News/Resources

Native American Tribes and Offshore Lenders Question Legality in Court

Criminal and civil laws in New York, as well as in 14 other states and the District of Columbia, prohibit payday lending. Under New York law, it is civil usury for non-bank lenders like payday lenders to make loans under $250,000 with an interest rate exceeding 16% per annum. Also, it is criminal usury to make a loan in New York with an interest rate exceeding 25% per annum.

When you employ a staff of hundreds, you learn a thing or two about letting employees go. Whether the termination is based on circumstances beyond the employee’s control like downsizing or reorganization or poor performance, letting someone go is tough—on both sides.

In the time it’s taken you to read this short blog post, our call center customer service representatives (CSR) have fielded 120 phone calls and approved 20 loans. Our CSRs log a staggering million minutes a month on the phone, talking to our lender clients’ customers, efficiently and kindly walking them through the process, and closing sales. Of these calls and minutes, 75% of them are handled at our Midwest call center and 25% of them are taken at our facility in Costa Rica. 

Security and compliance are front and center at Centrinex. To get an idea of the measures we have in place to protect our customers’ data, simply walk through our call center’s front door. No, wait. You can’t—not without a badge. And you’ll need to be buzzed in first. As a guest, you’ll also need a Centrinex “chaperone” to go past our main lobby. We won’t ask you for your first-born or a blood sample, but we will insist that you sign in…and out when you leave. We won’t follow you into the restroom stall, but our staff keeps an eye out. In the call center industry, there is no such thing as too careful.

Recent banking regulations have caused banks and third party payment processors to back away from processing for short-term online lenders. That’s the bad side, and we’re certainly not making light of it. However, there is also a good side to the situation. The good side is that these stricter regulations have caused the potential cost of buying customer leads to dramatically decrease. If you are paying anywhere in the neighborhood of $160 for your online lending leads, this is the perfect time to re-examine and adjust your lead-buying strategy.

Company is Proud Gold Sponsor of EPIC Loans Systems 2nd Annual User Conference

EPIC Loan Systems is hosting its second annual User Conference January 22 – 24, 2014 in Fort Lauderdale, Florida at the Seminole Hard Rock Hotel & Casino. We found EPIC’s conference so valuable last year, that we’re going again this year as one of two Gold Sponsors.

The inevitable time of year is creeping up when loan volumes drop dramatically after the holiday shopping season. Rather than bide time waiting for business to pick up again, we have a better idea. The seasonal slow down is the perfect opportunity to start evaluating your call center’s performance and evaluating your outsourcing options. Keep in mind that increased activity during the holidays skews the numbers so make sure you average the entire year.

Join us for our Lunch & (L)Earn hiring event July 28, 11am-3pm!

Learn more and preregister here.