FastBucks Changes the Payday Advance Industry through Innovative Franchise Model

A unique Franchise concept in the payday advance service recently announced plans to expand on its more than 40 corporate-owned locations, and continues to transform the payday advance industry by setting high standards for all of its payday loan stores.

“We are filling a need for those who need short term financial help, in a hurry,” said Charles Horton, FastBucks president and CEO.  “FastBucks is changing the way people perceive payday loan stores, while offering entrepreneurs the chance to own a successful business that strives to help the communities it serves.”

Unlike the traditional payday advance store, FastBucks locations have customer lounge areas, and the clerks do not stand behind a wall of plexi-glass.  In fact, no cash is kept on-site.  Customers seeking a payday advance at a FastBucks location are issued a money order or cashiers check, which can be redeemed at any financial institution.

Additionally, FastBucks patrons are required to have a bank account, previous pay stub and a proof of residence.  Based on these three credentials, a proprietary software program, developed by FastBucks, computes information that is used to determine an applicant’s potential loan amount.  Similar to a credit check or a pre-screen that banks and credit unions perform, this software system allows FastBucks to properly assign loan amounts to each customer on an individual basis.  Typically, FastBucks issues loans between $100 and $300, but offers loans in any amount up to $500.

‘The first buck’
Horton began his career in the check cashing industry at age 16 by cashing personal checks for people at flea markets.  After starting several successful businesses in the check cashing and check collecting industries, Horton considered early retirement by the time he was 28 years old.  However, his entrepreneurial spirit was still strong, and Horton opened his first FastBucks location in 1998.

The FastBucks concept grew strong, doubling in size every year.  Horton knew that his unique, detailed business plan could be duplicated in other markets across the United States , and hired Chuck Woolweaver as director of franchise development, already a seasoned franchise executive, to help him grow his business via franchising.

With more than 20 years of successful experience in the franchise industry, specifically franchise development and consulting, Woolweaver has plans to add 60 FastBucks franchise locations by the end of 2005. 

“Unlike our competitors, we offer entrepreneurs the opportunity to profit from the rapidly growing payday advance industry,” said Horton, noting that FastBucks is offering Franchise Opportunities in select markets across the nation.  Between 2000 and 2003, the number of outlets in the United States offering payday advance loans more than doubled to 13,000.

Entrepreneurs wanting to own a FastBucks location will need between $124,000 to $149,000, which includes working capital, and the initial franchise fee of $27,500.  Included in the initial franchise fee, franchise owners receive: site selection assistance; a two-week training session at the corporate training facility in Albuquerque, New Mexico; a five-day, on-site assistance training program with a field consultant; and a grand opening advertising and promotions package. 

According to Woolweaver, FastBucks offers a detailed, systematic plan to start, sustain and grow a business.  By having a proven business system, a customer-friendly approach and an opportunity to be the frontrunner in a growing industry, FastBucks has instituted a business poised for success. 

“People interested in starting their own business typically ask two questions – ‘how much will this cost me,’ and ‘how much money can I make,’” Horton added.  With relatively low start-up costs and the chance to earn a return on investment within 12 to 14 months, FastBucks is an opportunity for any entrepreneurial-minded individual.  Also, royalty fees are waived for the first six months for new franchisees to help new storeowners focus on growing their business.

About FastBucks
FastBucks Franchise Corporation , based in Dallas , Texas , a subsidiary of FastBucks Holding Corporation, was formed in 2003 to franchise the FastBucks concept, founded by Charles Horton.  FastBucks is a payday advance service concept, specializing only in short-term payday loans.  Currently, more than 40 FastBucks locations operate in the United States , with company projections calling for an additional 125 corporate and franchise sites to open by the end of 2005.