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A Cashless Society is On Its Way

A Cashless Society is On Its Way

Take a moment and think back over the past two (2) weeks of any and all purchases you made, be they a large purchase of say £20 or more, or a small purchases of just a few quid.

How did you make payment, how did you pay for your purchase?

Did you pay by cash, or did you pay by debit or credit card?

If we are to believe what is in the news, you probably paid by credit or debit card, as in 2017, credit and debit card payments exceeded the use of cash as a form of payment.

Is this the sign that a Cashless Society is on its way?

A recent report posted by the BBC states that cash is at risk of “falling apart” and experts are asking the government to step in to “ensure” coins and notes remain in use.

If the current rate of decline in the use of cash continues, we would be a cashless country by 2026. Cash would still be in some use, but for only 10% to 15% of transactions.

For many business, switching to a cashless system makes sense for them. The transactions are quicker, and it can be cheaper for the business to operate. With no cash on the premise, insurance premiums can be lower, as there is less risk of robbery.

And it is not just businesses going cashless, but also sellers of the Big Issue, buskers, and others can now accept card payments.

This begs the question, if we stop using cash, do we need cash machines or ATM’s?

ATM Deserts

Currently if you need cash you can access money in three ways:

* A free ATM

* An ATM that charges a fee

* Cash back at a store or shop

Over a year ago the largest network of free ATM’s, Link, reduced the price they charge to a bank when someone uses their ATM.

In most instances a reduction in fees seems like a good thing, but the fear is that if these lower fee cash machines are not used much, and do not generate revenue, they may be seen as not profitable, and closed.

This could leave areas of the country without cash machines, or an ATM Desert.

There are plans in place to try and avoid such an occurrence, but it is a very real subject and threat.

The Future of Cash

The cash infrastructure in Britain costs £5 billion each year to operate. So on the surface, a cashless society seems a way to save money.

However, cash has been associated with the poor, it’s a fact. Poorer people rely on the use of cash, and while hard to believe in 2019, some people still do not have bank accounts.

The future of cash will fall into the hands of the government, and regulators who oversee such matters.

Encouraging businesses to continue to accept cash, and making ways of making cash deposits safer and easier is a start. Also, keeping ATM’s alive and well is another.

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Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
 
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.