PDL Marketing Opens Third U.S. Office to Deploy New, Online Payday Loan Processing Software

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PDLTraxÂ? to be launched from new Cleveland office. PDL MarketingÂ?s newest offering will provide storefront lenders an online solution for reaching a nation of borrowers.

based PDL Marketing LLC, announced today the opening of the company’s third U.S. office to support its burgeoning sales to the financial services industry. Cleveland, Ohio will be the base of operations for the company’s newest offering, PDLTrax™. PDL Marketing already operates from locations in Wilmington, Delaware and Palm Beach Gardens, Florida.

“We’re anxious to hit the ground running in Cleveland as we gear up for the launch of PDLTrax™,” announced Becks. “It’s 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.

“For clients who are making the transition from a brick and mortar operation to an online venture, we’re now in a position to not only generate new applicant leads for them, but with PDLTrax™, we will be able to provide them a complete, turnkey, online operation,” Becks maintained.

The company’s new Enterprise Parkway operation in the Highland Hills section of Cleveland will be headed by PDL Marketing’s Jeremy Hansen. Currently, final development of PDLTrax™ will be the focus of operations until an expected launch in the fall of 2005.

According to Jeremy Hansen, “We’re really in full beta mode right now here, putting PDLTrax™ through its final paces in anticipation of rolling out during the FISCA show in New York this September. And once we’ve unveiled the new software in New York we’ll be one-hundred-percent dedicated to supporting customers out of this office.”

PDLTrax™ 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 PDLTrax™ to manage loan uptake and processing fully online, with minimal training.

PDLTrax™ seamless integrates all the industry specific software required to quantify the decision to fund the applicant, process applications, run Teletrack© reports and provide payday loan managers with on-demand, real-time reporting across the entire spectrum of loan activity.

The PDL Trax™ 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 Marketing’s Wilmington and Palm Beach Gardens offices currently manage the company’s existing payday loan lead generation business. Some of PDL Marketing’s 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.

“We’re 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 we’ve 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,” 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 aren’t 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 “traditional” lenders.

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