Leadpile’s Blog

It seems new payday lending laws will be taking effect in January in the state of Washington. The new laws will limit the maximum loan amount to $700, or 30% of the consumer’s monthly gross income, whichever is less. There is going to also be a limit on the number of loans a consumer can take out to 8 loans in a 12 month period of time. One other stipulation implemented in this new law is that anyone who is in default on another loan, or still paying back a loan, can not take out a new payday loan starting in January.
My question is…. will these new regulations limit the number of leads that payday lenders purchase in this state, or will they still be interested in extending loans to consumers in the state of Washington? My guess is they will still very much be interested in obtaining payday loan leads from Leadpile and other lead providers in the state of Washington. Consumers need these short term loans and payday lenders should still be the ones providing them to the consumers.

The Thanksgiving rush is now over, and retailers seem to be pretty pleased with the Black Friday results. However, now Cyber Monday is here and the kickoff to online shopping has begun. Internetnews.com is reporting sites such as Amazon.com and Walmart.com to be the potential big winners. Time will tell who is going to be the big winner this holiday season. Web sales only represent a small portion of the holiday sales, however year after year more and more people are turning to the internet for their shopping.
Leadpile is hoping to capitalize on some of this increased web traffic with some additional lead generation. Payday loansare in high demand, and we are hoping some will see these short term loans as an additional way to potentially purchase their much needed Christmas gifts.

In recent news in AZ, payday lenders are working with an former AZ attorney general – Grant Woods to try and keep payday loans from being eliminated fully in the state. In a recent vote the short terms loans had been voted to be eliminated, however some are trying to prevent this from happening. A local AZ paper is quoting that some payday lenders have hired a local company whose owners are advisors to the AZ governor, so this looks like they are really trying to win this battle this time. We all wish the people in AZ (Leadpile’s home) luck with winning this battle.

Canada is no longer an out of the way market that U.S companies do not want to do business with. Many of the hot Canadian companies are all coming together to try to sell themselves. These agencies are going to be traveling around the United States to show marketers that cities like Montreal and Quebec are the ideal new hot spot for market testing. Why is this? According to adage.com, “its language barrier prevents much outside media from seeping in, and vice versa — makes it an ideal place for U.S.-based marketers to experiment with new ideas and approaches before rolling them out to wider audiences.”
Several larger companies such as MasterCard and Mazda are way ahead of the game and have been utilizing Canada as a test market for several years now, both with great success. By testing in a smaller market with a smaller budget, marketers are able to see what works and what does not with out throwing their whole budget out the door. This also allows companies to try a more “out of the box” method.
LeadPile is a head of the game when it comes to working in Canada. Currently we are generating Canadian payday leads in Ontario. We are finding great success generating leads in Ontario and have plans to expand to some of the other Canadian markets.

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 loans get a bad name, but are a necessary option for many individuals. Recently there has been a lot of bad press about payday loans and the high interest rates that are associated with them, however not all is bad about these loans. Payday loans help many people in tough times, times when they have no other option or places to turn.

According to Online PR News , a recent study shows that people living in states that currently have banned payday loans, turn to more desperate measures having far worse long term effects on the individuals financial standing. Over drafting accounts and bouncing checks is not a better option.

The benefits that payday loans can bring are enormous, allowing people to get help in times of need. At LeadPile, we generate thousands of payday loan leads and match these leads up with payday loan companies able to help them get through what they are dealing with. Payday loans are an asset, and are necessary in today’s economy.

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.

OLA (Online Lenders Alliance) is an organization that has been around since 2005 representing the online lending industry. Leadpile is a proud sponsor at this year’s fall conference in Colorado Springs, CO. Attending and sponsoring such an event, allows us to be amongst others that are working on initiatives to help build the payday loan industry in a positive manner. This upcoming conference will be a great opportunity for Leadpile to meet with those that we are working with now, and those that we can potentially team up with in the near future. We look forward to meeting everyone at the conference!

The generation gap between the boomers and younger generations is becoming more apparent and widening the gap even more with the effects of the recession. Dropping home prices and stock values give employed people in their younger years an opportunity to invest and purchase in ways that would not have been possible to them without the drastic decline in value from the recession. On the opposite end of this scale, the aging generations such as the boomers are taking a large hit, watching their homes and 401(k) accounts drop by huge percentages in value.
First-time home buyers being offered $8,000 tax credits, and the stock market at all time lows adds extra benefits for generation X’ers looking to get a head start. People in their 20’s or 30’s have plenty of time to get in now and watch their investments grow, giving them a huge advantage to someone in their 50’s or 60’s looking to retire.
According to msnbc.com the Consumer Price Index has recorded a rare drop over the past 12 months, 1.5 percent. The decline for many goods and services has been much greater, allowing young people to put even more money into stocks and housing.
For those who are fortunate enough to have remained employed and have the opportunity to invest have a great advantage….For those who have been working all of their lives to retire and now are faced with hard decisions and losses, it feels as though they are being taken advantage of. It’s scary to think that even the best layed out plans could turn bad.
Recently there has been enormous amounts of discussion surrounding Payday loans, and the push by some to get rid of this option. With the economy in the state that it is, and people’s budgets and financial futures in question Payday loans are the stepping stone to help people get from point A to point B. They may not be the perfect solution to the problem, however at the time, they may be the only.

We all know there has been legislation going on with the payday loan industry, however it still does not take away the fact that consumers still need short term loans. If consumers still need a short term loan, like a payday loan or installment loan, then what are they supposed to do if these types of loans are banned in their states? WTAM.com is reporting that in the state of OH they are still struggling with consumers needing loans, but the loans are facing tough scrutiny.
Leadpile Lead Exchange recognizes that there are some state restrictions going on with this industry, but if there is going to be tough regulations, then shouldn’t there be some other type of short term loan that the consumers can look at taking out? If there is one door closing on the consumers, then there needs to be some other options available. What should be the available option to them? Ohio sounds like it might have a challenge on it’s hand to try and figure that out.

I came across this article about nursing homes providing payday loans to it’s employees and it intrigues me because this just goes to show you that there really are a lot of people that need extra short term cash. Nursing homes offering their employees short term loans might not be the answer to helping those that need help, but the point is that there are people everywhere (working and not) that are looking for some short term help. Regulating nationwide payday lenders to the point that causes places like nursing homes to provide loans really the answer? OR coming up with a solution to help those that need short term cash the answer? There has to be a middle ground where getting short term loans should be easier than having to necessarily go to your employer …right? Nursing homes are for taking care of our elderly AND payday lenders are for taking care of those in need of getting some quick cash. The payday lenders should not be taking care of the elderly and the nursing homes I do not believe should be lending money.

When someone needs some quick cash, most think of getting a payday loan because it is quick and no credit check is required. However, in recent years, credit unions have tried to come up with an alternative to a payday loan, but some seem to be similar in many aspects. Does this mean that our nation’s credit unions will be getting put under a microscope like most payday lenders? The unfortunate thing is that many of these consumers are needing “emergency” money, so places like credit unions are trying to jump in and help out their customers with creating these short term loans. There is certainly a need, or credit unions would not look at creating their own version of a payday loan, but really what is the difference? Is there some way all lenders can come together to create one “short term emergency loan” that can help our nations consumers get out of trouble? Leadpile hopes so, because we really want to continue to be able to generate leads of those that are looking to be connected with someone that can help them. Sounds like the credit unions and the payday lenders have a common goal >> help consumers! Right?