Pay Day Loan Makes 460% Return
San Bernardino County businesses for sale
About this business for salePay Day Loan Makes 460% Return
Best Business Buy in Southern California!!! Unbelievable opportunity to buy this outstanding “Payday Loan” company. This great company is very easy to run, has very low overhead, and has a tremendous upside. “Payday Loans” are small, short term loans for $250 that tide borrowers over until payday. Current owner has developed loyal, repeat clients over the last ten years that often return to the loan store every two weeks. Two weeks is the length of the loan for which the owner collects the loan + 17% interest ($44). Then, after collecting the loan, the owner “re-loans” the same amount to the next customer for the next two weeks and so on. Clients are normal people who must have verifiable jobs for at least one year and a check book. The client writes a check for the loan plus interest and the Owner cashes it in two weeks or less. A $250 loan earns a hefty $44 every two weeks and can generate $1,144.00 profit per year ($44 X 26 two week intervals per year). The default rate is very low 2% so the collections are extremely reliable. Owner works only 36 hours per week and is very laid back. The customer base is so reliable that the company only advertises in one yellow page directory. This sounds too good to be true but it is true! The Owner is moving to Arizona to be with her family so they are forced to sell. Act fast on this one.