Payday Loan Franchise Opportunities
Payday loan businesses are booming. Thousands of entrepreneurs are making huge profits offering cash advances.
Various franchise companies are offering their help in starting and operating your new payday loan business.
The question is, "Do you need their help? Does it make sense for you to pay a payday loan franchise company to
teach you the ropes?"
Please be aware that WE DO NOT offer payday loan franchises for sale. We do offer various training
materials and payday loan startup Manuals, but we do not think franchises make sense at this time.
The cash advance franchise industry is still in its infancy. There are no strong, well recognized
payday loan companies with branding eliciting consumer recognition yet. Granted, if you were planning to enter the hamburger
industry you would have no choice but to join a McDonalds or Burger King franchise network in order to
succeed.
As experts in the payday loan industry, having opened our first location in Garden Grove, California in 1997,
we offer the following responses to the payday loan franchise question:
- If you require a lot of "hand-holding" in starting ANY business, our
answer is YES buy a payday loan franchise.
- If you are willing to "buy a job", our answer is YES buy a payday loan franchise.
- If you do not mind giving away 8% of your gross sales each month, our answer is YES buy a payday loan franchise
- If you have the minimum $115,000 to $185,000 cash available to buy a payday loan franchise,
our answer is NO. Put all these funds to work rather than give it to a franchisor.
- If you can accept having "someone in a faraway land" dictate when to open and when to close
your cash advance business, our answer is YES buy a payday loan franchise.
- If you desire the freedom to choose the very best payday loan software solution for YOUR situation,
rather than have the software developed by the payday loan franchisor FOR THE PAYDAY LOAN FRANCHISOR
"rammed down your throat", our answer is NO, do not buy a payday loan franchise. Be aware, there are more than
30 payday loan software solutions available in the industry today! A great number of these
are less than $1000; many are under $500. Never allow a payday loan franchise company to convince
you their software solution is the best; even if they claim $700,000 in development costs.
Additionally, many cash advance franchise companies simply resell another company's payday loan
software at huge markups to the franchisee. For more on this,
refer to our Payday Loan Software Report.
- If your concerned about going into a payday loan business by yourself and having to be
"the lone-ranger", do not fret. You do not need to pay a payday loan franchisor for camaraderie,
subscribe to Checklist Magazine (Our industry trade magazine), join FISCA and/or CFSA (The national
payday loan organizations), join your state trade group, and finally CALL OR EMAIL US! The
contact and subscription information for these sources are in our Manuals
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