Leadpile’s Blog

It seems all we ever read about is the “negative” about the payday loan industry, however there seems to be some positive momentum happening for payday lenders. Are people finally seeing that there is a need to help those consumers that are paycheck to paycheck? Americanbanker.com is reporting some positive news for the overly criticized payday loan industry.
Are lenders closing up store fronts to help cut costs, and therefore going to be utilizing the internet more to generate their business? For some, the answer it yes. Future growth for many payday lenders is probably going to be in the alternative products that many are getting into to help diversify their portfolio. Launching new products such as pre paid credit cards and bill pay services are some of the products that payday lenders are either getting into, or have already tapped into. This is great news for the longevity of the payday lenders. So what are these payday lenders going to be doing in the states where the payday loans are banned? Getting into ownership of pawn shops appears to be the direction many lenders are going in states such as WA and AZ. Lots of positive things happening, and we are anxious to see how Leadpile will be apart of the future success of the lenders.

Arizona has continued to cause a substantial amount of current buzz. In the midst of the new immigration laws being debated, President Barack Obama has assigned additional National Guard troops to the Mexican border for the administration’s border protection plan.
The bill was signed by the President on August 13 and gives $600 million in funding to help secure the border. This funding will go towards extra vehicles, new operating bases, new law enforcement agents, equipment and more.
Beyond border protection, this new operation with new enforcement will be working on entry identifications and criminal intelligence.

Being located in Arizona, Leadpile has kept up with the surrounding events and will continue to keep you updated. With so much controversy going on at the border, only time will tell if these new troops are a wise investment.

In NY there seems to be some interest with potentially passing a law that would allow check cashing stores to lend money. The bill, they would call the “Short-Term Financial Services Loan Act”, would potentially allow registered check-cashing stores to make loans between $300 and $2,000 for 90 to 180 days. The loans could not be more than 25 percent of a borrower’s gross monthly income; installment repayments must be 10 percent or less. This could certainly benefit those frequenting the check-cashing stores that are paycheck to paycheck. New Yorkers are in need of this sort of short term loan because there are about 825,000 un-banked adults in New York City, according to the Department of Consumer Affairs, and this is something I am sure is similar in some of our nation’s largest cities. Advocates of this new pending law are wanting it to be known that this is NOT a payday loan, but it is in fact a loan with a repayment schedule that has installment payments within two days of a borrower’s payday.
No matter what it would be “called” it seems that there could be some additional resources for New Yorkers that are paycheck to paycheck. If a law like this is passed in NY, then will other states follow? We shall see… Stay tuned!

Needing a small amount of money to get you through until payday is something that everyone has experienced at some point in their lives. Whether it be for an emergency or it’s just a situation where you are short on cash, a payday loan can be the fastest most convenient option to get you through until payday.

Payday loans, once only available through store front requiring you to stand in line can now be applied for an obtained through online lenders. Applying for a payday loan over the internet not only can save time, but is a simple process typically only requiring a small amount of personal information and seldom is a credit check is necessary. The approved funds are submitted directly into your checking account, avoiding any unnecessary lengthy paperwork.

Most online payday lenders have a minimum required age of 18 and a necessary minimum monthly income for the borrower. Loan amounts range between $100- $1,500 depending on the lender and the needs of the borrower. A loan can often be received the same day, with repayment due 14 – 30 days after.

LeadPile matches consumers with online lenders daily!

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In recent payday loan news, the state of Colorado has passed a law restricting the APR on payday loans. The new law puts a cap of 45% APR. This is just following suit with some other states that have put some sort of restrictions on these short term loans. Other states that have some sort of payday loan legislation or the payday loans are banned are the states of: AZ, AR, CT, GA, ME, MD, MA, NH, NJ, NY, NC, OH, OR, PA, VT and WV.
Many talk about installment loans or other short term loan options. Is there going to be a transition from what we all know as a “payday loan” to something else to help those consumers that need the help? Either way, there HAS to be an option for consumers. If we want to call it payday loan.. installment loan, or whatever, consumers need to have somewhere to turn for unexpected situations that happen in their lives.

Gas prices should begin to decline, according to survey editor Trilby Lundberg. Lower prices of crude oil due to the recent oil disaster should reflect lower prices for gasoline. Just a couple weeks of ago, an average barrel price was between $81-82.50 and has dropped between $75-78.

The current national average for regular, unleaded self-serve gas is $2.77. The highest gas prices are currently in San Francisco at $3.21 per gallon, and the lowest prices are in Jacksonville for $2.54. If the gas prices continue to coincide with oil prices, we could expect lower prices.

Cheaper gas prices can lead to more people going online for auto finance loans to get back into driving! Leadpile has a large demand for these lead types, and hopefully a price decline in gas will help those people in affording a car.

With the way the economy is going right now, any resource to be able to get money is potentially what all Americans are looking utilizing at some point. One resource for quick cash is the payday loan and Leadpile works a lot with this industry and understands that there are a lot of consumers out there that truly have no other resources to get a short term loan. Therefore, they turn to short term loans like payday loans. Some criticize this sort of “temporary loan” as not the best option, however each person is different and each situation is different. This means that the solution to getting out of a “tough situation” could be different for each person. Some have chosen to not seek out a payday loan or have previously utilized them unsuccessfully and now are turning to pawn shops.
Pawn shops are seeing increased traffic in their stores because of consumers that are looking for that “other” option. The other contributor to more people visiting their local pawn shops is the History Channel’s television show Pawn Stars. Some see this option as more attractive than something like an auto title loan because they do not have to forfeit the rights of any collateral. No matter what your circumstances are financially, making sure to look at all your available options is key. Everyone should way the pros and cons of each solution.

Who will be holding the “control button” for short term loan companies like payday lenders and auto title loan companies? Payday lenders are keeping an eye on particular states that have implemented payday loan regulations, however many thought the recent financial regulatory bill would supersede the states decisions. This is better news for the states that want to have control over the lending practices that their state payday lenders conduct. What will be the future of individual state lending practices? Will states continue to fight to be able to control what their residents do? Many are keeping an eye on this and we will be keeping an eye on things ourselves. Leadpile works a lot with payday loan lenders and hopes that any changes that happen will result in positive things for both the lenders AND many consumers that need payday loans. Stay tuned……..

The sales of four main brands of General Motors vehicles are up 24.6%. Cadillac is leading the pack with sales up 142% since August of 2008. Models like the Escalade, CTS, and DTS are just some to name a few. Buick is close behind raising their sales 137%. Chevrolet is performing well also, mainly selling their lines of trucks such as the Silverado.

Overall sales for General Motors are up 5.4%. Vice President of sales Don Johnson attributes this to the current economy,

“…those people who have put off replacing their worn-out vehicles are now slowly starting to come back into the market”.

Now that people are finally beginning to feel  more comfortable in making auto purchases, this could be a trend we continue to see with other major auto companies as well. Leadpile is currently working with auto finance, and the strong demand proves this to be valid!

Mortgage leads are basically contain mortgage related information that is furnished by the debtor to service providers or to dedicated third party agencies. Some of the actionable information that can be enacted upon by financial service providers includes – name, contact information of prospective debtor, mortgage amount sought out for, his or her current liabilities and other income sources related information. These cues are enough to be acted upon by service providers. They can easily get in touch with the prospective debtor and offer dedicated solutions to meet their financial needs.
How to Generate Mortgage Leads

Mortgage leads can be generated through multi channel framework. Some of the popular means of generating mortgage leads include – online channels, mass media marketing, affiliate marketing and by direct sales or cross sell opportunities. At time, service providers might even consider cold calling options in order to reach out to customers in an effective manner. Dedicated call centers or outsourced contact centers can be utilized to accomplish the task of generating mortgage leads and qualifying them based on the given criteria. Mortgage leads generation is essentially a continuous and evolving activity.

How Many Are Too Many
Financial services providers should ascertain their strengths and weaknesses in order to serve their prospective customer base. Dedicated mortgage lead generation campaign might generate too many leads. However, leads should essentially be qualified based on various parameters such as risk profile, monthly income, asset base, current liabilities and other risk factors. Service providers should only offer services which come under their gamut of offerings. Over committing or under committing might lead to detrimental effects in just about no time at all. Therefore, newer service providers should benchmark their services with the best in business in order to make an impression in mainstream business.
Leaning Possibilities While Generating Mortgage Leads
Financial services providers can get to learn enormously from mortgage lead campaigns on the go. Some of the best learning’s that a service provider can capitalize upon include – most profitable channel for lead generation such as online/Mailer marketing/ Mass media marketing etc. they can also get to understand the pulse of customer in better manner. With the changing trends and lifestyles, mortgage service providers can get to understand what exactly is needed by customers. Tailor made mortgage solutions can power through financial portfolios of one and all in no time. Mortgage lead generation is an art which can be mastered gradually with experience.

According to recent articles, the amount of money being spent on paid internet searches (such asPPC) has notably risen. Between 2008-2009 there was a 14% rise. Many believe the increase in paid searches can be due to the retail industry being down, leaving more opportunity for non-retail related businesses and consumers to make purchases on the  internet. Search engine sites, such as Bing, are up an impressive 26%, with Google up 15.9% for paid searches.

Paid searches on the internet continue to grow strong and prove to be beneficial to websites on the internet. Leadpile works with PPC publishers to help maximize a site’s potential and bring in consumers who are looking for a service.

Arizona’s new law has drawn so much national attention recently that even the Justice Department has stepped in to file a lawsuit against the state. The new law, requiring immigrants to carry alien registration at all times and allowing authorities to question their residency status with reasonable suspicion that they are not in the country legally, is being seriously questioned.
The Justice Department is suing the states new law in violation of the supremacy clause in the Constitution. Along with many others who are fighting against the law, the Justice Department believes the law is too strict. Although it is federal law to illegally be in the country, the department believes this specific law takes it too far and causes further unnecessary problems with racial profiling. With the hispanic culture expanding throughout the country, it isn’t easy to to chose those who may or may not be living here legally, making it easier for even those who have legal papers to be harassed.
It seems that Arizona is in the news all over the place…. payday loan law going in effect this month, and now also the excitement surrounding the immigration law. Leadpile is located in AZ, so we all will be keeping an eye on all this EXCITING news!!!!