Zestcash to Expand Web-based Loans Into More US States
Zestcash offers small, short-term loans that it says are less costly and more convenient than those offered by traditional "payday" lenders, so called because their loans must often be paid back on the borrower's next payday.
Co-founded in 2009 by former Google CIO Douglas Merrill and former Capital One Chief Customer Officer Shawn Budde, Zestcash lends money to customers in Utah, Idaho, South Dakota and Missouri, and plans to expand to four other states in the first quarter next year.
"We're right on the edge of a massive growth spurt," said Merrill, the company's CEO. He declined to disclose the new states but said they represent a larger potential customer base than the existing states.
Payday loans are usually sought by people who have bad credit and little or no cash reserves, to deal with emergency expenses such as health issues or car repairs.
Unlike companies that provide conventional, long-term loans for needs such as buying a home, payday lenders usually don't turn to credit bureaus to qualify their applicants. Most applicants have short, checkered credit histories, so payday lenders assume many clients will default and build those costs into their fees.
Zestcash, which started lending in 2010, uses technology to gather information about applicants and make better informed decisions about them. By doing so, it says, its customers have lower default rates, so Zestcash doesn't have to collect such big penalty fees.
Borrowers must pay back typical payday loans in two weeks, but Zestcash provides loans ranging from three months to eight months, Merrill said. Borrowers pay both principal and interest with each installment.
Zestcash says it's flexible with late payments. If borrowers request more time to pay, it tries to accommodate them, even allowing skipped and partial payments.
"As long as a borrower is in touch with us, we don't consider them in default and go to great lengths to work out a payment arrangement that works for them," he said.
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Payday loans are usually sought by people who have bad credit and little or no cash reserves, to deal with emergency expenses such as health issues or car repairs. Unlike companies that provide conventional, long-term loans for needs such as buying a
Companies charge interest rates as high as 30 percent and use high-tech tools to quickly repossess cars when payments aren't made. He writes: “About 1 in 4 buyers default. In the real estate and credit card industries, that would be bad news.
Indeed, University of Utah law professor Christopher Peterson reported to the Federal Deposit Insurance Corp. in 2005 that "average payday loans carry interest rates nearly twice as high as average rates of extortionate New York mafia syndicates.
Because of problems with financing Greek banks and pension funds, default would be likely to mean leaving the euro. But that's a good thing, as it would give Greece control of its own monetary policy. This is especially important now, with Greek credit
And my advice as a historian, when they walked in and said to me, "We are now making loans to people who have no credit history and have no record of paying back anything, but that's what the government wants us to do," as I said to them at the time,
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