Monday, December 29, 2014

How the Internet Has Revolutionized Payday Loans


The internet is undoubtedly the most revolutionary advancement within the past century, and perhaps in human history. The way we communicate, conduct business, learn and even gain access to money through payday loans, has all been drastically changed because of the World Wide Web. As our reliance on this new technology continues to grow, many businesses are increasing their online presence in order to keep up. This change comes with both positive and negative aspects.

The internet allows businesses to reach a larger market, as they are no longer confined to geographical restrictions. Unfortunately, this also means that face to face interaction between consumer and seller is significantly reduced, taking the personal aspect of business transactions slowly out of the picture. In order to make up for this lack in human to human communication, businesses have increased their advertising efforts, presenting a face alongside their online services to ease consumer worries and make themselves more relatable.

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One industry that has been affected by the shifting reliance on the internet is payday loan business. Online payday loans are quickly becoming a more frequently used way to procure such services and as technology becomes more and more advance we can expect this trend to continue. This has affected the industry in many ways. Perhaps the greatest change that this has brought about is the growing number of people that these businesses are now able to reach and how lenders are vying for their patronage.

Whereas in the past cash advance shops were physically limited to serving a specific clientele based on their geographic location, these stores are now able to reach a wide variety of consumers online. While this may be good for business, as a growing presence means more customers, this also comes with several challenges. The first of these is increased competition among companies.

When you are competing with other physical stores for consumers, your opponents are usually small in number, limited to two or three other stores in your general location that serve the same clientele. This means that such businesses will only have to match or beat the prices of a couple other stores. However, when shifting to an online presence, these companies now have to compete with every other like-minded business on the internet, as a simple Google search will produce an extensive list of website where one may appropriate these services. Thus, unlike physical store locations, the many payday loan companies online will have to work harder to get costumers interested in their business. This is actually beneficial for potential customers, as lenders are faced with increasing pressure to offer better deals.

A second challenge online payday loan lenders face is the challenge of advertising. Because of their physically specific and limited nature, stores are able to cater their advertising based on their location. Where, how, and when to advertise specific services and incentives, and even in which language to place these advertisements can easily be determined by a stores location. Online lenders are not afforded this luxury, as their advertisements can and will be viewed by any potential customer with an internet connection.

Because of this, advertising efforts between physical stores and online businesses will vary greatly, with stores better able to tailor their ads to their surroundings, thus being able to be more straightforward, whereas online payday loan lenders will be focused on putting a face to their services and outshining the many other sites attempting to do the same thing. It is yet to be seen what impact this change will have for the industry as a whole.


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