Payday Loan Services in a Convenience Store - Example

The paper 'Payday Loan Services in a Convenience Store" is a great example of a business plan. Payday loan lending offered by the Payday lenders is pretty an interesting businesses that are very innovative in Topeka city, Kansas. The matter of practice in Payday lending services by business companies like Convenience store is to provide consumers with small loans on a short term basis. The loan fees in most cases do exceed 500% APR (Annual Premium Rate). The borrowers have constantly complained of the exorbitant rates that are being charged.

This has consequently resulted in the emergence and introduction of commercial acquisition challenge faced by the city. Therefore, opening up or initiating payday loan services at the Convenience stores will enable the customers in the city of Topeka to get better payday services that are regulated and have better pricing strategies.In order to meet this situation of starting up payday loan services, a lot of research and resources are needed. The Payday loan service has the ability to offer satisfactory lending of soft loans to the customers with a yearly interest that is reliable and affordable.

Since a majority of the payday loan lenders provide loans that are short term, the loan service at the Convenience store will try to promote long term lending at a reasonable interest rate charge. The payday loan service at the convenience store also has the best criterion of payments such as credit cards and details of online payment. The payday loan lender will have to follow all the terms and conditions required following the establishment of legislative rules at the city of Topeka. This service creates the best opportunities that enable the customers to have full enjoyment of benefits being offered at the Convenience store (Brock et.al, 2014). Problem StatementThe purpose of this business plan on payday loans is to provide a solution to the problem of financial acquisition in Topeka city, Kansas in respect related to the city’s households.

Evidentially in Topeka, lending institutions and enterprises like banks and microcredit companies have set up high loan repayment rates that are extremely cost-ineffective to the customers. This has made borrowers lack the ability to access the loans due to the fear of high-interest rates.