When the Federo brothers first looked into starting a short term loan service in their city they were primarily concerned about disproving the incorrect negative impressions local citizens had of the business.
"I won't lie," says Bill, the older of the two brothers "Even I thought the idea was a little odd when Evan brought it up to me." Bill is thinking back to the summer afternoon four years ago when his brother Evan laid out a master plan for liquidating the men's flagging pool cleaning service to fund the opening of a company to provide payday loans.
Despite his initial reluctance Bill listened as Evan held court in the tiny kitchen of the mobil home the brother were sharing. Evan was on fire with inspiration, having been to a small business seminar where chance introduced him to a man having success - too much success - with a paycheck loan business he hoped to sell before his retirement.
"I don't know how I convinced him," confesses Evan "I was absolutely wild-eyed about the whole thing. Raving. Anybody other than my brother would have thought me mental. Even then, he's the rational one and I think I was daring him to prove me wrong."
Bill is not so reluctant to lay a finger on what compelled him about the business Evan was describing. "He just kept going on and on about how happy this guy looked. I'd assumed it was dreary business, being involved in the desperate moments in peoples lives and all but Evan tells me over and over how this guy sees himself as helping these people."
"He felt that people were coming to him and looking for a solution, and being able to provide relief gave him a purpose." says Evan. "A purpose that made him happy."
"And made him money." chimes in Bill pragmatically.
The brothers aren't shy to admit that their company, now consisting of three outlets in two cities is a money-making enterprise.
"Do we charge people? Yes." says Bill, "We have overhead, expenses, same as any business. Plus we are taking all the risk. When a customer walks out that door they walk out with our cash in their pocket. The good news is that most, if not all of them promptly pay us back."
"The refreshing thing, the thing that I think brought our predecessor so much pleasure is just that. At the end of the day people are always grateful and for the most part anxious to pay the loans back. Honestly, it surprised me." Evan says with chagrin. "I had a low opinion of the inherent goodness of people before I started doing this. Now, I'm stunned by the wealth of virtue and integrity that walks through that door every day."
Bill works the counter of the company's busiest payday loan office. A job he has come to treasure over all his past careers. "Before I was always working with my hands, and though it was satisfying it was hardly social. Now I spend all day with people, clients. I consider it part of my job to let them see friendly face every time they come in to the office. I think it's the most important part of the whole business really."
The brothers are considering an expansion, but hesitate at the thought of losing the individual participation they both take as an important part of their roles in the business. After frequent late night discussions they conclude that it's more important to help as many people as they can even if it means losing some of the personal satisfaction. They have chosen two communities which they feel could benefit from a paycheck advance service, an expensive growth, though this time there is no pool cleaning service to sell off.
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