Who is using Wonga and why?

Who Are Payday Loans Aimed At?

There are two schools of thought when it comes to the target market of the payday lender – those being that there are indeed certain people in the crosshairs of the UK lender, or that they simply exist for anyone and everyone. Contrary to the belief of the millions who always seem to side with group one, it is in fact the latter that is 100% correct in this instance – payday lenders have no specific target market other than the UK consumer public in general. 

New market

What makes the payday lender and the loans they offer so different from conventional financial products is the way in which they are potentially all things to all people, when it comes to covering minor expenses from time to time. The simple fact of the matter is that even the most financially comfortable individual with an excellent credit record cannot predict when and where they may face an unexpected cash shortfall – just as is the case for the rest of the country living paycheque to paycheque. 

These are meant to bridge the gap

Or to put it another way, the payday loan was designed to fill and bridge every minor financial gap a person might ever come across, which amounts to a list larger than all the paper in the world would accommodate.

The payday lender’s unique approach to lending is clearly apparent when taking a look at the actual products and services they offer. Unlike ever other major bank and lender on the market, the products and services on offer along with the fees and charges attached are not determined by the status or position of the borrower – they are fixed at a predetermined and non-negotiable rate. This in turn means that a person with little to no collateral and a rather unfortunate credit report could expect to pay exactly the same fees and charges as a person with gleaming credit and the most lucrative of careers.

Is it fair?

Some would call this a little on the strange side, the online loan lender calls it 100% fair and equal lending to an extent never before seen on the UK market.

The theory is basically one whereby each and every person is just as at-risk to a million and one potential daily shortfalls involving their cash, therefore all should be offered exactly the same products and the same level of service when it comes to making amends. When and where a small sum of cash is needed to avert a minor crisis, the payday lender is there to help pretty much anyone – it is as simple as that.