A man from San Diego, Doug Farry, has been meeting human resource managers, chambers of commerce, and city councils relentlessly for almost two years now, explaining to them what he knows from his experience as a former banker – many workers are forced to live from one pay check to another, and often face acute financial troubles in between. Doug runs a start-up that offers payday loans to employees with a steady job and salary, but people who could do with some additional funding in times of need or when they face an emergency.
Doug Farry has worked in a bank at Minnesota for many years and explains how the conventional banking system falls short of offering a real and practical solution to people who are just a little bit short of cash. Banks and other conventional lending agencies are simply not good enough, he says.
They are not interested in issuing a $1000 loan for a couple of weeks. The earning is too less, and the processing costs are too high for the banks. There is a real demand in the market for these types of loans, but the conventional lenders don’t offer a solution.