What is the best PDL out there?

This board is to Help people GET RID OF PDL..not to entice them..

I doubt anyone that uses these boards is interested in taking out another pdl . . . .

I'm sorry, but you're wasting your time here. This is a place where people come to get help with their debt problems.

Please read the forum rules before posting again.

I understand that, but there will always be a demand for quick loans. People would be more comfortable doing business with someone they know they can go to if a problem arises.

Sorry about the solicitation. Intead of giving out the sites name, I search the forums for dealing with my loan company. Hopefully there arent too many complaints:)

Quote:

understand that, but there will always be a demand for quick loans. People would be more comfortable doing business with someone they know they can go to if a problem arises.

Sorry about the solicitation. Intead of giving out the sites name, I will search the forums for questions dealing with my loan company. Hopefully there arent too many complaints:)

[color=red][/color][size=7][/size]NONE.CLEAR ENOUGH!

What is the best PDL out there??? Who is the nutjob trying to kid? I think we are all in agreement that PDL's are as bad as having a drug addiction....THE BEST PDL OUT THERE IS NO PDL EVER!

Here's an idea for you..

Instead of attempting to gain customers here, why don't you observe what the board members are saying and offer advice on how to deal with companies? We've never had a PDL offer true advice that we could use. I for one am open minded. While I think PDLS are a very bad thing, I honestly think you could lend some valuable insight.`

Quote:

Quote:

I figured that I might get some tough responses and I understand that. Many people don't understand the consequences of such a high interest rate. When filling out a loan application, the borrower is told on the application at least 5 times that this loan is not meant to be a long term loan. It is meant to be a quick fix. It is much easier if the borrower takes our advice and pays the loan off the first due date, rather than to keep renewing.

It is their choice whether or not to renew, not ours. I cannot stress important it is that these types of loans be paid of ASAP. Remewals are where the majority of our profit comes from.

That sounds like a good idea finsfan. If anyone has any questions for me I would be glad to answer them.

Guys, lets see what this person has to say. He isn't being agressive or nasty...He/she could help!!

PDLme, what kind of advice do you have to offer?

Duh, that's right, we are all idiots here that can't read paperwork. If you read through these threads you will notice that most pdl's BREAK STATE LAWS. That is out complaint. These companies continue to debit accounts after loans are paid, sell your info to other pdl's that then deposit money without even contacting the person, and make it so you can't even find their contact info to request that the loan be paid off.

I know all companies aren't like that, but most of the internet ones are. Some of these companies do things completly over the phone, no contract is ever signed. So don't try to tell us how many times it tells us anything.

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.

Quote:

"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.

Quote:

Quote:

"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."

Its good to see that you can get by without using the service I offer. They are not for everyone.

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

Technically they are not working for me. I can not be held responsible for any other the "collectors" actions or words.

"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."

PDLme, it is so refreshing to see that money has not corrupted you :evil: :roll:

[quote]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. [/quote]

So you were lying in that post? Do the collectors work for you or don't they? You can't have it both ways.

"I appreciate your honesty. I'm assuming you've browsed the forums. Are you a company that you've seen mentioned here frequently?"

I haven't seen them mentioned yet. As I said earlier we are fairly new. I also do my best to keep the customers happy. It seems many of the complaints are that the lenders are not easily accessible. Either borrowers are having trouble getting a response from a lender or they can not even find an email address or phone number to contact the lender. I make sure that all emails and phone calls are answered ASAP.

I will continue searching and and if I see a problem that anyone has with my company.

"PDLme, it is so refreshing to see that money has not corrupted you"


I do my best, but I am not in this business to give money away.

So you were lying in that post? Do the collectors work for you or don't they? You can't have it both ways.

I do not pay them directly. They are sub contracted.

"It seems many of the complaints are that the lenders are not easily accessible."

And I would say the vast majority of the complaints are about debtors being threatened with arrest, prosecution, giving 3rd party disclosure, blah blah blah. But hey, your hands are clean, right? :roll:

Quote:

I would think that if it could be proved that you purposly turned a blind eye towards the collection tactics that people contracted by you used on people that you could still be held responsible.

PDLme, I just checked out your site.

I had to laugh at your picture of the bull going poop, it's nice to see you have a sense of humor.

I have to give you credit for the disclaimer, it's been a long time since I've been on a PDL site; I have never seen a disclaimer quite like that before. Was this required by the new PDL laws?

"And I would say the vast majority of the complaints are about debtors being threatened with arrest, prosecution, giving 3rd party disclosure, blah blah blah. But hey, your hands are clean, right?"

Legally, yes my hands are clean.

"So..If I take a loan from you, and I default, a contractor attempts to collect from me on behalf of you. You then get a percentage of that, and they get a percentage as well. If these people are working on commission, it definitely explains the aggressive collecting they do. Interesting."

Yes. That is true.

Ok, here's a touchy one..

I'm sure you understand that you must follow the lending laws. If you gave me a $200 loan here in Michigan and charged me $60 every two weeks and I paid on it for 6 months before finally defaulting, do you acknowledge that this loan should be considered paid in full?

"I would think that if it could be proved that you purposly turned a blind eye towards the collection tactics that people contracted by you used on people that you could still be held responsible."

We do have agents that monitor the other callers but it isn't me. The monitors have been collectors for years and know when the rep is going too far and when to stop pushing the borrower. They usually have the most experience dealing with these types of customers and are one of the most important members of the team. A monitor is pretty much a teacher for the rep and when a customer asks to speak with a supervisor, a monitor is who you are speaking with. They know the how to get around the types of questions that most people would ask.

"Ok, here's a touchy one..

I'm sure you understand that you must follow the lending laws. If you gave me a $200 loan here in Michigan and charged me $60 every two weeks and I paid on it for 6 months before finally defaulting, do you acknowledge that this loan should be considered paid in full?"

Not touchy. Thats an easy one. I would definitley considered it paid in full, yes. That is a lot of money to make off a $200 loan. Like I said earlier, my goal is to have repeat customers and to be honest, someone that pays $200 without defaulting for six months is a dream customer for me to have.

I think that's a HELL of a lot of money for a $200 loan. A year and a half ago, I had two loans that I paid over $2000 on, and they were only for $200. I had a lot of difficulty getting those two companies to see it my way. :evil: