While short term loans are often a lucrative means of pursuing alternative finance
options, there are a number of people who aren't aware of the industry. This type of borrowing could help those who need fast cash before they receive their next paycheck and would not qualify for traditional bank loans, such as the underbanked and those with low credit scores. In an effort to give a face to the industry, many companies have chosen to rely on celebrity endorsements. Many individuals like to frequent the same stores and service providers as their favorite stars. Numerous lenders took this as a signal to ask for endorsements, with relative success. Celebrities marketing for lenders
Celebrity mom Nadya Suleman, also known as OctoMom, for giving birth to octuplets, recently decided to provide endorsements for OctoLoan.com. The website explains the promotion was well thought-out, as the reality star is currently facing economic troubles and foreclosure on her home. The home page reads "if anyone knows financial hardship, Nadya does." Debtors Unite reported popular talk show host Montel Williams lent his name to Money Mutual to educate consumers on money options immediately available to them when they have nowhere else to turn. According to the source, NASCAR racer Rusty Wallace also followed suit, endorsing LoanMax, a short term lending
company that uses car titles as collateral for instant cash. Influence can be great
According to IdeaMarketers, using promotional materials from celebrities is often a successful way to drudge up business. The source said after Nicole Kidman and Eva Longoria were photographed staying the Bora Bora's St. Regis Resort, the hotel was booked solid for months. The source also noted many styles of clothing and haircuts are eventually named after celebrities, such as Blue Cult's The Gwyneth Jeans, after Gwyneth Paltrow and the hairstyle The Rachel, made famous by Jennifer Aniston's character on Friends. IdeaMarketers recommended using a celebrity to endorse products, because they can often give immediate credibility to the goods and usually results in the stimulation of revenue. Also, the source reported, when a famous person is associated with a product, it usually results in wide media coverage. Lenders could not only influence fans of particular celebrities who take out loans, but open the door to a bevy of new consumers who would not have thought about borrowing otherwise.