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5 Reasons to NOT Buy a Check Cashing Payday Loans Business

Franchise City 44 views

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New Video features Check Cashing Kiosks that solve a lot of the problems we outlined on this video: youtube/PtugH3gi_1o
Comment from : @FranchiseCityOnline

I have took out loan installments borrowing from Peter to pay Paul I only draw$1879 a month I need to know how to stop these loan companies I’m over my head I need to know what they can do plus prevent them from withdrawing funds from my bank account Please I seriously need advice how to handle this
Comment from : @normarutledge

Also, it's scumbag business
Comment from : @frostyjim2633

Loans From $10K - $5M currently available at 3 interest rate only brApply now
Comment from : @lucasgrant2871

Reason # 6 dishonest employees!! Several negative experience with check cashing employees ripping off the clients and the owner/ manager being clueless or not believing the victim If you use this business count your money carefully after the exchange
Comment from : @raywells2089

I don't understand how you make money as a broker when you don't do sales pitch for franchises
Comment from : @puregsr

I just opened a money transmitting store and will be including check cashing This video sucks
Comment from : @davinchia5118

The presentation sugarcoated the biggest reasons not to get involved in this industry The reasons the banks started shutting off check cashers in the mid 2019s was the war on the industry by the last president of the United States and his political party They threatened the banks with threats of fines and criminal charges as part of this If a certain person and his party get back into power in November the war will commence again and operators may not survive this time
Comment from : @williamford9564

17 million? check that stat its easily 5 to 10 times that
Comment from : @cardboardu6019

Derisking more like decompetitorizing
Comment from : @paulfun8720

you forgot the most important part!!!brbrbrthe importance of having a loaded shotgun under the counter AT ALL TIMES! 😲😲😲
Comment from : @stueygriffith4671

you mean aside from being a disgusting bottom feeding leech
Comment from : @rexharrison400

dont forget about the shotgun you need under the desk when you get robbed!!!!brbrbrFACT: rubber bullets are just as deadly at close range!!!!brbrbrbut it's good part of your defense strategy when they try to sue you, too! 😉
Comment from : @stueygriffith4671

A bright guy but how can he mix up check cashing stores with payday loan operations? They are not remotely the same Check cashers are required by the FED's to be MSB's; Money Service Businesses Patrons of check cashers are not required to have a formal bank account Check cashers charge 2 to 5 So, $300 check yields a check casher $15 max in fees This check casher must have $285 in their drawer to cash this check That is NOT profit They have labor, overhead, rent A Texas payday loan lender charges $90 in fees over 14 days to a borrower receiving a $300 payday loan No cash required This payday loan lender can ACH, fund a debit card or write a check to their borrower If the payday loan borrower fails to pay back the $300 on their next payday, the borrower pays the $90 in fees and still owes the Texas Lender the $300 loan principal California payday loans cost the borrower $1766/$100 Florida payday loans cost the borrower $10/$100 plus $5 1st time application fee And, so on For a sense of scale, check out a few of the publicly traded payday loan/installment/line-of-credit lenders One did $300M in "small dollar loans in their last 3 month quarter Note that all the payday loan [single-payment] lenders have been transitioning to installment loan products for years One last point, regulation is recognized as a positive for sophisticated entrepreneurs It serves as a "moat" to minimize competition Sure, it's a heck of a lot easier to open a pizza shop - no disrespect to pizza operators - but the margins available to a pizza shop owner pale in comparison to a sub-prime consumer lender
Comment from : @JerAylesAyler

5 reasons why you should never get out of bed
Comment from : @lostintime8651

The worst thing about owning one of these stores is that you deal with people who have room temperature IQs and no sense of delayed gratification They're like children; they want what they want when they want it and no good, intelligent reason is going to dissuade them Some dude wants new $2000 rims or a $2000 stereo for his $1000 car, so he gets a payday loan which (surprise) he can't pay back Suddenly you're the bad guy for owning the store which gave it to him They will call you a "predatory lender" and do everything they can to be sure that you don't get your money back Who needs this headache?
Comment from : @edbrown8254

My brother managed a couple of them They are extremely hard It attracted a lot of hoodlums that they always have something up their sleeves Beside the threats , pointing guns and one bad check will eat your day profit Great video Thank you
Comment from : @hassanbazzi3545

Fucking SARS ahhhh
Comment from : @nickmorrissey4198

He forgot the biggest reason clientel
Comment from : @ruthlessreid9172

Kitchen solvers sucks dont do buisness with those "people"
Comment from : @joemaas7924

It just doesnt seem like a good business model to try make money off of people that are broke Not sustainable long term
Comment from : @benparker6825

that is what happen to walmart, they drop the fee to get people in the door to shop there
Comment from : @dangda-ww7de

i wanted to use you, but you are negative on eveything
Comment from : @rodneytodd3378

This business doesn't appeal to me because of how predatory it seems to be
Comment from : @2011blueman

So, the owner borrows money from bank and lends to the customers?
Comment from : @davidzhai01

Cheque
Comment from : @tonyquigley6543

6 Owning such a business places you in the ranks of the lowest scum on the planet - powerful people who prey upon the weak
Comment from : @michaelmorris4515

The people that use check cashing stores & services are "at risk" of returning to a life of crime, irresponsible in many wayI would not want that type of person as a large percentage of my customer base
Comment from : @veg1run

The top reason not to buy one of these businesses is that they're predatory and exploit the most economically disadvantaged for profit
Comment from : @connorjensen443

They should be illegal luckily in my state they are
Comment from : @autohelix

USURY IS THEFT
Comment from : @VainakhQuranites

Good information thanks
Comment from : @balkar143

So what businesses are good?
Comment from : @AdrianChuRealEstate

As a former owner he forgot to add one important thingbrRobbery and brThe risk of being killed during the robberybrThat was my number one concern when I owned one
Comment from : @ChristoherWGray

A lot of employees receive their pay by having it directly loaded onto a debit card issued by their employer which eliminates the need to cash a check
Comment from : @jamesstewart3002

I have to look through your videos but I am thinking of a pawn shop since I live in a depressed area in PA and there is none here In the Philippines very easy to do without regulations We do title loans at 10 of value 90 will lose there property so it is a bit of a dilemma if I should keep doing it Feel bad when someone can not pay back a small loan
Comment from : @mrj-charles6383

i will not rent to someone with no bank accounti do not care if they only have 20$ in itin my experience they are running from something or somebody
Comment from : @workingshlub8861