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The Mister Money Payday Loan Self-Service Kiosk

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June 7, 2007

June 8, 2007 The engenuity of man knows no bounds – with secure processes and some multimedia, new machines can reduce a costly and inefficient manual process to zeroes and ones and a few minutes. A shining example of this is Mister Money's AFS self-service kiosk for automated payday loan processing. Mister Money operates in the pawn and subprime lending industries, so it is no stranger to assessing and mitigating risk via a verification, scoring and approval methodology. It has now automated that approval methodology and has been granted a patent on this process, incorporating the lot into in an unmanned kiosk application. The kiosks and loan processing software are available for purchase and licensing.

“Like the time-saving kiosks favored by today’s air travelers, our user-friendly, self-service loan kiosks are popular with cash advance customers,” said Doug Will, president and CFO for Mister Money. “Our automated kiosks give customers quick, convenient and accurate transactions.”

In addition to improved customer service, Will maintains that AFS kiosks save lending companies money by reducing the need for additional employees.

“A loan originated through a traditional cash advance operation can cost between $15 and $25,” Will explained. “Depending on volume, a loan originated through an AFS kiosk would cost between $5 and $15, including all processing costs, fees, licenses and kiosk costs.”

Mister Money stands ready to help other payday lenders implement a kiosk and automated cash advance loan transaction program. Will said AFS kiosks and loan processing software are available for purchase and licensing.

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About the Author
Mike Hanlon Mike grew up thinking he would become a mathematician, accidentally started motorcycle racing, got a job writing road tests for a motorcycle magazine while at university, and became a writer. As a travelling photojournalist during his early career, his work was published in a dozen languages across 20+ countries. He went on to edit or manage over 50 print publications, with target audiences ranging from pensioners to plumbers, many different sports, many car and motorcycle magazines, with many more in the fields of communication - narrow subject magazines on topics such as advertising, marketing, visual communications, design, presentation and direct marketing. Then came the internet and Mike managed internet projects for Australia's largest multimedia company, Telstra.com.au (Australia's largest Telco), Seek.com.au (Australia's largest employment site), top100.com.au, hitwise.com, and a dozen other internet start-ups before founding Gizmag in 2002. Now he writes and thinks. All articles by Mike Hanlon
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