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15 Best Payday Loan Franchises [Cost, Fees]

Do you want to start a payday loan business by buying a franchise? If YES, here are 15 best payday loan franchise opportunities for sale and their cost. A payday loan generally is a small, short-term unsecured loan. A payday loan is called such despite the fact that repayment of the loan may not be linked the borrower’s payday.

Payday loans can also be called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan. Payday advance loan givers always require the receiver to have a previous payroll or employment record. This is in fact one of the major requirements for the loan. Legislation regarding payday loans varies widely between countries, and in federal systems, between different states or provinces.

The lending business has always been a viable business because people would always welcome an additional source to make up their monthly income or to offset bills in case of emergencies. Today more people than ever are living paycheck to paycheck and any unplanned expense can mean financial disaster for them. A car repair, a medical expense or an unusually high utility bill are all examples of unexpected expenses that can push people to seek payday loans.

One reason why payday loans are so popular is because they do not ask for a credit check and they have easy qualification requirements. What is more, you are not required to offer up anything in the form of collateral, thus making it easy for clients to borrow to offset basic financial needs.

With payday loans being a robust and profitable industry, a lot of entrepreneurs are struggling to get into the industry despite the high risk. If you want to mitigate your risk profile, your best bet would be to buy the franchise of a successful and popular payday loan business. The list below would enable you make an informed choice.

15 Best Payday Loan Franchise Opportunities for Sale and Their Cost

  1. Quick Cash

Quick Cash is known to be one of the leaders in providing cash advance, check cashing, wire transfers and many other products to workers in the United States. Quick Cash provides its franchisees a tremendous amount of support and guidance throughout their tenure, and added to that, the franchise comes with the lowest initial investment in the industry.

Financial Requirements

  • Liquid Capital Required: $50,000
  • Net Worth Required: $200,000
  • Total Investment: $100,000
  1. Cash-X

Cash-X is a rapidly growing payday loan and cheque cashing franchise that offers unique systems and technological advantages in the marketplace. Cash-X is the leader in E-lending, utilizing low overhead methods of distribution and robust technology to gain strategic advantages.

CashX Solutions provides fast payday loans and cash advances anywhere in Canada and the United States. They equally provide software and development solutions that would help you along in the payday loans industry.

Financial Requirements

  • Initial Investment: $50,000
  • Initial Franchise Fee: $25,000 to $50,000
  1. Family Financial Centers

Family Financial Centers is another payday loan service that offer a full array of financial services. The company is committed to raising the standard for alternative financial service providers both for product offerings and the way they are delivered to the market. Family Financial Centers have the systems, ambience and professionalism of a traditional bank and they are conveniently located very near to their customers.

Family Financial Centers is fully automated with systems that keep the average transaction time down to just a few minutes, thus allowing customers to have all of their financial needs taken care of conveniently and efficiently, in an environment that is upbeat, professional and friendly.

Family Financial Centers offers in-house financing to cover the following: franchise fee, startup costs and equipment, and the company has relationships with third-party sources which offer financing to cover franchise fee, startup costs, equipment and inventory.

Financial Requirements

  • Initial Investment – $18,500 – $307,010
  • Net-worth Requirement – $500,000 – $1,000,000
  • Liquid Cash Requirement – $60,000 – $1,000,000
  • Initial Franchise Fee – $3,500 – $40,500
  1. Cash Plus, Inc.

Cash Plus is yet another financial services business in the United States that offer check cashing, payday advance loans, wire transfers, money orders and other convenience services to one of the fastest growing customer segments in America.

The business technically operates in the financial sectors and helps clients with their financial concerns. They also provide unique services which include their trademark “Kings & Queens” customer service, their Cashaway Sweepstakes customer reward program, and BravoKids, their way of helping kids who really need help.

Cash Plus, Inc. is a privately-held franchise company in the family financial services industry. The company has it as their basis to serve families in the $10-50,000 annual income range. Cash Plus is currently holding its door open for franchise.

Financial Requirements

  • Liquid capital required – $50,000
  • Net worth required – $200,000
  • Investment – $124,000 – $204,000
  • Franchise fee – $22,500
  1. FastBucks

FastBucks is another reputable payday loan service that offers franchise in the United States. The company has a turnkey business opportunity with proven systems and an established brand name that can guarantee a franchise business profitability in a short while.

FastBucks specializes in offering payday loans, which allow customers to borrow against future paychecks for emergencies or other short-term cash needs. It is an established fact that payday loan stores across North America have more than tripled in the past ten years and FastBucks has been at the center point of this increase.

FastBucks secret to success is simple: they focus on what they do best, and that is helping people with short term financial needs. Their position as one of the industry leaders is reputed to be as a result of their state-of-the-art software and superior customer service.

Financial Requirements

  • Liquid capital required – $125,000
  • Investment – $125,000 – $150,000
  • Franchise fee – $27,500
  1. Money Direct

Money Direct is a cheque cashing franchise that provides other related financial services. The company cashes payroll, personal, government, US, traveller cheques, money orders, bank drafts and so much more. The reputed friendly customer service team help clients send or receive money from over 200 countries worldwide, and they are still expanding.

Money Direct also offers Western Union Money Orders too as part of their services. Their other unique and popular service is the payday loan service. Their payday loan service offer clients short-term cash needs between paydays. There is no limit to the number of payday loans allowed, but the receiver is not allowed to have more than one loan at any time.

The Cost of Borrowing at Money Direct in Ontario is $15.00 per $100 advanced. On a $500.00 loan for 14 days, the total payback amount is $575. The maximum allowable cost of borrowing under the Payday Loan Act in Ontario is $15 per each $100 advanced.

The Cost of Borrowing at Money Direct in Nova Scotia is $19.00 per $100 advanced. On a $300.00 loan for 14 days, the cost of borrowing is $57, with a total payback amount of $357. The maximum allowable cost of borrowing under the Consumer Protection Act in Nova Scotia is $19 per each $100 advanced.

If you would like more information on how you could be the next Money Direct franchisee, you can all their head office at (416) 255-2500 or email them.

  1. United Check Cashing

United Check Cashing business provides a wide assortment of vital services, in addition to check cashing in a bank-like atmosphere. United Check Cashing operates retail centers located in urban and suburban markets and markets themselves to consumers seeking an alternative to traditional banking relationships.

United Check Cashing offers a warm, community bank-like atmosphere for customers to conduct their business. Their customers have unique demands not currently met by traditional banking institutions, so they have assembled a full compliment of products and services to meet your needs.

United also offers better hours and more accessible locations than a typical bank. They can also provide resources for you to pay your bills, wire money and other financial-based transactions. United Financial Services Group was founded in 1977 and began franchising in 1991. It has more than 80 locations throughout the United States and it is based in Philadelphia.

Financial Requirements

  • Initial Investment – $226,000 – $297,000
  • Net-worth Requirement – $350,000
  • Liquid Cash Requirement – $120,000
  • Initial Franchise Fee – $30,000 – $30,000
  • Ad Royalty Fee – $1K/yr.
  1. Money Money

Specializing in Payday Loans and Cheque Cashing, Money Money delivers a streamlined business model designed to drive the success of our partners.

At Money Money, their clients rely on them for quick and easy cash services. As an alternative to big banks, they specialize in Payday Loans and Cheque Cashing. With a proven business model backed by considerable market research, their franchisee will become part of a dynamic organization that’s committed to growth and the community.

They also offer their franchisees full operational support, complete with in-depth training and site selection help. Additionally, they will benefit from advertising and marketing support, as well as the leadership of a corporate management team that’s highly knowledgeable and making strides in the Payday Loans and Cheque Cashing sector. You can contact offices for their franchise requirement.

  1. Rapid Cash Advance

Rapid Cash Advance is yet another financial services business that offer payday loans amongst other services. The company provides valuable financial services for their clients which include payday loans, personal loans and title loans.

As an alternative lender for borrowers with blemished credit, Rapid Cash Advance provides short term solutions that provide very high rates of return on an annualized basis. The allowable rates are determined by each state but in Florida, their typical loan carries a 10% rate every two weeks plus a $5 fee (or an annualized rate of 390% on a $100 loan).

Many payday loan customers become regular customers, while others will become new customers as their financial needs change. Rapid Cash Advance also offers additional loan products such as personal loans and title loans for customers who have already taken out a payday loan but who need additional finances.

Whether this is the first business you have owned or you are adding this franchise to a portfolio of other businesses, Rapid Cash Advance’s training program will get you up and running and keep you focused on the activities that will make your business successful.

Rapid Cash Advance training program takes you through all of the details of the business and their software helps you to manage the business while also ensuring that you remain compliant with the regulations. This company was founded by Judson Russ who began operating his first financial services center in Orlando, Florida in 1995. He offered title loans through his first location called Express Title Loans.

Additional stores were opened and later were renamed Rapid Cash Advance stores as additional services were added and as payday loans became the largest component of the business. Today Judson and his wife Natasha operate twelve Rapid Cash Advance locations in Orlando and Tampa, Florida.

Financial requirements

  • Total investment – $111,950 to $236,617
  • Franchise fee – $28,500
  1. Pay2day

PAY2DAY is a different kind of payday loan lender founded on the simple principle of “the customer comes first”. PAY2DAY began in 2006 offering small loans through on-line internet lending, providing a fast, friendly convenient way of securing an advance without leaving your home or office.

The need for their services grew and in 2008, they opened their first storefront location to serve their clients in a more personal way. The process of obtaining a payday loan with this company is so quick and easy, that is why they are preferred to others.

To apply for a payday loan online, just complete their simple FastTrack Your Cash online application form. Approvals are fast, easy and available 24 hours a day, 7 days a week. Once approved, you can choose to receive your cash advance directly into your bank account or pick it up at one of their GTA locations.

  1. ACE Cash Express

ACE Cash Express is a company that provides its customers with financial services. Specifically, it is the biggest franchiser of check cashing locations in the country. In addition to check cashing, most of their stores provide services like bill payments, money transfers, direct deposits, tax checks, money orders, and gold buying.

Through certain stores and online programs, ACE Cash Express also can help customers obtain low car insurance quotes, prepaid debit cards, title loans, installment loans, and payday loans. ACE Cash Express can help its customers with nearly any financial need they may have.

ACE Cash Express first opened in 1968 and began franchising a few decades later in 1996. The company, which is now publicly held, is headquartered in Irving, Texas.

Financial Requirements

  • Liquid capital required – $250,000
  • Investment – $143,200 – $279,100
  • Franchise fee – $15,000
  1. Check Express

Check Express is a financial services company that offers everything included in the Payday Express model, including the Pay Per Lead Program. In addition, Check Express also includes a check cashing component complete with a check cashing software.

Check Express is a Licensing Agreement whereby you purchase their technology and “know how”. You do not pay any royalties which would result in increased net profits for yourself.

You simply pay a small monthly maintenance fee which covers the hosting of your website, the use of the CSR Trust Vault, support all technical updates to your payday loan & check cashing software and website; and the use of their state of the art Trust Vault that you will use for logging each daily transaction, accounting, collections, communications and as a contact management tool.

The payday loan portion of your business may be conducted at your Check Express location, or you may load the payday loan software on a home computer and conduct your loan business remotely in all States/Provinces exclusively via the Internet. Training is done both in the classroom as well as on-site and you will receive the same support as does the Payday Express Operator.

As with Payday Express, you are free to promote your own business name and you are free to operate your business as you wish. You are also allowed to offer other services like Money Wiring, Money Orders, Debit Cards, Pre-paid Credit Cards, Fax & Photocopy Services, Bill Payment, Phone Reconnection, Tax Preparation and other financial options.

  1. Business Express

Business Express is a financial service that offers a variety of financial services, to businesses and corporate clients, and it is designed to help them solve their cash flow problems.

This business does not offer franchising, but it is a Licensing Agreement whereby you purchase the technology, training and “know how”. It can be a home based business opportunity, operated out of an office or even a small retail storefront; which is ideal if you are targeting commissioned sales people, such as real estate agents, insurance and mortgage brokers or anyone for that matter that earns their pay via commissions.

Business Express can be a great add-on to any business that services the commercial sector such as travel agencies, tax preparation businesses, mortgage and real estate offices, to name a few. Business Express offers factoring, invoice discounting, check cashing (payday loans for businesses) and business financing.

If you are serious about offering financing on a large scale to businesses rather than consumers, in a business where local and state laws are not as constraining and restrictive as they are for those offering consumer credit, then Cash Now Business Express may be your answer.

Financial requirements

  • Working capital – US$150,000 to US$200,000
  1. Mr. Payroll Corp.

Mr. Payroll was started in 1988 in Amarillo, Texas, to offer check-cashing services to customers who didn’t have checking accounts. In 1990, Mr. Payroll began offering franchises. In 1994, it became an affiliate of Cash America, and today in addition to check cashing, Mr. Payroll locations also offer bill payments, money orders, money transfers and pre-paid debit cards.

Financial Requirements

  • Initial Investment – $68,800 – $328,000
  • Net-worth Requirement – $200,000
  • Liquid Cash Requirement – $75,000
  • Initial Franchise Fee – $10,000 – $10,000
  • Ongoing Royalty Fee – 10%