Failure stories!

Like every loan company, we have also had a few horrible failure stories that still hang over our heads both in the way we feel amongst our workers and that hurt our business account in the end. Our biggest story of this was our failed funding of a small casino based off the strip of Vegas.

The casino created with Real Estate Attorney Houston was sold to us as a club that was designed to get people as drunk as possible, then to push those same people into the casino section where they would spend the rest of their money. While this does not sound ethical, when you come to Vegas you should expect this exact scenario in every hotel let alone casino.

The great thing about the casino was not only that they were offering great games to the owners, but they were also in a different zone to the club that was much more luxurious than the nightclub itself. This was the first oversight in our end, as we should have expected that the nightclub not being just as luxurious would turn people off entering to begin with.

Moving forward from this, some issues of the casino only became clear once the loan had already been accepted and sent to the business owner. The actual casino section itself were cut off from any alcoholic drinks. Since the plan was to get the customers drunk enough to start gambling to begin with, then there should have been some plan to keep them drunk so they would continue to gamble. But the business owner had only explained after that he wanted the casino section to be relaxed.

Since the casino had no structure itself and the ideas that would intend the customers to gamble to begin with were flawed, the plan was executed at the last minute to become a casino only. Since casinos are generally profitable, we were not against this idea. But casinos are a dime a dozen, and the lack of alcohol meant that the casino had closed down two years after opening, with us only receiving just over 20% of the loan back.

Loan for British Poker Player?!

One loan that we advertise our company with was a loan for a professional poker player, who wanted to use the funds to compete in the WSOP. If you are familiar with the WSOP, then you would know that the initial amount that they need to enter is not high at all. So, we saw a great opportunity of both advertisement and profit that is over 100x what the initial amount borrowed was.

Instead of lending the money like an ordinary customer, we decided to sponsor the player for that year’s tournament. We knew that if we were able to sponsor the player rather than give him a loan, we could get free advertisement for our business for poker addicts who wanted to repeat the process in nearby casinos, and we could take a cut of the purse if he ended up winning the entire thing.

Now, the poker player hadn’t successfully won the tournament, or won enough where we felt we needed to take a percentage of the purse that he took home. The real winner for us was in the sponsorship advertisement that we received from the customer.

Anyone that has watched the WSOP would know of us, since the player had worn a t-shirt of our business to advertise us directly rather than any other sponsorship techniques. We were able to get away with this being a smaller company than most sponsors, and the player himself being a lower profile than some of the other professionals.

While we lost money from this deal, we had made a large amount back in new customers throughout the years that specifically noted that they saw our website and company information from the player in the tournament rather than through digital marketing with Digital Marketing Agency Dallas or other techniques that are popular for loan companies. Any way to advertise for a business is a good way, especially if people remember it.

Loans for tourist companies!

With Las Vegas being a city with so many tourists every year, we always get new business owners that have an idea to make a profit from those tourists. Many times, it comes from a form of entertainment or an activity that the tourists can do while they are here.

One of my favourite business loans we have offered a customer in the past is a business that was centred around showing the sky line from a very large “detonator” type ride in the middle of the city. He had already received approval for the location of the ride, and the business idea was well thought out in terms of pricing, and the USP of the ride itself.

Instead of the ride pushing immediately down and being a simple carnival ride, there were two major differences. First, it was separated into four boxes with seats, in a square layout rather than the average circle that you would expect. Secondly, it was built and sold as a luxury activity rather than a carnival ride.

Customers would spend $2,000 USD each to use the activity for 15 minutes, with a clear and unobstructed view of the entire city. Now, we partnered with (website) to give the customers a loan, because they were United Kingdom based citizens rather than Americans, and it was not in our legal wheelhouse to offer the loan to begin with. So, we took a 5% referral fee on the loan rather than the overall profit like we expect.

Since the company had taken out a sizeable loan using these guys we made out very well. We took more of a profit than we initially believed we would, which was great for us.

Sometimes, even in Las Vegas, we still come across business ideas that are both a surprise and a great idea that can make a lot of profit.

Las Vegas car loans!

Like our name, one of the biggest loan services that we provide to our customers is our loans for cars. With Las Vegas being the city of dreams, and with so many people walking through the city in every year, you would not believe the number of cars that are purchased in Las Vegas to be shipped directly out, even to other countries.

As you can guess, one of the reasons that people purchase cars in Las Vegas is because they win such a large amount, and they decide to immediately spend the money that they had won on a car. But those who win big or have come to Las Vegas on vacation and have a good amount of money, will take out a loan with us to help fund the rest of the money to purchase a car outright.

Now, I know what you may think. It can be immoral or at the very least shady to help customers who could be intoxicated or making a bad financial decision to take out a debt to buy a luxury car that they do not need. And this may be the case. But we are not in charge of customers finances, and too many times have we heard that we should reject a customer’s application.

Like the luxury car dealerships, we are a business. We also must make a profit in the end. Car title loans are the most profitable of loans, because if the loan is defaulted at any point, we can seize the car and sell it, even with depreciation. Usually the cars can be auctioned to the highest bidder in any state, and the cars customers purchase are in high demand.

With the amount of car purchases that are made in Las Vegas every year, we cannot assume that the loans will stop any time soon. Customers will continue to purchase these loans, and we all make off really well from it.

Accountant / CPA Philadelphia have also helped many customers manage these loans, so consider them if you need any expert help or advice.

Cartitle Loans

Cartitle Loans are becoming one of the biggest lenders in the United Kingdom for loans towards businesses of all sizes. We offer loans for companies that need anywhere between £1,000 to £1million. We know that it is always good to help small businesses and start-ups, but because we have the funding, we can help the largest of companies with any projects they need.

Cartitle originally started as a car financing company, hence the name. But eventually we managed to garner so much business through car financing, that we decided to target businesses who are looking for loans.

There are so many companies in the UK that are looking for loans because they want to grow their business, and we want to be one of the key companies offering loans. Not only is it good for us as we make more, but the small businesses rarely have a way to find a loan that is worth their time. That is why we try to be flexible with our loans away from the profitability.

We are based in Manchester, England, but because of our central location in the UK, we can stretch our reach anywhere in the UK. The great thing about people in the UK is that they are always willing to make their repayments. Nobody wants to be in debt, and usually the idea of a late repayment with fees puts people’s minds towards paying their loan back immediately.

We also try to be as helpful as possible with our customers too. We offer flexible payment dates on customers we know will have a harder time paying the loan back or had lower affordability, as we believe stressing a customer for payment will only make things worse.

It also helps that because our loans are generally competitive, it is easier for customers to pay their loans back.

If you are looking for a business loan, please contact Cartitle today!