Everybody has to start somewhere and that is true for businesses as well as for individuals. The banking system as we know it now has evolved from one where the very idea of lending money to someone was something that had to be given a great deal of thought and the concept of a same day loan simply did not exist.
Only after such, often lengthy, consideration and consultation at the highest level would a decision finally be made as to whether a loan could be offered. Papers would be prepared and appointments would be made for meetings in which to sign those papers. The whole process could often take weeks before the money finally became available to the borrower. At the time, however, no one thought twice about it because that was the norm, not just for loans but for many other things.
Planning for the future – that’s a thing of the past
As an example, give a thought to the holiday industry. Way back in 1841 when a certain Mr Thomas Cook began organising tours, firstly in the local area and then, later, worldwide, he could surely not have envisaged the day when people would literally leave such arrangements to the very last-minute and still expect to get exactly what they wanted.
Even one generation ago, that of my own parents, the annual holiday was usually booked one year in advance and paid for well before the time to travel was upon them. Holidays were planned a long time in advance, usually after studying a mountain of brochures, and most people saved up their money for the whole year in order to be able to afford to go on them.
It wasn’t unusual of course, for that to happen. It was perfectly normal to book a holiday that far in advance. Travel was something that you planned and the cost of that travel was budgeted for in whatever way suited those concerned but there was a certain reverence given to the “holiday money” and dipping into that particular fund was something you would do only in a dire emergency, definitely a last resort.
It would be amusing, if it were possible, to sit Thomas Cook, or even one of the other pioneers of all in one package tour travel such as Vladimir Raitz, who founded the Horizon Travel group which made affordable package holidays possible for the average man-in-the-street back in the 1960s, down in front of a computer. They would surely be amazed to see websites such as “Last Minute.com” “Expedia” and others where bookings can be made instantly with all the necessary paperwork and administration completed in seconds – the age of same day travel has truly arrived.
Are we now a “same day” society?
Perhaps the most difficult part of that exercise would be to explain to Messrs cook & co that it isn’t just travel that is affected by the same day culture. We expect everything to be instant, or as near to instant as possible. Technology has facilitated this shift from waiting patiently and believing “all will come to he who waits” to one where the thinking is more akin to “I want it and I want it now”.
It is hardly surprising then that we expect the same level of near instant service when it comes to dealing with money. It has been interesting to watch those most reluctant embraces of the same day culture gradually shift in the direction of the inevitable and invest billions in technology to facilitate just that – the instant processing of our money.
There are still pockets of resistance though, how often have you made a payment only to be told that it will take three days for your payment to reach your account. Three days to reach your account, why, is it going to walk there? Everyone knows that there is absolutely no technical reason why that money cannot leave your account and enter theirs in an instant but, for the time being at least, they cling on to their three days of holding onto your cash, hiding it from view, before they let you see it again.
So why not same day loans?
Fortunately, not all of those in the financial services industry are such Luddites, or quite as greedy as the three-day eventers who just want to hold onto your cash for as long as possible. We are now in an age where same day payday loans are very easy to apply for. Not only can the arrangements for the loan be made in one day but, in the case of same day loans, the funds can often be transferred into your account on the same day as well.
So why is it that we think we need same day loans at all? Surely we can plan ahead to such an extent that we know when we are likely to need an extra amount of money over and above the normal amount we need on a month to month basis.
But then, I’m thinking like someone who has just been transported through time from an earlier generation into this one. Whereas my parents and others like them would not have expected, or even thought it possible, to arrange something as important as a loan in the space of a single day, people nowadays certainly do. What’s more, if it proves not to be possible to arrange short-term loans or other services the same day, then we become quite irate and upset. We expect things to happen at breakneck speed and if it doesn’t then we look for someone to blame.
Sometimes it’s nice to take a little longer and look around
Now whilst I still happen to believe that half the fun of going on a holiday is actually researching and planning it, I do accept that there are many things which cannot be planned in that way and the need for short-term, same day loans, is often one of them. We sometimes need cash in a hurry because something happens that we simply didn’t see coming – I think you’ll agree it probably won’t be a holiday though.