The Millennial generation is different from any that have come before it. They are virtually immune to advertising. They prize speed and efficiency more than brand loyalty. This is includes loans millennials want their money fast, they want it now, and they will not wait.
Life in the Fast Lane
There is a growing segment of the population that do not remember what it was like to wait a week to watch the newest episode of their favorite shows. They do not remember sitting through tv commercials. Many of them don’t remember video stores, or a time when any movie ever made was available through your computer.
Millennials have grown up in a world catered to them, where they get what they want very quickly, or they move on to someone who is faster.
Binge-watching is at an all time high, because there is no reason to wait to watch the next episode. Daily viewing of media is steadily increasing. Millennials watch about 6 hours of media every day, most of it on their phone.
Even the world of food is changing. More millennials are buying their food at gas stations than grocery stores. Some are even ordering their groceries online, and are willing to pay extra for faster shipping. For a lot of millennials, speed is more important than money.
The Loans Millennials Want
With the go-go millennial mindset, is it any surprise they want the same speed and responsiveness from their lenders?
The loans millennials want are not buried behind days or weeks of red tape and paperwork. They are not kept inside banks with “office hours”. The loans millennials are relying on more and more frequently are payday loans.
Payday loans are available through your smartphone. There are no office hours you can apply at any time, no matter where you are. The application process takes a few minutes. You get an approval or denial within seconds, so there is no waiting involved at all. And then the funds are placed directly in your bank, usually on the very same day.
To the millennial borrower, all of these advantages more than make up for the higher interest rates charged by payday lenders.
Payday loans cost more, and have long been demonized by the mainstream media. But this generation values convenience over cost, and don’t really care about images perpetrated by the media. All they want is their money, and to not have to wait for it.