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FAQ'sSo, who is Action Cash Loans?
Action Cash Loans emerged as a success in 2004 when Richard Moorman began operating as a Credit Provider of small cash loans from office space in Ballarat, Victoria. For the first time ever, clients were able to have some real competition to the traditional lenders that have been around for what seemed for ever and many clients were given their first opportunity to qualify for much needed credit. Since then, hundreds of people have qualified for small secured loans, and discovered that that lending through Action Cash Loans was the best decision they ever made.
Integral to the continuing success of Action Cash Loans is its vision and ability to secure loans so we can confidently lend to all qualified clients without discrimination as to their socio – economic circumstances.
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Licensed Credit Providers or their Authorised Representatives are registered with ASIC to carry on the business of providing credit loans to the general public under a loan contract and under the National Consumer Credit Act and Consumer Credit Regulations 2009. ______________________________________________________
Your role as an Action Cash Loans Credit Provider is to offer small cash loans to the general public in your Territory, for $500 - $2000, on a weekly payment plan, over 6 to12 months. All your loans are secured by a mortgage (with a bill of sale), usually a motor vehicle or other goods of substantial value and you are able to build up a client base with up to 80% of clients becoming repeat business, and you don’t have to be a finance guru to succeed … The Action Cash Loans system has been designed to get results in a way that’s both effective for the client and highly profitable for you. So as a Credit Provider, what might your average week look like? You would probably spend it meeting with prospective clients, filling out applications, accessing credit reports for client loan approvals, carrying out contract disclosure procedures and entering account procedures for new clients and re-financed loans. ______________________________________________________
Only people with passion to work in a professional manner within a customer service industry. People that care about forming friendly, fair and long term relationships with their clients. So if you’re passionate about business, life and love, then ask yourself this: Does the very thought about helping people overcome their short term financial difficulties interest you? Are you the kind of person constantly striving to succeed? Are you the kind of person who can be firm but fair in your judgement? If this sounds like you, then read on. ______________________________________________________
You’ll want an opportunity that provides you with a solid platform for entrepreneurial freedom – and one that’s based on years of experience, proven systems and ongoing training and support. You’ll want to own a profitable and fulfilling business. Yet you won’t want to recreate the wheel. Only a proven franchise will provide all this. ______________________________________________________
If you’re going to invest in your own business, you’d better make sure it has every chance of success ... right? Why else would you want to go it alone, taking all the risk and facing an uncertain future? Smart people choose franchises that give them every chance of surviving the first few years in business – franchises that are proven winners – that maximise their chances of succeeding through having proven systems to support them every step along the way. By choosing an Action Cash Loans franchise, you’ll be joining Australia’s newest and most exciting Credit Providers Team. Not only that. You’ll become an integral member of the Company that is leading the way in the small loans industry! You’ll have enough resources at your disposal to ensure your business buzzes from the word go. ______________________________________________________
Your initial outlay of $32,000 plus GST will include most of everything you’ll need to kick start and run your business.
When you invest in the Action Cash Loans system you purchase the franchise right to operate an Action Cash Loans Centre. This provides you with the complete Action Cash Loans system that covers sales, marketing and operations. You’ll also get your own personal success coach who will help keep you on track, a State support group and a network of other Centre owners with whom to share ideas, successes and experiences. In short – you’ll be getting proven turnkey systems that’s taken more than six years to develop.
You’ll be provided with all the tools and knowledge, to have a dramatic impact on your ability to run a successful business – to change your life. By the time you start trading you’ll be a master of Credit Providing and you’ll know the keys to multiplying your business profits and generating repeat business. You’ll be fully equipped to achieve sensational results that will amaze you.
Action Cash Loans has a two- tiered administration and support system which provides franchisees with the best of both worlds. Your Action Cash Loans state office is responsible for the overall administration, direction, development and marketing of the network, while your Franchise Liaison Manager will provide initial and ongoing support and guidance. This ensures that help is never far away.
The more loans you process at your Action Cash Loans Centre the more income you make and the greater will be your return on investment (ROI). Just like your big brother the Banks, you will derive most of your income from application fees, interest finance charges, service fees and default charges. You only need to lend a small number of loans a week to derive a good income and by the second year, an above average ROI. Most Action Cash Loans Centres can exceed the average number of weekly loans because of the demand for our services but meeting the full demand will depend on the amount of working capital they start out with.
No. However, a strong business background would be a plus. If you have owned or managed a business or department before, or have a background in sales and customer service, then this is probably the business for you. You will need an understanding of computer programs such as Microsoft word and the use of accounting programs such MYOB or Quick Books would be an advantage. An entrepreneurial spirit, the right attitude and a healthy dose of motivation won’t go astray either!
It’s hard to think of a person who would not benefit in some way from our products and services because money never goes out of fashion in good times or bad. Most of your clients will come to you because they either don’t qualify with the more traditional leaders for reason of a past Bankruptcy, default on their credit list, their income is too low, they are Centrelink Clients, Pensioners or have maxed out their credit limits, or the amount they need to borrow is below $3,000.00 (Most banks minimum limit for personal loans). Some are first time borrowers trying to establish a credit rating, some want faster approval and others just refuse to use the banks out of principle for past unsatisfactory service. What ever their reason for using our services we don’t discriminate, but we do under our guidelines for ‘responsible lending’ restrict our lending to those clients we have diligently checked to ensure they can comfortably afford to repay their loans, and this is in the interest of the client as well as ourselves. The charges on the loans you provide is not the cheapest in the market place or the most expensive by far – but calculated fairly to cover the risk factor for the financial background of some borrowers, the administration over the term of the loan, check facilities costs and your time in processing applications and the loan establishment disclosure procedure. This ensures you are adequately compensated for the much needed and appreciated service you provide.
As you’d imagine, with us being in business for so long, you’ll have all the latest lead generation and sales technics available to you. You’ll be using the full suite of the most tried and tested marketing tools available to develop your business. Remember also, you will be in a high repeat business with up to 80% of your clients coming back time and again.
Action Cash Loans has positioned itself in the market to fill the gap in the broad financial markets on offer to the general public. Financial brokers traditionally earn their commissions from the more traditional lenders and that means loans are limited to values usually over $3,000-$5,000. Pawn Brokers and Pay Day lenders are more interested in the clients on wages with a clean credit history and on payment terms usually no longer than 1 to 3 months. The other competitors have a broad lending range from $100-$10,000 and lending terms up to 5-10 years and favour higher valued lending with longer terms, and in dealings with mainly full time wage earners with a clean slate. Action Cash Loans is the cash loans specialist for small loans from $500-$2000 on payment terms up to 12 months, and positioned in the market with more flexibility then most competitors whom are run by managers working for multi national companies with head office staff making all the loan approval decisions.
A successful Action Cash Loans franchise owner is results driven, motivated and willing to follow the system. Centre owners currently not only run a highly profitable business and have exceptional client relationships; they also contribute to the growth and development of the franchise nationally. Surveys show franchisees succeed because of an eagerness to learn and a desire to help others, a willingness to work to get the momentum going, good people and relationship building skills and a willingness to apply sales systems, solid self discipline and family support, an ability to take directions when needed and learn when necessary, having money in reserve and being willing to invest it, a willingness to take risks and ask for help, and being organised and a good planner. Common reasons for failure of franchises include not following the system, not working diligently enough or not doing enough marketing, going ahead despite family opposition, spending money on the good thing of life before they had earned it, not enjoying selling to a varied selection of people, not having the self discipline to cope with the responsibility of owing a small business, and being under-funded and misleading the franchisor on the amount of funds available.
Like all new entrepreneurial ventures, the first 12 months will be the hardest, not because of the amount of work you’ll do, but because the work maybe different. You only need to work banking hours Monday to Friday to achieve the average lending budget, but if demand dictates and you have the lending capital available, you can choose to open more hours over a longer week. Ideally, a husband and wife team will find the going a breeze in running an office centre, having one person concentrating on the loan applications and finalising contracts and the other concentrating on the administration side, or during busy periods helping each other.
Yes, as a mobile operator you have the option to work from home and this has been shown to work as successfully as an office centre, as proven by Max Davies in the regional centre of Bendigo, Victoria. Max has found that he can quite comfortably achieve the same successful results working from home with a separate space designated for his business. Max organises his day by appointments and has found his clients appreciate the added advantage of the lender coming to them. Max has also found as his client base has built up since his first year of operation, the need to employ an assistant part time to help on the administration side of the business, allows him more time out servicing new clients and re-financing the many repeat clients. The choice between working out of an office environment or from home is a personal choice and should be made on the bases of how comfortable you feel in visiting Clients in their own homes or having them come to your office and how productive and motivated you will be in your home environment. Both operations work out about the same in relation to the cost of doing business, because where the office centre generally has more marketing exposure and less advertising costs and people coming in off the street to them, they also have the cost of rent and additional insurances, where as, the mobile operator must spend more on advertising costs and travel expenses but has no rent over heads and no additional insurance costs.
You can offer credit loans anywhere within the territory assigned to your Franchise Agreement. The size of the territory varies, but it will cover a minimum population of 30,000. The territory is normally a suburban metropolitan area of a state capital city, a large regional city with sufficient population, or a combination of several towns within a regional area to reach the minimum population target. In practice, most of your clients will be within 30 driving minutes of your office or home.
Unlike most franchises Action Cash Loans has a fixed monthly Royalty. No matter what you make, this fee is fixed for the term of your contract. In addition to the fixed Royalty Fee, you must pay 2% of your gross revenue to the Action Cash Loans marketing fund each month. You will also be responsible for fees and costs associated with attending mandatory annual conventions and training programs.
You will be required to sign a full legally binding Franchise Agreement in line with local Franchise and contract laws. You can go through the Uniform Franchise Offering Circular with your advisors. Our obligations and your obligations will be clearly laid out.
The usual term for a Franchise Agreement is ten years. You will be eligible for additional ten year term provided that you have conducted your franchise in compliance with the term of your agreements and that you comply with certain conditions and sign our updated form of Franchise Agreement.
To put bluntly, No. Your Action Cash loans Franchise are a business and as a result it is up to you to make it work. We will never promise any specific results, nor will we guarantee that any of your goals will become reality. You can talk to other Franchisees to see how they are performing and we can show you an average Centre’s results – we’re your coach and provide all the aids and training but it’s up to you to take to the field. We will push you, cajole you, help you, be there for you and even do some things with you … but in the end of the day you still need to do the work. Only YOU can ever be truly accountable for your own success and at Action Cash Loan we know this to be a fact. We guarantee to give you the best service we can; to answer your questions promptly and with the best available information. We also promise to keep you up to date with new improvements and constantly keep striving to make your Action Cash Loans Centre better and more powerful, and we’re committed to making you successful, whether you like it or not.
We are just as diligent as you in wanting to make sure the Action Cash Loans opportunity is the fit for you. Showing your interest by learning more about us is the first step. The next step is organising a one on-one-one interview with our Franchise Co-ordinator who will ask you to complete an application form and sign a non – disclosure document before an acceptance interview with Action Cash Loan’s Head office. Congratulations, you have taken the first step. Now on to the second. Apply now.
So how do I express interest?Are there guarantees?What is the term of the contract?What contracts do I have to sign?What are the on-going fees and royalties?What is my territory?Can I work from home?How many hours will I work, and should I employ anyone?What are the keys to my success as a credit provider?Why will clients lend from me, and is there any real competition?How will I get leads and clients?Who will my target clients be?Do I need a finance career background?How do I make money as an Action Cash Loans Centre?What level of support do I get?What kind of training do I receive?What do I get for my money?How much do I need to invest?Why should I buy an Action Cash Loans franchise?Why should I buy a franchise to become a credit provider?Who should become a credit provider?What do I offer as an Action Cash Loans Centre?What is credit providing?So, who is Action Cash Loans? |
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