Payday loan companies have some of the best marketing tactics out there. Sometimes they even have better marketing than credit card companies do. Since I already tackled how young people can deal with cash advances/payday loans and credit cards for 20 somethings, I wanted to take a different approach today.
(Note: Now mind you I’m not against either option if you used responsibly and out of complete desperation)
Near my home there is a fairly new plaza where I walk by at least once a week. One of the units there is a payday loan company. This company offers the typical cash advances and payday loans. I usually walk by and check out their posters to see what kind of marketing techniques they’re using at the time. Two new marketing posters were put up by the cash advance company and I really wanted to comment on them:
“The Non judgmental loan”
In fact I’m sure that the cash advance loan is one of the most supportive loans. The payday loan companies will give you that loan with a big smile on their face. These companies prey on vulnerable people that have nowhere else to turn for money. Chances are that the payday loan users have already maxed out their credit card, cashed in with friends & family, and used up all of their opportunities with their local bank.
Sometimes a thought provoking conversation about debt and about your money management with a good friend is needed. Of course the cash advance company won’t judge you because they want you as a repeat customer. Just like how a McDonald’s employee will never tell you how detrimental their food is to your health. Just because a friend points out a weakness in your money management it doesn’t mean that they are judging you or trying to attack you.
We are all guilty of keeping our guards up and negatively responding to any sort of criticism. It also doesn’t help that most young people are horrible at giving out constructive criticism. If you do take anything away from this article then let it be this- next time a close friend confronts you on your money issues, try to be open to a conversation.
“The stress free loan”
Well sure you won’t be stressed when the payday loan company hands you over the money but we’ll see where your stress levels are at when the payments are due. I’m sure the actual acquiring of the payday loan is fairly stress free. The question is- how will you feel when you need to pay the money back but don’t have it?
The reaction you get from a friend when you ask for money should not be perceived as stress. You can’t run away from your money spending problems. If a friends tries to hold you accountable for your spending habits, it’s not done to stress you out. It’s done to help you out and to open your eyes to the flaws in your personal finance system.
I decided to do some research. I checked out http://www.samedayloans.org.uk and this company offers same day money advances. That’s definitely an interesting marketing approach.
Have you seen any great cash advance marketing? What are your thoughts on the marketing tactics that I saw?