Wilmington, DE (PRWEB) August 8, 2005 - Thomas Becks, CEO of Wilmington-
based PDL Marketing LLC, announced today the opening of the companyÂs third U.S. office to support its burgeoning sales to the financial services industry. Cleveland, Ohio will be the base of operations for the companyÂs newest offering, PDLTraxÂ. PDL Marketing already operates from locations in Wilmington, Delaware and Palm Beach Gardens, Florida.
ÂWeÂre anxious to hit the ground running in Cleveland as we gear up for the launch of PDLTraxÂ,Â announced Becks. ÂItÂs an exciting time for the company. With the new Cleveland operation we will be fully leveraging our expertise and contacts within the online marketing side of the payday loan phenomena.
ÂFor clients who are making the transition from a brick and mortar operation to an online venture, weÂre now in a position to not only generate new applicant leads for them, but with PDLTraxÂ, we will be able to provide them a complete, turnkey, online operation,Â Becks maintained.
The companyÂs new Enterprise Parkway operation in the Highland Hills section of Cleveland will be headed by PDL MarketingÂs Jeremy Hansen. Currently, final development of PDLTraxÂ will be the focus of operations until an expected launch in the fall of 2005.
According to Jeremy Hansen, ÂWeÂre really in full beta mode right now here, putting PDLTraxÂ through its final paces in anticipation of rolling out during the FISCA show in New York this September. And once weÂve unveiled the new software in New York weÂll be one-hundred-percent dedicated to supporting customers out of this office.Â
PDLTraxÂ is an Internet-based solution for both storefront merchants and call centers to quickly migrate applicants to loan clients, easily and accurately through an automated underwriting process. 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.
The PDL TraxÂ system will tap into credit bureau data in real time and uses standard bank decision support models to help lenders make accurate credit decisions, quickly. Once approved, Truth In Lending Act forms and other documentation are automatically populated and delivered to customer.
Once the loan is originated the system will be able to either generate an ACH for the customer, or fund via check, cash, or even debit card. The system also features a comprehensive collections module with complete tracking, management, notation, renewal, payment and charge-off features. State-by-state regulatory compliance will be built into the system.
In addition to the new Cleveland address, PDL MarketingÂs Wilmington and Palm Beach Gardens offices currently manage the companyÂs existing payday loan lead generation business. Some of PDL MarketingÂs 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 $18 per lead.
ÂWeÂre 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 90% through our proprietary online methods, but weÂve dramatically increased their coffers. We have taken several clients from $100,000 a month in new loans to over $2 million in just 6 months,Â says Richard Hansen, CIO of PDL Marketing, LLC.
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 arenÂt complaining. Just before Christmas last year, more than 10 million people took out a payday loan. Consumers praise the ease of qualifying and the speed of acquiring cash they cannot get from ÂtraditionalÂ lenders.