What is the best PDL out there?

Tammy I wonder.."looking for insight huh" I think this one is slow on business or has lost a lot of Business

Finsfan - You are right. I'm sorry for jumping to conclusions, but none of us have had very good experiences with payday loans. It would be very valuable to have someone on the inside to answer some questions.

Pdlme - Just please, don't solicit anymore on this site. It's not what it's here for.

Goudah, it's completely understandable! I haven't had good experiences either, and I don't think anyone else here has either!

I really truly think this could be a learning experience. Obviously this person could tell us things we don't know. And while NO ONE will take a loan here, hopefully PDLme will contribute because he/she WANTS to give sound advice and help people here get out of PDL hell.

I really want to give this a shot. I hope others here will keep an open mind and NOT be hostile. PDLme has not insulted or degraded us..We need to return the favor.

The first piece of advice that I can give is DO NOT take one payday loans to pay of another. We do a search on our affiliates database when an application is processed and if the borrower has more than two laons out we will reject the loan. Many of my colleagues do not limit the number of loans that a borrower can have out at one time. These places tend to have a very high number of defaults but they also have a higher profits.

I tend to look toward the long term and strive towards repeat customers. I want a base of customers that will keep my business going until I decide to retire. The way to do that is to keep them happy. Usually the customers aren't happy if they are in default.

what does your company do if a customer defaults? Do you send the debt to a collection agency, or do you write it off?

I think we more are looking for advice on how to deal with payday loan places that won't cooperate or are breaking the law . . . .

PDLme, would you consider registering? You don't have to give any personal info, but if you registered you would be able to use the pm option.

and are you lending legally..i.e in states that you are NOT supposed to?

First of all 2 loans is 2 too many. You shouldn't give a loan if the person has another loan PERIOD. I just struggle now and would rather do that than to ever take out a payday loan again.

"What does your company do if a customer defaults? Do you send the debt to a collection agency, or do you write it off?

It depends on the circumstance. When a loan is in default, we give it to our collection agency. we use the term "collection agency" loosely. It is basically staff employed by me. People tend to pay back the defaulted loan quicker when our "collection agency" is after them.
If the borrower has paid us the original loan anount, we will call him, notify them about the default and try to come to an agreement. I would say on the standard 200 dollar loan with a balance amount of 260, we would settle for half. if they have paid the original 200 we would just ask for 130 more instead of the full $260. My reps do have a booklet that involves how much to settle with each customer determined by how much that customer has paid.

If the customer chooses not to settle we will hand off to a legitimate collection agency and let them handle it. After that we write it off. We don't make much money after handing it to them. The customer is then blacklisted from my site and all of my affiliates.

And do your collectors threaten arrest/prosecution?

"I think we more are looking for advice on how to deal with payday loan places that won't cooperate or are breaking the law"

The best way to deal with them is to know your rights. When someone's loan goes into default and they are sent to our "collection agency", we give the borrower a call. The CS rep making that call gets paid on commission only. These people are paid very well. Most of my reps have years of experience and are very good at what they do. They all have their own style of collection. We prefer for them to be polite as possible to the customer, but if a rep is getting back 80% on each debt we will look the other way as to how he is getting it back.
In my experience the more agressive a collector is, the more successful he is. I know that is not what you wanted to hear, but it is the truth.

Good to know you are following the laws . . . .

"PDLme, would you consider registering? You don't have to give any personal info, but if you registered you would be able to use the pm option."

I will be happy to answer all question here, in the public forum.

So what if your collectors ar threatening arrest? Or telling a single mom that her kids will be taken away because she's going to jail for not paying? Do you look the other way if one of your collectors uses threats like that to get people to pay up?

"and are you lending legally..i.e in states that you are NOT supposed to?"

According to the way my attorneys interpret the laws, yes, we are lending legally.