What entices you to get a PDL from a certain company?

As I read these forums I see that many of you are very experienced at dealing with payday loans and am curious as to what interested you in them.
A buddy and myself are interested in opening up a company that specializes in these types of loans.

A couple of questions:

1. Fees
Obviously our goal is to keep the customer renewing their loans. Is the typical $30 fee for a $100 dollar loan seem like the right amount?
If we were to charge $50 dollars for loan to be renewed, do you think people would be more likely to go elsewhere? Or when filling out the application is the fee the last thing you look for?

2. Identification of Borrower?
When applying for a loan, does it matter that the lender makes requests to send in certain identifiction? Do you try to avoid sites that do? A friend of mine that is in the business requires faxing of identification, but as I see it, many people would rather not have to go through the all that trouble. I understand the possibilites of fraud without getting proper ID from the borrower, but I think that the volume of borrowers will more than make up for that on our bottom line.

3. Advertisements
What types of ads attract the typical borrower?
Most of the ads I see are of pretty young girls vacationing. The truth is that most of the people that need these loans are not using them for vacationing, but for the basic things such as food, electric or car payments. I believe people would take a more serious look at our services if we were to show a house with no electricity or an empty fridge with a caption such as "NEED FOOD, WE ARE HERE TO HELP" rather than the pretty girl. I think it would hit home with our target audience.


4. Collections
Many people we loan to are high risk clients with questionable credit history. Therefore we understand many of our clients will default on a loan. Which type of collection method would work best when a collector calls you asking to pay your bill? Threating jail time? Physical harm? Would it work to be nice to the customer or will they just consider us pushovers?

I would like to thank all of you for helping myself and partners with this information and look forward to working with many of you in the future!!
Have a great day:)