Can’t Get a Mobile Signal…You Cannot Shop Online

If there are two things that seem to go together these days, it is our love for mobile phones, an our love for shopping online.

And with our mobiles having access to the Internet, and more and more mobile service providers upping their game with ore and more data plans, we just tend to spend more and more time on the Internet.

Who uses a computer these days?

You’re on the bus or train to work, use your mobile and surf the web.

Sitting around waiting for an appointment, shop for clothes.

Wanting to get away for a long weekend, check out holiday deals on the Internet, again using your mobile.

Our mobile are always at hand, if they are not in our hands.

There are mobile applications for everything and anything these days, and mobile apps so we can do all our banking. Who goes into a bank branch these days?

However, with all this mobile phone usage, and surfing the web, and making purchases online, we need to be aware of security, and not to lose sight that while our mobiles and online shopping make purchases easy, it also can make us a target for scammers, fraudsters, and others looking to steal our details, which in turn they can steal our money.

So security is paramount when making online purchases, and retailers online know this, that is why we see https: instead of http: when making purchases online. The (S) stands for secure.

However, banks now want to raise the security bar so to speak. They want to take things one step further than just a “verified by Visa or MasterCard” password and code to be used when making purchases online.

New Security Measures

The new security measures that are slowing being implemented, but will be 100% in place this September, means that banking and credit card customers will need to register their mobiles with the card providers to verify future transactions, or in the example of banking customers, they may need to have their banking card reader with them at all times.

Every time a purchase is made online, a code will be generated and sent to that customer va their mobile phone, in the form of a text.

You input that code on the web site you are making your purchase to verify and complete the purchase.

Without the code the purchase cannot be finalised.

Which means if you are in a “dead” spot for mobile service, which some people have in their homes, you may miss the code to verify and complete your purchase.

If you are outside the UK< you may have a mobile signal, but it can take a few minutes for the code/text to reach you, which if the purchase is being timed, you could “time-out” and need to begin the purchase process from the beginning.

There are those customers that either do not have mobile service at home, do not use online banking, or as in the example of some elderly customers, simply do not have a mobile phone.

HSBC has responded and stated, “We are aware a small number of customers may encounter difficulties receiving OTPs [one-time passcodes] by SMS where mobile signal coverage is poor, and we have put measures in place through our telephone contact centres to confirm payment authentication.”

HSBC has stated that customers can also use an email address to register for codes to be sent via email as well.

MasterCard has stated, “We make a range of options available, but it is up to the banks to decide on which measures they choose. They decide on how customers verify payments, not us.

UK Finance has stated, “This could mean your bank or provider using a number of verification methods including, for example, a phone call, text, banking app and/or card readers to check your identity.”

In the end it is not about inconveniencing buyers and card users, it is about security, and keeping online purchases as secure as possible.

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<strong>What is Our Criteria For Applying?</strong> 
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=”” data-mce-href=””>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=”” data-mce-href=””>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=”” data-mce-href=””>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.