Smart50 rank: 36
Revenue: $8,600,000
Growth: 52.45%
Founders: Greg Ellis, 36, Sean Teahan, 37
Head Office: Queensland
Employees: 60
Industry: Finance and insurance
Website: www.cashdoctors.com.au
Cash Doctors is a cash advance company that offers loans up to $600, approved within 60 minutes.
Founder Greg Ellis says it was clear that Australians needed a cash advance company that was super fast, trustworthy and friendly – something worlds away from the dodgy pawnbrokers and loan sharks down the road.
With that in mind Ellis and friend Sean Teahan founded Cash Doctors in 2005.
Their first few years were the hardest.
“The demand was overwhelming,” says Ellis.
The founders mowed lawns on the side to stay solvent and Ellis says they put every cent they had into the business because it was do or die.
The company is well established now but the next few years are likely to throw up new challenges.
The industry in the UK has grown rapidly and that is flowing through to Australia.
“A greater demand for short term finance options has seen a fluctuation of payday lenders enter the online market space over the last few years,” says Ellis.
In 2012 Cash Doctors plans to expand its current loan offerings as well as ensuring that they are financially educating clients to help them to choose the best loan.
