Payday Loan is relatively new phenomena in the lending business. These are generally short-term loans of a small amount provided at a very high-interest rate and are to be paid back in the restricted time of few days. Usually, the borrower gives a post-dated check to the lender which is encashed on the agreed date between the two parties. Like any other business, these lending options also need to be appropriately marketed to achieve faster and successful lead generation. Various such technologically supported ways are emails, Search engine optimization using appropriate keywords, website templates, pay per lead, pay per click etc. pay per lead publishng program are one of the widely used phenomena. You can know about various other ways of marketing in detail by visiting www.debt.org.
Some of the advantages and limitation of Payday Loans are:
1. It is a very fast source of cash, which can be really handy in times of financial emergencies.
2. Unlike the traditional lending options, these types of loan do not require the borrowers credit rating report.
3. Avoids levying of penalty charges like late fees, bounced check fee etc
4. These loans may also be used to save you from any red marks in your credit reports which are very important to attain any long-term loans from banks.
Maybe a saviour in many situations, these types of loan also have certain limitations. That is why many countries are introducing very stringent regulations to manage this industry.
1. There is a very high rate of interest or fee and a limited time to pay it back. In case of failure to pay it, these charges double which can great a lot of burden for the borrower.
2. The borrower needs to be full-time employed. Hence a part-timer or a person living on social security can not opt for these types of loans.
3. Since the borrower is usually low-income group, there are more chances of any fraudulent behavior.
With the technological advancement and increasing accessibility of customer to the web world, Payday Loan lead publishing programs have proved to be a great marketing option to increase the lead generation. The process involves selling payday loans online by advertising about the loan service on various websites, search engine optimization to increase the searchability of publisher’s website etc. Whenever a prospective customer routes through these advertisements and fill in their necessary details on the application for acquiring the loan, it is considered as lead conversion, and the lender pays the agreed fee to the merchant who arranges for the whole process.
These merchant platforms ensure high-level lead conversion:
1. Real-time submission of the filled in application to the lender database
2. With high-end SEO capabilities and attractive website templates to optimize marketing performance.
3. With expert and dedicated consultants for each account, the lender gets full-time assistance and support.
4. Dashboards and various reports are provided to study and understand the marketing performance and lead conversions.
Hence hiring a specialized firm to handle the online marketing of payday loan is a beneficial decision to make.