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Installment Type Loans to Specific Customer Base!

Hot established installment loan business that caters to a unique market segment! Business has a 604-A license for installment type loans from $500 to $5,000. Job security is relatively high in the niche market the business services so there is much less chance that clients will be adversely affected by current economic trends. Seller feels that this business concept is poised to expand nationally! Business accepts loan applications by appointment only, so each client receives individualized attention. Loan repayment from clients is debited directly through their bank accounts (where their employment earnings for each pay period are direct deposited) and customers receive a simple repayment schedule. Business is run by full time office manager, part time accountant & bookkeeper, with minimal Seller involvement necessary. 2008 growth rate was 28% and future growth potential is limited only by the amount of capital available for lending, as per the Seller. Approx. 350 clients with a 98% repeat borrowing ratio and very low default ratio on loans. Seller states that there are currently no direct competitors in the industry to service this specific reliable customer group. Business has experience phenomenal growth primarily through word of mouth advertising, as very little traditional marketing has been done. Figures quoted for Gross Sales & Total Income are for 2008. Business is currently not operational (temporarily closed since 4/09) because of a lack of funds available for lending due to the collapse of the real estate market and economic downturn. Seller is looking to form a partnership with a Buyer who will provide a capital injection to the business so that loans can be funded for customers. This is a truly exceptional opportunity to get in on the ground floor of an explosive concept.
Leased Location is 250sq-ft with a total rent $1800. The Seller is active in the business with 1FT & 5PT. Equipment and Fixtures are $1000. Business hours are Mon–Fri 9-5 pm.