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.

I found this article interesting about payday loans maybe being offered at our nation’s banks. A few of the nation’s largest banks — including Minneapolis-based U.S. Bancorp, Wells Fargo & Co. of San Francisco, and Fifth Third Bancorp of Cincinnati — are now marketing payday loan-type products, with triple-digit interest rates, to their checking account customers. Really it is something that should have happened a while ago, or maybe now this is the perfect time to really give the industry a little better image. We have all discussed the need for these short term loans, however now that our banks will be looking at offering these types of loans, what does that do to the future our payday loans? Is this maybe the beginning of the segway into installment loans? What does something like this really mean?
Leadpile will probably be watching something like this because this could open up some doors on who to work with, but also how is this going to affect the future of the payday loan lead generation business? I think this is a GREAT thing to hear about regarding payday loans! The rest of America is waking up to the need for this sort of short term loan. It’s about time!!!!!!!