Payday Loan Lowdown

The payday loan business is booming and the number of outlets now offering the sub prime low-dollar, super-quick loans has doubled to over 20,000 in the last four years. Cash Now has integrated a payday loan verify database that will allow the company to interface with payday loan sub prime credit reporting agencies and identify potential bad loans and reduce loss exposure. Rtoonline.com reports:

According to Cash Now, the negative database (accounts with returned checks) includes more than 22 million accounts. The positive database contains more than 138 million DDA consumer accounts. The package, called Loan Verify, uses data from 120,000 merchants and 260 collection agencies.

Read more: Cash Now Integrates Sub Prime Database

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