Wilmington, DE (PRWEB) August 5, 2005
PDL Marketing LLCÂalready the established leader in supplying the payday loan industry with thousands of qualified loan applicants dailyÂannounced today it plans on unveiling its newest offering PDLTraxÂ at the 17th annual Financial Service Centers of America National Conference and Exposition. More than 1,000 leaders from the financial service center industry are expected to gather in New York from Sept. 24-26 in New York for the FISCA event.
PDLTraxÂ will be a fully-automated, turnkey financial management tool for lenders who now operate out of single or multiple storefront locations. Thanks to PDLTraxÂ software, lenders will no longer be constrained by selling payday loans to whomever walks in their doors; the exact same lending process can now be fully implemented over the Internet, allowing PDLTraxÂ clients to reach tens of thousands of new potential borrowers across all fifty states.
For lenders already accustomed to using with traditional storefront financial management software, PDLTraxÂ will represent a quantum step-up in functionality and ease of use. PDLTraxÂ was built from the ground up as an Internet-based solution for migrating applicants to loan clients quickly, easily and accurately. Existing in-store personnel can use PDLTraxÂ to manage loan uptake and processing fully online, with minimal training.
PDLTraxÂ seamless integrates all the industry specific software required to quantify the decision to fund the applicant, process applications, run TeletrackÂ© reports and provide payday loan managers with on-demand, real-time reporting across the entire spectrum of loan activity. In that way, PDLTraxÂ promises to be a boon for improving storefront activities and for critical decision-support functions.
The payday loan industry has exploded in recent years, more than doubling in size this past decade to nearly 25,000 operations across the nation. This growth has been driven by tremendous consumer demand for short-term cash in areas where banks and credit companies havenÂt offered solutions to consumers.
Says PDL MarketingÂs CEO Thomas Becks, ÂWith these new operators cropping up daily, consumers have more choices than ever where to solve their cash needs. But for the lenders, it means intense competition to keep making loans. The Ma and Pa brick-and-mortar guy who has been serving his local community for years in some cases doesnÂt want to get squeezed out. PDLTraxÂ is a powerful answer. ItÂs an easy affordable way to expand his business without investing in new stores, while still serving the local community, where there may be no where else to turn in a cash crisis.Â
PDLTraxÂ represents a tremendous back-end tool for allowing payday loan storefronts to break into the world of online lending. But as a long-time provider to the payday loan industry, Becks knows that generation of front-end new-applicant requests is the heart and soul of any payday lending operation. ThatÂs where PDL Marketing has traditionally excelled, already providing 15,000 new loan applications daily to its clients.
Says PDLTrax, IncÂs VP of Marketing Jeremy Hansen, ÂPDLTraxÂ will be 100% compatible with PDL MarketingÂs exclusive ÂTruCountÂ lead generation program. By combining the power of the TruCount system to generate leads, with PDLTraxÂs back-end functionality, the payday loan entrepreneur is practically printing money. ItÂs that easy.Â
Hansen plans on making it the first full demonstration of both products at the FiSCA event in New York in September. FiSCA, the national trade association founded in 1987, is the leading voice of the industry, representing more than 5,000 members. FiSCA members provide payday loans, check cashing, money orders, electronic bill payments, money wire transfers, automatic teller machine access, government benefit and payroll payments, deferred deposit services, electronic tax preparation, prepaid debit cards, deposit acceptance services, public transportation fare and token sales, motor vehicle license plate and title distribution, postage stamp sales and numerous other services.
In a typical payday loan transaction, a cash-strapped customer receives funds from the payday loan firm - usually $100 to $500 - by writing a check to the lender for the amount of the loan and the fee. The lender agrees not to cash the check for a specified term, often two weeks, on the expectation that the borrower will have deposited his or her paycheck in the bank by then to cover the amount of the loan. Because the transactions are fast and streamlined, they can be a nice alternative to customers who canÂt secure other forms of consumer credit.
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