final documents to finalize the loan.
Retention of Good Existing Customers
Some payday loan companies offer their well established clients the convenience
of online loans as a way to retain them, keep them from going to a more
convenient online payday loan company. Their customers are given an online
account that allows them to apply for new loans in less than 60 seconds.
When approved the money is electronically credited into their account and
when payment is due electronically debited.
Customers receive a notice 48-hours prior to their payment being due.
In that same email the customer is then given the option to extend their loan
if needed (only in states where extensions or rollovers are allowed). If no
extension is selected the amount due is electronically debited on their due date.
If an extension is selected the user logs into their account chooses the new
due date and the fee for the extension is collected. Customers can even extend
and pay down their loan at the same time.
Complete Online Payday Loan for Existing and New Customers
Using the same process as above some companies use a complete online loan
system for both new and existing customers. When a loan application is received
a credit report is ran through Teletrack or dpBureau both of which are integrated
with Payday Loan Manager. Depending on the results of the reports and
verification of employment the loan is approved or denied. If approved the loan
amount is credited to the customers account and when payment is due, debited.
The Total Payday Loan Solution
Combines all three mentioned above marginal new clients have to fax or bring in
needed documents for their initial loan. New customers that aren't considered
marginal are processed without any additional documents required and existing
clients enjoy the convenience of online loans when they need them.
Important Things to Know and Remember
- Payday Loan Manager is completely customizable
- Payday Loan Manager can be setup to meet your exact state laws
- You have complete control over who is approved/ denied
- Requested loan amounts can be changed before approval
- Integration with ACH providers allow electronic handling of money
- Payday Loan Manager will be setup to meet your exact business needs
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