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Reasons Why Cash May Never Completely Go Away

Reasons Why Cash May Never Completely Go Away

It is being said, and it is looking like, we are becoming a cashless society, really.

Payments for purchases are more and more being done by credit cards, debit cards, mobile apps, and other cashless means in fact more payments are being done without cash recently than with cash.

There are some advantages to this, the non-use of cash.

* You don’t need to carry large amounts of the sordid stuff around. When you want to make a purchase, you just whip out the bank card, credit card, or mobile app, and pay.

* Not using cash is easier to track, in theory, you get statements each month, and you can also use mobile or online banking and check your balance regularly.

* No need to spend time looking for a cash machine or ATM, as you do not need them. Of course this does bring up the fear of “ATM deserts” that some are concerned over.

However, the question is, will cash ever really completely go away?

Many think not, and many hope not.

Older people tend to use cash more, as younger people are now growing into and up in cultures where the use of cash is antiquated. All young people today know is cards and other ways to pay.

Some children are even given their pocket money via some cashless medium as opposed to just being given cash each week.

So while cash may be a bit of a dinosaur, it is not dead or extinct like the Dodo yet.

And for good reason:

* You cannot over spend with cash. When it is gone, it is gone. You can only spend what cash you have, so it is easy to track. If you see you have £20, the you have £20. No overdrafts, no credit limits, just £20.

People tend to over spend when they use plastic.

* Interest is charged on purchases when you use credit cards. So you save money by paying in cash, no interest.

* There are small shops and stores that do not accept debit or credit cards as a form of payment. Retailers and those stores that take cards pay a fee, sometimes a percentage of each purchase, just for the convenience of using a card reader and taking credit or debit cards.

These shops and restaurants deal only in cash, and it saves them money, and keeps them in business.

* Taxes and drugs. Drug dealers do not take credit or debit cards….yet. So any illegal purchases, be It drugs or stolen goods, are usually done by cash. It is not traceable.

As cash is not traceable, this means it is difficult for HMRC to trace it for payments, and demand their share.

Getting paid, “cash-in-hand” is a way to not have to pay taxes on any money earned.

* No ones identity every got stolen using cash. ID theft comes in many forms, and one way is to get someone’s banking details and steal their money.

Cash may be easy to lose and for someone to steal, but not your identity from using cash.

Of course all these reasons cash will never completely go away, while good and solid, may not be good enough to keep us using cash. As each generation grows and a new one comes into its own, cash may slowly get pushed to the side.

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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.