Not sure how this was overlooked. It’s certainly old news, but worth revisiting. Remember the big splash Zest Cash made? Well, they made a big pivot in an article titled “Big Date for the Poor“.
I thought…
- Bring legitimacy to our industry because a high profile Google guy got involved. WRONG.
- Would ZestCash dominate SEO results? WRONG.
- Would ZestCash start cherry picking everyone’s customers with lower rates? WRONG.
So what happened?
- They probably realized that dealing with these state regulators their rediculous laws was a huge PIA (Pain In the A$$). I could write a 10 page blog post on this one.
- Charging less fees for a payday loan does not guarantee a lower default rate.
- Letting the Indian tribe do the loans and collecting a huge management fee is the most lucrative way to run a payday business.
Did they give up? No. They found a better, easier, more lucrative way to make money. Didn’t you hear? Money makes the world go round.
Interested in ZestCash / SpotLoan? You can read these older posts:
