Last week, we shared the first chunk of payday loan wisdom that was bequeathed to us from our amazing customer service team. We covered the basics, from what kind of customer we usually see, how the payday loan industry works and what the most common questions are. This week, we’re getting a bit more specific…
Okay, most important question yet; Pepperoni or Veggie?
Super Fantastic CSR#1: Veggie.
Super Fantastic CSR#2: Psh, pepperoni all the way. I need meat to get the job done. Or…just bacon.
Haha, I see what you did there!
Super Fantastic CSR#2: Just bring home the bacon with GoDay.ca!
Speaking of bringing home the bacon, what can you tell our potential customers what they can expect once their money is in their account after a successful application?
Super Fantastic CSR#2: Magical things happen.
Super Fantastic CSR#1: Yeah, like the stress you had before because you were concerned you couldn’t pay a bill on time is completely gone.
Super Fantastic CSR#2: Poof. Gone. See – we’re basically magicians. I should start wearing a cape and a top hat.
I’d love to see that. You do make a very good point, though. Bills need to be paid and stress about money is a big deal.
Super Fantastic CSR#1: For sure. With over 3/4 of Canadians in debt, I think it’s safe to say we all can empathize with being able to breathe a little easier when a bill is paid.
Super Fantastic CSR#2: Exactly. Sure, we have a fee for our service, but in some cases it’s better to pay the fee and be on your way, than have NSF’s appearing in your bank account…and still no money to cover the bill.
Are there some instances that taking out a payday loan would be considered a bit a-typical?
Super Fantastic CSR#2: Well, we legally cannot ask why a customer is taking out the funds…
Super Fantastic CSR#1: Right – if anyone ever asks you, they’re breaking the law. If you volunteer the information, that’s another story.
Super Fantastic CSR#2: Actually, the blog covered a few very plausible instances where a payday loan could be used effectively. Special sales for planned vacations, medical emergencies, car situations – you name it. Any time there’s a cash flow shortage, a payday loan could be used.
And sometimes, you get ahead with it!
Super Fantastic CSR#1: Absolutely, if you budget it right!
You mentioned that income level has very little to do with the kind of customer this industry sees & that everyone runs into a cash-flow shortage. Did you see an increase in users after the economy turned down?
Super Fantastic CSR#1: Absolutely. It became a bit more difficult for most people to get approved for additional credit, on top of other demands on their wallet. Cash-flow was a serious problem for a lot of Canadians. Though the economy has been in a slow recovery for the last while, most of our fellow countrymen & women are still smoothing out the wrinkles.
Other demands on their wallet, you say. Such as?
Super Fantastic CSR#2: I read an article earlier this year in the Globe about new graduate unemployment and how much of our educated youth are returning home because they can’t afford to be on their own yet. That pressure probably cuts into the parents wallets quite a bit. And that’s just one example.
What is the best piece of advice you could give to someone thinking about taking out a short-term loan online?
Super Fantastic CSR#1: Know your terms and conditions for the loan. Don’t sign anything if you’re not comfortable or if you don’t understand what you’re agreeing to. Any reputable payday loan company will be short and sweet with their fee explanation.
Super Fantastic CSR#2: It shouldn’t be rocket science, either. Remember, the maximum fee in Ontario is $21 per $100 borrowed. If you have questions – ASK.
If there was one piece of information you could pass onto a prospective payday loan customer, or even someone who’s skeptical of the industry, what would you say?
Super Fantastic CSR#1: The industry has evolved and is highly regulated for the protection of both the customer and the company. Each province & state is different. Ontario is pretty great with it, actually, so don’t judge our book by the cover you saw in New York.
Super Fantastic CSR#2: Mine’s even more simple – don’t knock it ’till you try it!
So, are you ready to try it?
