How much time do you spend using your mobile phone on the go, rather than sitting at your desk with your computer? If you’re inclined to order a takeaway on your commute or chat to friends online from your bed, you’re not alone. In fact, you’re part of the majority.
Levels of smartphone and tablet use have been increasing in recent years. As mobile technology has improved, lifestyles have changed. As of mid-2014, more than 50% of website visits were from a handheld or mobile device.
In the payday loan industry, more than 60% of applications are from mobile devices.
Why is the mobile phone so important to the financial sector?
Imagine Sam, a 30-year-old worker on the train home from the office. Sam has time to think, whilst enduring a slow commute from station to station. Sam starts thinking about bank balances. He comes to the conclusion that an online payday loan would help to manage cash flow problems until payday.
Sam pulls out his smartphone. He then compares loans online, makes an application and receives an instant decision. Sam’s cash flow problems disappear long before Sam gets home.
This is reassuring for Sam. He might otherwise have spent an extra hour or two worrying about the success of his application. Yet it’s also helpful for the payday loan company. They might have lost Sam’s custom if something else had come up before he got home from work. When people act on instinct, they act with far more conviction before becoming distracted.
Where are applications for mobile loans coming from?
We conducted an analysis of loan applications through CashLady over the last 12 months. The results show us almost 70% of all applications occurred through a mobile device. Only 24% were using a desktop/laptop and 6.5% using a tablet.
What does this all mean for the future?
The use of mobile phones is set to continue to rise. As more and more people move to browse and buying on the go, it makes much more sense. Many are packing their laptops away for good in favour of more portable tablet devices. Even desktop and laptop users will likely make online purchases and applications. As their lives become busier, a simpler solution is far more attractive.
An inadequate mobile presence can only be a negative thing.
Final thoughts on mobile loans
Mobile phones are often blamed for overtaking our lives. In the case of mobile payday loans, they’re a vast improvement that makes lives easier. Instead of hours of waiting around, the mobile way frees up time you can use doing the things you love.