New Payday Loan Company looking for funding

[Southern_Lenders]

We're a small Payday Loan Company based in Birmingham, Al, and I am the sole owner of the Company. We are not yet operational, but hope to be up and running by Feburary of 2010. We are looking for sources of funding anywhere from 60k at least to 750k. I know these are not small numbers, however a company like this, on any level would require a large investment. Everyone knows the ROI that these Payday Loan shops make. As a small business I can be more flexible than the big players in the Industry like Advance America and Cashnetusa.com. Part of my flexibility and advantage to the Consumer is that I would charge lower interest rates than the 17.5% that just about EVERYONE charges. We would charge 12.5%, a savings of 25 dollars on a 500 dollar loan. We would also provide loans as low as 4.16%!! to borrowers who had excellent credit of 850. Our operating expenses are expected to be rather low, other than the large sums of cash we will need for
lending purposes. I would like to lend 60k a month (750k a year), this would put me at 7,500.00 a month, assuming that all Customers were to pay back their loans in full each month. This is probably unrealistic as some say that as much as 60% (4,500.00 dollars) will not pay on time, which translates to 3,000.00 (7500-4500) a month in volume. I plan to do this full-time, so 3,000 would be not cover living expenses, and business over-head. Not only will rates be cheaper, but if a Customer loses their job at anytime during their loan, we will freeze their payments for 3 months, and no late fees. I know times are tough for many people, and anyway that we can show sympathy, and kindness will help us stand out, and makes us feel
better about ourselves as well.

Thank You for your time
Sincerely,
Nathan Winslow - President of Southernlenders.net

--------------------
some facts

"In 2005, payday loan analysts estimated that there were approximately 22,000 payday loan outlets conducting $40 billion in loans (Community Financial Services Association of America;" -

"According to the Dallas Morning News, in 2008 the U.S.'s largest payday lender, Advance America, "made $4.2 billion in payday loans and charged $676 million in interest and fees." And "Cash America, a pawnshop operator and payday lender based in Fort Worth, recorded net income of $81 million last year – a 132 percent increase in just four years – on total revenue of $1.03 billion."[39] "
- Wikipedia