We live in a download culture where we can get instant information at the click of a button or food delivered to our door within the hour. In fact, it has been reported that almost 50% of us refuse to wait just three seconds for a website to load.
If we are not able to wait for signals to go to space and back within three seconds, what does that say about our society? Let’s look at the facts and how impatience has affected our online applications for credit.
Why the Internet Makes Us Impatient
There are many social scientists who believe that the internet is making us impatient, as well as narcissistic, impulsive and even forgetful.
They reference how we use technologies and how they have sped up life, which has subsequently caused us to expect things done quickly. For example, instead of looking up a phone number and then calling someone, we now have ‘instant’ messaging. Or instead of looking up a book, finding it and then reading it to find information, we now have Wikipedia and Google Books with just a few clicks.
The news is another key area where the internet is making us impatient. Instead of waiting for the newspaper to hit our doorstep the next morning, we get instant news through Twitter hashtags, online content and even 24/7 news channels now on YouTube.
All of this makes us impatient because it changes our human expectations of how fast something can be done. We get frustrated with having to wait for things as we have become accustomed to getting what we want online so quickly.
Internet Impatience and Applying for Credit
It is easier than ever to access fast cash online, but not all of them are above board as reputable brands like the famous Wonga. When using Wonga for their fast cash loans their robust application process and risk analysis algorithm is explicitly designed to ensure cash is only leant to those who have the ability to comfortably pay them back and not fall into debt. This level of financial compliance can’t be said about all loan companies however.
Many loan sharks are not vetting those applying for credit as rigorously as they should, and as a result, putting them at risk from incurring debt problems down the line. This is even more worrying in light of the COVID-19 pandemic where the process of scrutinising fast cash loan applications should be changed to accommodate temporary losses of income and other circumstances.
One problem is that people trying to get credit don’t take notice of online loan companies not protecting them because they have grown impatient and simply want the credit in their account the same day. If you’re applying for a fast loan, consider if the company is protecting you or just playing on our collective impatient nature.
How to Stop Becoming Impatient?
You’re not likely to bury your smartphone in the ground and go and live in the woods to regain your patience. But experts discussing the relationship between the internet and impatience in The New York Times suggest simply limiting your time online by leaving your devices at home or sticking to a digital diet with set ‘mealtimes’ will help.
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