According to results released today, 60% of respondents to LiquidEdge’s July’s ARM Industry Poll say that PayDay Loans is the growth area they want to add to their business. The remaining 40% are evenly divided between Student Loans and Other. We think the other ARM growth areas are in the medical, retail card and utilities sectors.
What does the poll tell us?
This poll indicates that 60% of the industry views Pay Day Loans as a growth opportunity. This makes sense since fewer Americans have access to traditional banking services such as checking accounts, consumer loans and credit cards than they did five years ago, trends indicate that the number of underbanked Americans will grow to 1 in 3.
LiquidEdge is releasing PayDayEdge a scoring solution for the Pay Day Loan market this Fall.
The bulk of the accounts charged of early on in the recession are now considerably aged or Out-of Stat this lucrative market segment should be a target growth area.
LiquidEdge has developed a tried and true method for making money while working Aged and Out-Of-Stat paper. Even with the thinnest of margins, scaling work efforts in accordance with the payment propensity will enable companies to be efficient while being effective working all aged debt.
To learn more:
Read How to profitably collect on Aged and Out-Of-Stat accounts – Download now
View free on demand webinar – Finding the gold in collecting Aged or Out-Of-Stat Debt
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