Category: Cash Advance

  • Zest Cash’s Pivot to Spot Loan

    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?

    1. 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.
    2. Charging less fees for a payday loan does not guarantee a lower default rate.
    3. 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:

    Former Google employee raises more capital for online loans