Peter: Right, right, okay, which makes sense. Therefore letвЂ™s dig into exactly what youвЂ™re really providing. Is it possible to inform us regarding the loan items, the attention price, loan size, loan term, that type of thing?
Jared: Yeah, so weвЂ™re in about 40 states today, approximately half of these states weвЂ™re directly lending plus in another 50 % of those states, we’re an outsourced company up to a Utah bank together with services and products vary somewhat along those lines, but an over-all guideline is weвЂ™re offering of a $1,500 loan, it is about year very long in addition to APRвЂ™s are simply over 100%.
Peter: Okay, then then when you’ve got a bank partner, whatвЂ™s the difference involving the two programs then, i am talking about, besides the reality youвЂ™ve got a bank partner that is originating the mortgage, we presume, but will they be actually two split services and products or perhaps perhaps not? Jared: Yeah, these are generally actually two products that are separate. The financial institution partnership arrived, we have been they had an appetite to go and originate in those states and to provide a product that was longer term, lower cost and longer duration approachedвЂ¦ I think the bank Dorchester payday advances saw that there was this very interesting opportunity in a number of geographies across the country where the customersвЂ™ only option was a much higher cost, shorter duration loan and. Continue reading Could you reveal regarding the loan items, the attention price, loan size, loan term, that type of thing?