1. Develop a comprehensive business plan. A comprehensive business plan should include a detailed analysis of the current and projected market for payday loans including an analysis of your desired customer base, your services, your competitors and how you plan to differentiate from them.
2. Establish payment terms. Establishing payment terms for payday loans is key to your success. It’s important to set reasonable repayment terms that don’t overwhelm your customers.
3. Implement measures to reduce risk. Make sure you have measures in place to reduce the risk of default on loans. Consider implementing risk management tools such as credit scoring and debt-to-income ratio review.
4. Offer competitive rates. Offering competitive interest rates and fees will make your payday loan company attractive to customers.
5. Establish a good customer service team. Establish a good customer service team to help customers understand and manage their loans.
6. Market your services. Make sure you market your services to your desired customer base. Develop an effective marketing plan to reach potential customers and build awareness of your services.
If you would like to learn more and see how Watson Capital & Consulting can assist you and your business, call us today. We help businesses across Canada achieve their strategic imperatives. Contact Preston Watson directly by calling 778-955-5644, send us a WhatsApp message to 905-906-5644, or email us via preston@watsoncap.ca. Consultations are free, so call us now!