mike brown
dallas, TX (USA)
Role(s):
Founder/Owner/Principal
phdic
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Startup
Location:
dallas
Industry:
Finance
Year Founded:
2003
Number Employees:
10-50 people
Description:
I have been in the Payday Loan business in Texas since 2003. We operate under what's called a Credit Service Organization Model ("CSO"). We act as a broker, and facilitate the process for the customer and lender. Our current lender has about 1600 active loans through us for a total of $600,000 or so.
We are partnered with a lender currently, but it's not an ideal situation. The lender gets a base ROI of 9.99% + late fees and NSF charges that get the total up to 15%+ per year. Also, we guarantee the loans we broker, and pay out the lender on them when they go bad.
If there is not an angle here for you - maybe you know someone who would be interested? This business is a good one in Texas - we just need access to a lender with more funds.