Brick & Mortar Payday Loan Stores
Due to ongoing payday lending regulations, many states are closing up their store front properties. Ohio has implemented recent payday lending regulations and more than a third of the stores have closed up. Cincinnati.com points out, “Payday lenders operated roughly 1,600 retail locations across Ohio before voters approved new restrictions. Now, payday lenders run just 960 storefronts.” Unfortunately, this sort of scenario is happening with a lot of the other states across the country. Will these companies with a brick and mortar presence simply resort to just the online lending route? For some, the convenience of walking in a cash advance store is easier because maybe the inability to get access to a computer.
This also opens up even more questions about what will payday lenders look to do in the future with continuous payday regulations coming up in the various states? “Installment loans” seems to be what payday lenders are going to be able to provide to consumers to help them with their need for additional money. These short term, non securitized loans will allow consumers with the much needed cash, but with a slightly longer period of time to pay back the loan. Hopefully this new venture will then allow our payday lenders to keep some of their brick and mortar stores open, to still be able to provide the much needed loans, even in payday “excluded” states? We hope so!
This leads to potentially some great opportunity with the online lead generators such as Leadpile Lead Exchange. The bottom line is people need quick fast cash, and sometimes it is more convenient to go in a payday loan store, but then for some it is easier to apply online for a loan. Payday loan lead generation is a very popular vertical for affiliate marketers and other online marketing individuals to get into. However, following the proper procedure and making sure the user experience is truly safe and positive is the key.