Payday loans through the i-Phone

[jaspencer00]

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Is Wonga's Loans-thru-the-Phones app for payday lending a new dawn or big yawn for affiliate marketing?

I personally think that instant loans are relatively untapped as a field because lenders don't like the fraud that brand new instant borrowers open them to, and still prefer to rely on existing relationships, long loan applications or people coming through branches.
That's not to say that there isn't some action at the moment, but that it's got far more potential.

What do other people think?

[CrazyBird]

Its a new dawn and something we've been looking at. If consumers are using their mobile more and more to find information and help run their lives, then we can not sit back using the usual chanels when our customers are looking somewhere else for help.

[Rich79]

I imagine that a very large percentage of Wonga's customers are repeat business and if they are iphone users then this app would probably add alot of value.

For the customer, they already have established the trust with the company and having access to finance from a few clicks/touches of their shiny iphone would surely increase usage. The benefit to Wonga is that these customers will not be distracted by any other provider as they would on a standard PC.

IMO anything that can get a merchant quality traffic outside of search engines is going to be very powerful and be a lot more cost effective as smartphone penetration increases.