Home » Payday Loan » Location for a Payday Loan Business

Location for a Payday Loan Business

Share

Location for a Payday Loan Business

Location is a key component for success in the payday loan business.   For starters you should not be located along a stretch of road directly next to several other competitors unless you can start out with a more professional image at a simliar price. While placing your location in an area with different demographic, a good one will have a target household incomes between $35,000 and $45,000, preferably under a three-mile radius.  Check out www.freedemographics.com to search. (This is a free site but requires a login.) High traffic is very beneficial as well as drive by traffic is great for advertising. Sometimes people fall into the trap between two locations with one in a high traffic location which is expensive and a low traffic location that is cheap.  The high traffic location will always outperform and the free advertising with a big sign on your building will make up for the extra expense.  Most states have a website for the department of transportation that provides these numbers.