No matter what you want to call the short-term loan, a cash advance is still going to be the same. Some businesses have taken the creative route in order to stand out as different in an industry which has had less than positive press news. Cash advances and payday loans are what they are no matter what you call them.
I saw a press release about a new company offering something different. It was advertising their no fax pay day loans. I read through the article and wondered what was so different? The more I read the more I realized that the difference between a payday loan and a pay day loan was a space. The no fax option worked the same, the application on the website was similar as well. So, what was all the hype?
Pay close attention to cash advance marketing strategies.
It was another stab at creativity to separate one company from the rest. For those businesses in the cash advance industry, anything which can separate themselves form the masses seems like a good marketing approach; even if it is just an extra space. There are thousands of short-term loan lenders between store front lenders and those who service online loans. What can a business do to distinguish themselves as different and separate from the pack?
- Offer no fax loans. Not only does this process make the loan applications simpler, but also more convenient. Prior to this service, a customer would have to email or fax a banks statement. Many applicants had trouble with this step. Not everyone owns a fax machine or scanner. Now loans are accessible even through tablets and smartphones when using a company which offers no fax cash advances.
- Consumers are shopping for lower rates. Just like with new lines of credit, people are becoming more aware that there are differences between interest rates. Those who need fast cash but are also looking out for themselves financially for the long run will be comparative price shopping.
- Companies should advance their qualifications in order to further protect a consumer. Lenders want employment but good lenders will require a certain take-home pay and then only loan for a fraction of the paycheck. Cash advance payoffs are set up to be paid in full plus fees on the next paycheck. If your paycheck does not support this amount along with other budgeted demands then there will be further money problems in just a few short weeks.
Work with a cash advance lender that uses best practices.
Consumers need to look at the real differences between direct lenders. Spaces between words do not differentiate one service from another. Adding an extra word(s) to describe the loan: online, low cost, direct, short-term, no fax, or maybe just a space; does not change the loan itself. Those online cash advances will be issued the same way as direct cash advances. Take out a payday loan online or apply for a low cost pay day loan; you will be looking at the same deal. The differences are found within the lenders themselves. How they run their business, what conditions they offer and how much or how fast you can get money. Take your time to look beyond the marketing strategies and find a responsible lender for your money emergency.
