Payday Loan Company Utilizes New Technology to Evaluate Potential Clients
By J.J. CameronPayday Loan Writer
In an effort to avoid situations where customers cannot pay back an instant payday loan on time, and to increase profits through efficient lending, Cash Now has integrated the Cash Now Loan Verify feature into its business.
This advancement will allow the payday loan company to integrate its technologies with other payday loan, sub prime credit reporting agencies and identify potential bad loans, while reducing loss exposures for the Cash Now licensees utilizing the company technology.
The integrated Loan Verify has one of the most extensive databases in the market today. Whis is this advantageous?
Because the more accounts tracked, the more likely it will be to accurately evaluate the customer in the check-out line. The Loan Verify negative database (accounts with returned checks) includes more than 22 million accounts.
With more than 120,000 merchants and 260 collection agencies contributing to the database more than 300 times per day, the Loan Verify continually expands its up-to-date information, expediting faxless payday loan customer service and reducing check losses.
"We are very excited about this feature and the capabilities" said Kevin Price the Cash Now CEO.
The low cost payday loan business is booming, Mr. Price continued, as the number of outlets now offering the sub prime low-dollar, super-quick loans has doubled to over 20,000 in the last four years. Industry growth from predominantly stand-alone check cashing storefronts, has been fueled largely by the Internet and savvy, new marketing techniques.
Behind the success of many of the new breed of payday loan lenders is the Florida-based payday loan lead generation and software system licensed by Cash Now Corp.
Payday loan companies are quickly realizing that the marketing solutions offered by Cash Now to generate new borrowers for their cash advance products are more cost effective and productive than using their own systems.
