The payday loan business is booming. The number of outlets now offering these low-dollar, super-quick loans has doubled to over 20,000 in the last four years. Industry growth, from predominantly stand-alone check-cashing storefronts to national lending chains that have suddenly caused even Wall Street to stand up and take notice, has been fueled largely by the Internet and by savvy new marketing techniques.
(PRWEB) September 2, 2004 -- Behind the success of many of the new payday loan lenders is the Delaware-based Internet marketing giant, PDL Marketing LLC (PDLM). Utilizing their services, payday loan companies are able to purchase turnkey marketing solutions to generate new borrowers for their payday loan products. PDLM Managing Partner Thomas Becks estimates his firm is generating in excess of 20,000 payday loan applications each week for his clients.
Were acting as a behind-the-scenes marketing department for our payday lending clients. Not only have we been able to slash their marketing cost by over 50 percent through our proprietary online methods, weve also dramatically increased their coffers. We have taken several clients from $100,000 a month in new loans to over $3 million in just 6 months," says Becks.
Some of PDL Marketings clients are simply looking for fully completed applications from qualified borrowers, and PDL Marketing can provide these clients a guaranteed number of new applicants each week for as little as $14 per lead. According to one Philadelphia-based payday loan outfit, "the team at PDL Marketing really jump-started our online marketing effort. We tried other methods of increasing our share, but nothing could compare to the quality of the leads we were able to get from them. It simple math…"
Other lenders come to PDL marketing not to generate new applicants directly, but to build their own online lead-generating "machines," a service PDL Marketing offers at extremely competitive rates through its subsidiary, TBBI.net.
The company also works with lenders who already have their own web sites and are simply looking to generate and convert more leads. For these clients, PDL Marketing can recommend services from a wide variety of their online marketing techniques, including:
~Search engine registration
~Keyword analysis
~Search engine copy writing
~Site optimization
~Link popularity research
~Page link inclusion
~Web site traffic analytics/ROI tracking
~Post search engine monthly maintenance & re-optimization
~Pay-Per-Click analysis, planning and implementation
Payday loans are also known in the industry as cash advances, check loans, deferred presentment loans and deferred deposit loans. These loans are short-term, higher interest rate loans ranging from $100-$1000. Usually, the worker writes a personal check payable to the lender for the amount he wishes to borrow plus a "nominal" fee. For example, a consumer who wishes to borrow $100 may write a $110 or $120 check to obtain the money. The check written for the payday loan is cashed in a period of a couple of weeks.
At one time the payday loan business was derided because the fees on a percentage basis appear to be extremely high. But because the loan amounts are so low, the actual dollar cost to the borrower is actually quite low, often less than what banks charge for a bounced check. Borrowers arent complaining. Just before Christmas last year, more than 10 million people took out a payday loan. Consumers praise this ease of qualifying and the speed of acquiring cash as a service they cannot get from traditional" lenders. Business is indeed booming, particularly for customers of PDL Marketing LLC.
For more information, please visit http://www.pdlmarketing.com or call 866-309-8224.
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