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Payday Lenders – Purely Evil, or Filling a Market Need?
John and Glen get rather emotional- too emotional?- discussing the world of payday lending and how credit unions can deliver better solutions to address such unfortunate real-world needs.
Links related to this episode:
- Bizfluent’s tips on how to start a payday loan business (Glen’s favorite: “consider hiring a lawyer”): https://bizfluent.com/how-2309948-start-payday-loan-business.htm
- Debt.org’s more objective overview of the payday lending space: https://www.debt.org/credit/payday-lenders
- MindYourDecisions’ article demystifying site location: https://mindyourdecisions.com/blog/2012/10/23/why-are-mcdonalds-and-burger-king-usually-located-near-each-other-fast-food-location-game-theory
- QCash’s credit union-centric “Life Event Loans” product: https://qcashfinancial.com/
Demystify your members’ use of crypto- contribute anonymized data to BIG’s industry-wide effort tracking deposit outflows to crypto exchanges. Participating CUs will receive a complimentary report comparing their members’ activity to industry averages: https://www.cucrypto.report/
Follow the Best Innovation Group on Twitter: @bigfintech
Follow Glen on Twitter @154Advisors
Follow John on Twitter @jbfintech