The payday loans came into existence due to the need that the borrower requires some money and cannot wait till the next paycheck. The payday loan store Chicago offers money and postpones the collection from the borrower. The payday loan store Chicago deposits the borrower’s personal bank check till the next pay day. This time span is usually from 14 to 15 days.
Examples
The “A-All Payday & Title Loan II” is a payday loan store Chicago and is located at 7901 S Vincennes Ave. Another example of a payday loan store Chicago is the “All Currency Exchange & Payday Loans”. This is situated at 7218 W Foster Ave Ste A.
Some other payday loan stores in Chicago are located on W Lake St, N Pulaski Rd, E 71st St, S Western Ave, W Madison St etc.
Starting a payday loan store
Payday loan store is a very profitable business in the United States, South Africa, England, Canada, Australia and Costa Rica. A payday loan store can be started as a new enterprise or as an add on business to the existing business. To start a payday loan store Chicago, there is a need of a store space of 5 feet X 5 feet. Entrepreneurs can start a payday loan store at any place. There is a latent potential of a person to start a payday loan store and embark on a wonderful, money making business. It is possible for a utility store to add a payday loan store to the pawn shops or a car rental company or a liquors store or check cashers.
Requirements
The initial investment for a payday loan store Chicago is decided by the objectives of the store. There is a need of initial good deposit, a telephone, statutory licenses and other store requirement. If an existing business is to be extended to a payday loan store, there is a necessity of a good working capital, application forms, deep advertising, a few flyers and additional business cards. Now, the payday loan store is ready to offer its borrowers in need of cash so that the income of the loan store increases by leaps and bounds of interest earning. The requirements of the working capital for the store are planned by the owner itself. There have been instances of payday loan stores that have been established with a working capital of just $3000. It must be noted that if a loan is given for eight days, the annual percentage rate is close to 805 percent. In this way, the loan store can make a lot of money.
Needs that are fulfilled
A payday loan store Chicago strives hard to facilitate to everybody to apply for and procure fast money when it is required the most. This is to be done irrespective of the explanation why the money is required. The staff at the store realizes that the people who have come wish to get away from the mental, emotional and physical strain due to routine life. This is as important as payment of the bills. Those who are in need of urgent money can approach a payday loan store Chicago and get the amount in a speedy and simpler way.
