Results 1 to 8 of 8
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12-03-2014, 10:43 PM #1
- Join Date
- Dec 2014
- Posts
- 6
Is there a vendor I can be a ISO for payday style personal loans
I want to diversify and be able to offer personal loans like payday style loans. Based on checking accts and pay stubs. I know business loans have a much higher total volume but I think there is a big market for personal loans where I live. Would be nice to be able to provide loans to any possible consumer. Thanks in advance.
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12-03-2014, 11:35 PM #2
Payday loans are illegal in many states. In states where they're legal, the lenders are argue that their margins on these loans are so small that they can't even afford to spend money underwriting them. You can't be an "ISO" for these types of loans. There is no ISO market. You can be an online affiliate, but this will be a hands off flat fee per web conversion arrangement, not a negotiate a deal with an underwriter and customer and then get paid a commission and a closing fee arrangement.
You can also be an affiliate for consumer loan marketplaces like Lending Club and Prosper. You'll get paid anywhere from $50 to $200 per closed loan but you're kept out of the process. The customer will have to go on your website, click your affiliate link, go through the online underwriting process with one of those marketplaces and if they get funded, you'll get paid the flat fee.
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12-03-2014, 11:45 PM #3
- Join Date
- Dec 2014
- Posts
- 6
Ok thanks for the advice. Makes sense since the loans are on the smaller end. Seems like there is a huge market though for personal loans right now. Maybe ill just go the route you said ill add the personal loans section on my website and just affiliate link it to lending club and prosper.
Maybe I could get in the market by opening a pawn shop and offering collateral loans. But that seems like a lot of hassle.
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12-03-2014, 11:52 PM #4
Yes the personal loan market is huge, way way way bigger than MCA and business lending. You just either need to be a bank or an online lender that's automated.
You could do a pawn shop but even those are moving online (Check out borro.com). Some states require a pawn license like New York for example.
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01-07-2015, 12:26 PM #5
- Join Date
- Jan 2015
- Posts
- 37
My name is Robert Glass from Premium merchant funding. We do all kinds of cash advance providing working capital for all kinds of business's in need of immediate next day cash for whatever reason whether being for business growth or pay off some bills up to $2,000,000 based on your past 4 bank statements. Please give me a call and we can discuss further. We also do credit card processing and i can guarantee to give you a lower late that what you are currently paying.
Premium Merchant Funding
40 Wall St NY,NY
Robert Glass
RGLASS@PREMIUMMERCHANTFUNDING.COM
Office- 315 215 1374
Cell- 347 447 1790
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01-08-2015, 09:01 PM #6
- Join Date
- Dec 2014
- Posts
- 114
He's not asking about business loan Robert. He's seeking a lender for personal loans to non business owners. Correct me if I'm wrong, but nice pitch though.
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01-12-2015, 07:37 PM #7
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Sean Bash is spot on above..
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01-12-2015, 08:19 PM #8
Payday Lenders Are Using The Internet To Evade State Law
http://www.huffingtonpost.com/2015/01/12/payday-lenders_n_6443134.html
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