Non-Traditional Financing Advanced payday loan companies all serve the purpose of reeling in their customers with their use of catchy slogans and false advertisement. This specific cartoon comes from a website called www. Extemporaneousness’s. Org which has numerous reports and studies regarding these alternative financing companies. This advertisement, which has a short sentence and image, is effective at selling an idea to the viewer through its use of rhetoric.
First off, the use of sharks swimming around n their tank with smirks on their faces is an excellent way to capture the reader by its use of pathos. It plays on the emotions that are attached with the thought of sharks and what they are capable of. The only wording in this advertisement besides the title on the building is, “Come on in… The water’s fine… “. This also appeals emotionally to the reader because it suggests the sharks are saying it. Alternative financing lenders can be clever in their use of wording to attract consumers.
I work at an alternative financing company, so from firsthand knowledge I know that the advertising for payday advance loans can be deceiving. They send out brochures and fliers that have big bold letting and happy pictures associated with what they have to offer. This appeals to consumers Just like the wording on the building in the advertisement shows. On the building, it says, “Payday Loans” and “Checks Cashed”, with smiley faces all around. This use of logos makes consumers contemplate that nice other consumers must be happy with this specific advanced payday loan company, they will be too.
It makes the overall feel of a ‘Payday Loan’ look and sound not as dreadful. They reel in customers with their advertising about how different of a program they have compared to other companies. According to a study from The Los Angels Times, the average payday loan business model is designed to keep borrowers in debt, not to provide one-time assistance during a time of financial need. Borrowing from payday lenders usually meaner borrowing trouble in the long UN, because consumers have a very hard time repaying these loans in one payday.
The indirect use of ethos in this advertisement is the respect that comes along with the fact that the advanced payday loan companies are lending to consumers and are offering them fast, and easy money upfront. According to a new report from the Huffing Post, 7 out of 10 borrowers use payday loans. Typically short-term, high- interest cash advances to make payments on recurring bills, including utilities, car payments, food, rent and mortgage payments. Those making from $15,000 to $25,000 yearly, are most likely to use payday loans.
Just more than 5 percent of Americans, about 12 million people, have used a payday loan in the past year, the report said. According to paydayloanonlineresource. Com, payday loans are much more expensive than other cash loans. For example, a $500 cash advance on an average credit card that is repaid in one month, would cost you $13. 99 in finance charges and an annual interest rate of about 5. 7%. A payday loan, on the other hand, would cost you $17. 50 re $100 tort borrowing the same $500, and would cost $105 it renewed once, or annual interest.
As portrayed in the advertisement, non-traditional financing companies are often thought to be ‘Sharks’. They are clever and sometimes dishonest in their approach to attract consumers. It I s very clear that these types of loans are well used, but not liked and most often regretted. The advertisement’s great use of rhetoric, specifically pathos, is very persuading to readers and is what directly draws them in to learning more about what payday advance loans are all about.
