Pay day principle lenders

[retrocowboy]

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Hi guys,

Can anyone tell me who all the principle payday lenders are? Not the brokers! Thanks in advance guys.

Retro.

[JSTloans]

JST Financial is: you can join our campaign through Carter-Phillips. Just Before Payday | JST Financial Solutions Limited

[john-pp]

I believe retrocowboy asked who the "principal" payday lenders were?

[emmalaffey]

Yo retrocowboy

MEM pay day loans is one of the large UK ones.

Emx

[JSTloans]

By the definition “principal” payday lenders, I took it to mean who has their own book!

JST has their own book and do not pass, “broker” to any other Payday company.

[123debtsolutions]

JST aren't accepting enough apps and aren't looking for more leads... Or so I was lead to believe.

MEM, Cashnet and Blizzard are the big players. The rest are just feeders or small-time operators.

[retrocowboy]

Thx Lee! Appreciate it.

[JSTloans]

JST aren't accepting enough apps and aren't looking for more leads... Or so I was lead to believe.

MEM, Cashnet and Blizzard are the big players. The rest are just feeders or small-time operators.

JST Just Before Payday | JST Financial Solutions Limited are hungry for more introducers, and our affiliates return per lead submitted, is just under £3.

MEM, if you broker direct on their £50 per completed deal, will return you about the same (£3). I am not aware of another Payday company returning higher, but am just about to be proven wrong "me thinks".

Blizzard return approx 50p per lead submitted and the ping trees returns are approx £1. This info has come from affiliates who use/tried all.

[john-pp]

I think you are indeed hungry for more introducers it's just that you're not validating anywhere near enough leads. The advantage to you in doing this? Simple... You utilise the lead in some other way with an added bonus of not having to pay the affiliate.

You can make out to the consumer they haven’t been approved for a payday loan but "how about one of our lovely personal loans?" and then if you don’t write it to your own book you farm it off and/or utilise the lead elsewhere.

Fair enough I suppose, many merchants do this – but we think it’s only fair to reward the affiliate for driving the lead to you in the first place.

That’s why we offer a choice. As we now have 5 merchants on our ping tree we are receiving much better approval rates AND because of that we can offer a true “per submit” option of £3.50 with no rejections (except for dupes/hoax/fraud).

“our affiliates return per lead submitted, is just under £3.”
One of your ex affiliates that is now with us sent 90+ leads to you and 2 were validated – that makes the return about 21p which to be honest doesn’t even cover the PPC!

[JSTloans]

For affiliates information on Payday loans lead generation.

It is early days for Payday Loans in the UK. It is estimated that only 150-200,000 people have used or regularly use this service. There are only a handful of direct lenders in the UK, however hundreds of marketing sites generating leads for the same handful.

There are many ways to generate a lead; however I will list the most popular.

1) PPC
2) E-mail lists.
3) Banners ads from other product sites or thank-you pages.

1) PPC marketers are drawing from the same pot of 150-200,000 regular users/searchers of Payday Loans, the results are: - many duplicated leads and a very large percentage of applicants already having a Payday loan with a competitor. (Not ideal, as bad debt is double in this category).

2) With e-mailers, the best results for lenders come from databases outside the Payday arena, thus introducing the applicant to the service which they do not know about.

3) The marketer is fulfilling the need for the Payday Loan, right when the applicant needs it example being from a holiday site as they need the deposit or from a white goods site where they need a new washing machine today. Our best lending results are from this medium.

When i get a bit of time I will work out the returns from each marketing method. Remember you can find us at Just Before Payday | JST Financial Solutions Limited

[paycash]

JST:

I agree with above. I've tried contacting your company at least three times over the past six months to send you leads but no one has responded to my interest.

PC

[paycash]

MEM has been difficult to work with to say the least. They keep changing their payouts from CPA to cost-per-funded loans and vice-versa. Additionally, we haven't been paid for invoices dating back to April and May. All leads are legit.

[JSTloans]

Just Before Payday | JST Financial Solutions Limited business model does not suit generated leads from “Ping Tree’s” as the LOAN agreement is generated on-line and can be auto signed by the applicant. In our experience most Payday Loan Companies criteria is very similar, so unless you are first in line in the “Ping Tree” (from a merchants point of view) all you are getting is other Payday Loan Companies duplicates or applicants who already have an outstanding Payday Loan or on the bad debt list.

The results are simply a Payday Loan Company (if not first in the “Ping Tree” ) writes more bad debt, so as soon as the other Payday Loan providers wake up to this fact, quickly I hope, the better.

Another point I would like to make is that using PPC for Payday loans (from a merchant’s point of view again) results in a very high percentage of duplicated, un-lend-able applications. The applications that search out Payday loans and other Payday related keywords, usually already have a number of outstanding Payday loans.

From a lenders point of view (again), PPC activity can be cost affective if the keywords used are from point of sale, example white goods, holidays, etc. The reason being are that applications are actively looking to purchase a new washing machine and may not be able to get credit due to history, so (short term) Payday lending is their only option to complete the purchase.

If affiliates stay clear of the Payday loans and related keywords and concentrate on thinking about the reasons why people need the service and advertise “short term loans for your washer purchase” or “short term loans for your car repairs” for example. Click to lead will improve and lead to loan will improve, thus allowing the merchant to increase his cost per lead.

Since the turn of the year, more and more affiliate’s sites have come on-line, most concentrate on Payday related keywords. The duplication problem will not get any better. (Again from a lenders point of view) we are concentrating on affiliates who are bringing virgin clients to the table.

I do not wish to offend anyone here, just contribute an opinion from the merchant point of view. The opinion of JST may not be the same with all UK Payday providers.

[Thatch]

I started another thread on Pay Day Loans, but haven't had a constructive response, which may be because I'm not asking the right question or the right people. However from the last response from JTL it does seem that some loan declines are for multiple pay day loans outstanding. If somebody has got to this state of financial meltdown, a more radical solution may be required.
For many the solution will not be more short term finance, but a ruling off of the problem so they can move on.
If you have loan declines and you want to try to monetise them, I think I can help.

[JSTloans]

You have to look at the “average profile” of a Payday Loan applicant.

Let me try and paint you a picture of the applicants. Firstly they have no saving, and often live from Pay-Cheque to Pay-Cheque. They are working usually in unskilled manual/sales jobs, in rented accommodation and drive a car 7-10 years old.

They have the latest mobile phone, spend over 50% of their income on a nights out, clothes are the latest fashion and have draws full of unused clothes.

Their Bank Statements show that their wages are spent before it is earned, by Sky TV, On-line Bingo, car insurance, often right up-to the overdraft limit by day 3 of the month.

The applicant may have one or two small debts, store cards etc, but are not classed as credit worthy by the High St, so not really DM, IVA clients.

Try to market by e-mail, Credit Cards, Mobile Phones, High St fashion, holidays in Benidorm. (As long as the clients have opted in)