CLOSEHOMECONTACTFAQ'SOUR LENDERS BLOGHOW IT WORKS

Steps We Are Taking Towards Being a “Cashless Society”

Steps We Are Taking Towards Being a “Cashless Society”

Not too long ago cashless payments overtook the use of cash for making purchases, and it seems it is not going to slip back down into that quiet use of cash goodnight.

It would appear that we are not just moving towards becoming a cashless society, but we are racing to get there.

Let’s look at the signs:

* ATM’s and cash points are drying up

* The use of debit and credit cards is rising

* The Bank of England now has us using plastic notes which last longer (which means they may not need to print more notes in the future, last longer, less use, you do the math)

* More and more we are shopping online, which facilitates and requires cashless payment

* Other forms of payments such as mobile applications are increasing in use

Lets face it, the writing is on the wall, and not on bank notes, cash is losing its appeal, and will only lose more as younger generations grow, as this is all they may know; being cashless.

You may ask yourself, what is there that I really need cash for these days?

What Cannot Be Purchased or Paid For By Using a Credit or Debit Card?

This is a good question, and while there still may be some small shops or cafes that only take cash, even they are becoming less frequent.

Small shops and stores now can use car readers and applications on their mobile phones, which saves them some money, and also allows their customers to pay by card.

So very little is paid for by cash.

Buskers: Walking down a quiet street and listening to the sound off in the distance of some music you like, only to see it is a busker on the corner. Like what you hear, want to donate to the cause, you can, using your mobile phone or other means, and it is all cashless.

No sordid coins to toss into a case.

The homeless: Want to donate to help a homeless person, if they have a QR code, and are a pat of the system that allows you to do so, you can scan the code an donate money that will be held in an account for them.

The account can be to save up for a deposit on a place to live, education funds, anything.

Once again, all cashless.

Church Donations: Feeling moved by the Spirit and generous while at church, you can now donate money or help the church using your cash card and a special collection plate, one with a card reader attached.

You just tap, and the church gets your donation.

It is getting to the point where saying you have no cash on you is just no longer an excuse, or a problem.

Plus, there is even a “cashless” Monopoly board game.

What is next?

Leave your comment

<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=”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.