Strengths:
• Quick and easy same day loans
• No brokers or credit checks
Weaknesses:
• Extremely high interest rates
• Losses due to default accounts
Opportunities:
• Open two to three new offices in other locations
• Hire more experienced personnel to better market their services
Threats:
• Online loans
• Lenders that offer caps on fees and interest rates; where borrowers will not have to pay back more money in fees and interests than the original value of their loan agreement
One of the best aspects of this business is that they are able to create highly gross margins from their lending services (Payday Lender Swot diagnosis, 2011). However, a well-performed SWOT analysis will successfully outline the current situation along with the future possibilities of this business to help it reach it's desired visions and goals.
Reference:
Payday Lender Swot diagnosis. (2011, October 3). Retrieved from http://lowcostpayday-loans.blogspot.com/2011/10/payday-lender-swot-diagn...
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