The payday
loan business is booming. The number of outlets now offering the
sub prime low-dollar, super-quick loans has doubled to over
20,000 in the last four years.
Kevin Price, CEO, Cash Now
According to Cash Now, the negative database (accounts with
returned checks) includes more than 22 million accounts. The
positive database contains more than 138 million DDA consumer
accounts. The package, called Loan Verify, uses data from
120,000 merchants and 260 collection agencies.
"The payday loan business is booming," said Kevin Price, Cash
Now CEO. "The number of outlets now offering the sub prime
low-dollar, super-quick loans has doubled to over 20,000 in the
last four years. Price added that industry growth from
predominantly stand-alone check cashing storefronts, has been
fueled largely by the Internet.
