Leadpile’s Blog

Payday loans are something that we discuss a lot on this blog, and are happy to let our readers know that we are expanding our payday loan/cash advance market into Canada. There was a high enough demand to warrant Leadpile to venture into this fairly unsaturated market. We are proud to be able to help those in Canada get connected with those lenders that want to provide them with one of these short term loans. If you are already a Leadpile publisher, you can access this new offer in your seller account. If you are not currently a part of the Leadpile Marketplace, contact us immediately!!! We look forward to this great new market that we are now venturing into!

Payday loan providers know that this the big season is just around the corner for them and they are willing to put in a fight to make sure that no one interferes with that. Every state has their own rules and regulations when it comes to getting a payday loans. One thing that they all have in common is that they all have interest rate caps, all except for Wisconsin that is. Currently, “Wisconsin remains the only state in the nation that doesn’t regulate an industry that lends money for two weeks at a time, frequently extends balances for big fees, and winds up getting as much as 520 percent interest on its loans.”
Payday loans are meant to provide individuals with fast cash and it is expected to be paid back fast as well. They are not meant to be used time and time again, but rather as a one time quick fix. There only becomes an issue when the consumer takes out loan after loan that they know that they will not be able to pay back in a timely manner.
So would a interest cap rate hurt or help the payday loan industry of Wisconsin? In most cases it would probably stay neutral. Many lenders believe that it would create more bounced checks where in fact, if they were to just look at statistical data from other state lenders, they would see how there was not an increase in bounced checks.

Did you hear?  The Fed cut a key interest rate today to 1%.  This is the second time in 3 weeks that the feds have done this.  So how is it going to affect the average consumer?   The immediate answer is there is not going to be an immediate affect on consumers.  However, there is some potential to see this benefit you in some way (maybe indirectly or down the road).

The problem is not necessarily that the rates are too high, however a lot of the issue is consumers who just don’t know if they can pay back the loan.  This is a concern of the consumer and also for the lenders. At some point or another money has to start flowing through to consumers for loans and lenders have to lend it. Where does the waterfall effect begin so the economy can start heading in the right direction? I am not sure anyone knows the answer, but in the meantime Leadpile Lead Exchange will generate those leads of people looking for various financial assistance.
Stay tuned……………..

Easy Money, a payday lender with stores in Alabama, recently joined Borrow Smart Alabama – a TV  campaign aimed at encouraging borrowers to use loans wisely.

The title loan and cash advance industry, under fire for high-interest rates, have smartly recommended regulatory oversight which will help to promote legitimacy. Borrow Smart Alabama is comprised of more than 225 cash advance and title lenders in the state who have committed to a Code of Fair Lending.

Smart Move by Payday’s in Alabama.

Matt Burns of Business First of Columbus had a very nice article today on the situation with the Ohio Payday Ballot.

According to Burns,, Ohio officials have finally finalized the ballot language for the Payday Issue.

The Ballot will read:  “Shall Section 3 of H.B. 545 be approved?” A “yes” vote keeps intact the provision of the law, which caps annual interest rates on payday loans at 28 percent, down from 391 percent, while limiting the maximum loan amount to $500, from $800.

A “no” vote, according to the language, sets the maximum loan amount back to $800 and allows payday lenders to levy a total charge on a loan that “substantially exceeds” 28 percent.  According to Burns, the 391 percent annual percentage rate calculation doesn’t appear on the ballot.

It looks like a Payday Group called Ohioans for Financial Freedom have worked to collect signatures to make sure the repeal makes it on the ballot. They called the language “fair and balanced.” According to Burns, Ohioans for Financial Freedom has until the end of the month to collect and submit more than 241,000 valid signatures to ensure a spot on the ballot.

Stay Tuned my friends. Ohio is in the middle of it.

According to DMNews, payday lender Advance America has launched a new type of marketing campaign. They are using various marketing campaigns like social networking sites, direct mail, internet marketing and more to try and keep their name in front of consumers who might be going through tough times. They are looking to generate consumers who would like to share their experiences with the company, and other potential payday loan recipients. Advance America is posting all these testimonials on the site www.whoisthereforyou.com for other consumers to be able to read and relate to. They want consumers to understand that others have been through their same type of situation, and Advance America is there for them in these tough times.
This is a great way for a payday company to bring some positive light to an industry that is not always getting the right kind of attention.
A payday lender doing this definitely shows that they do care about their customers!

We all know there are some tough times going on with most Americans. Right now, Leadpile Lead Exchange is experiencing a surge with the payday loan lead type. Not only are publishers wanting to generate the leads, but the advertisers are needing those payday leads. If your not apart of the Leadpile marketplace, take a look at some of the conversions our publishers are receiving.

There are a lot of payday loan leads being generated, and WE want them to be SOLD here!
There are also a lot of payday lenders needing leads, and WE want them to BUY here!

I wanted to see if I could find some true results of what some Americans want with regards to the payday loan industry. So much negative publicity gets published on this industry, however there really is a need for these short term loans for many people.
According to a previous poll done by zogby.com, less than 1% of all those polled, thought that lawmakers should focus on the personal loan industry. A majority support the individual’s right to choose their financing options, and want that freedom of choice in payday loans.
Zogby results showed that a majority (84%) of Ohio state’s consumers were in favor of making their own credit decisions without government interference. Additionally, most wanted the federal or state governments to allow adults to get a payday loan, if that is something they choose to do.
Another part of this particular survey stated 72% of the consumers mentioned that traditional financial institutions like banks and credit unions didn’t offer short-term personal loans. Many consumers see payday loans as something convenient, and fast to get some needed cash between paydays. These payday loans are popular with loan borrowers for the main reason of convenience and quick access to cash without any credit checks.
Paydays loans are a necessity for so many people today. Is this something that should be controlled by legislation? I agree there should be some regulation so consumers are not taken advantage of, however 100% eliminating loans, that no other banks or lenders can provide, is not necessarily the best option for the consumers needing them. Where else can Americans get a short term loan not secured by collateral? Getting quick, fast money is very hard to find without having your credit pulled.
Leadpile Lead Exchange embraces payday leads because there is some belief that this is something that is needed by the consumers. We bring together those that can generate the leads of consumers that are looking for these short term loans, with the lenders that can provide this to them.

Sure, all Cash Advance and Auto Groups want the SSN on the leads.  My question is, are they truly necessary?   Many may say, “well, sure it is!”  It’s needed to run a credit check when applying online.  What happens to leads that don’t provide an accurate Social or that become skeptical and refuse to provide it.

With identity theft in the U.S. affecting over 10 million Americans a year across the U.S. according to a study by the Berkeley Law School, you will experience less people providing their social on leads.  Especially, if they have been victims of identity theft.  Wouldn’t you agree?

What does this mean?  In a lead exchange, we provide safe, secured sites that are developed to ensure that the consumer feels comfortable.  Even then we will get leads where the consumer did not provide the Social.  Realistically, this doesn’t mean the lead is bad.  Payday lenders and Auto Dealers, can purchase leads of such and call them.  Making the consumer comfortable in providing sensitive data.  Consumers will need to earn your trust and understand that their information will not just be floating around and getting to the wrong hands. 

Buying leads with no SSN will bring in more business.  You will close more deals.  Lead exchange will increase your ROI, when you use all aspects to them.  Getting full applications is a great benefit, but don’t forget about the consumers that are interested but become uneasy with just providing all their personal information online.  They are a sure candidate to close more deals, I’m sure.

Its always easier when you can talk to a person directly! Keep that in mind.