After three years of successful trading, refining business systems, methods and formulas, the Cash Loan Money Centre franchise (CLMC) expanded its lending concept to selected members of the public. Having processed thousands of loan applications, franchising was chosen as the vehicle for long-term expansion. The first franchised outlet – in Morley WA – started trading in January 2004. Soon afterwards, two more areas were added to the already profitable franchise.
Within six months nine more areas in WA were franchised and eastern states recruitment commenced. Seven areas in NSW and five in Victoria were franchised before Christmas 2004, meaning that in just one year 24 areas were franchised across Australia.
We established our first centre in April 2001, then quickly established another three centres.
We are not a bank, finance company, pay-day lender or pawn broker. We are a money lending company that services a large and growing number of clients within the areas in which we operate.
We loan between $200 and $2000 to selected clients over a one-year term. All loans are secured.
Since the beginning we realised that there is a huge market for such a service throughout Australia. Most of the larger lending companies and banks have minimum lending amounts of $4000 to $5000. Many people simply do not need that amount of money. Further, many of our clients are excluded from the loan market because of age, income or credit history. Results indicate that the service we provide relieves hardship, saves the sale of personal assets, avoids the use of pawn brokers, reduces the rate of defaults while at the same time improving quality of life, self-esteem and credit worthiness.
A huge percentage of our clients return time and again to us as a source of loan funds, meaning that Cash Loan Money Centres has become an important part of local communities.
Each financial services franchise partner has the security of a 10-year agreement with a further four by 10-year options.