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Profits from Payday Loans & Paycheck Advances

The following statistics represent our best estimates of the typical returns possible for one location:

Monthly Volume for 1 store: 575 Checks
Average Loan: $300
Average Fee %:  15%
Average Fee:  $15.00 per $100.00 Advanced
Total Monthly Loan Volume:  $146,625.00  ($255 X 575)
Total Monthly Fee Volume:  $25,875 ($45 X 575)

(Many operators charge an initial "set-up" fee of $5.00 to $10.00 the first time an applicant receives a payday advance. This could add significant additional profits to your operation.)

These figures are based on our best opinion of existing stores, interviews with members of management of existing stores, statistics garnered from attendance at industry conferences and conventions. YOUR RESULTS MAY BE DIFFERENT!

Are you currently attempting to determine the advisability of starting a new business? Or perhaps your an existing pawnshop or check cashing operator considering the addition of a paycheck advance profit center to your operation? What will your first year sales/earnings be? Guess? Certainly you can look at the demographics of your market area. Evaluate your competition, if any. Visit existing operations in other markets. Read any trade periodicals, if they exist. Get a job in the industry for a while. But bottom line, WHO KNOWS!

That is exactly our situation. We do not know what assets you bring to the equation. We all know hard work (luck) and timing can make all the difference in the world. Certainly the timing for the payday advance/deferred deposit business has never been better. It is a product for which clients are clamoring. But what results you will achieve are beyond our control. See our Disclaimer Page

We have certainly heard of locations doing much bigger numbers, particularly in large, metropolitan cities. And of course, a tiny town will do less.

We feel that, after the initial "build" period subsides, and your location matures, a leveling off somewhere between 285-335 customers at approximately 425-700 payday loan transactions per month is typical.

Annual Percentage Rates

Our research indicates the average payday advance is for a period of 8 days (the next payday for your client). If you were to advance $100 to your client, and the fee in your area is 15%, and you planned to hold your client's check until their next payday in 8 days, you would yield the following APR:

$100/.85=$117.65 in fees with an annual return on YOUR MONEY of 805%!

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