The world of finance is continually changing – especially for personal finance. There have been substantial changes to our money services that have improved our lifestyles over recent years and here are just three of them.
1. Increased borrowing power
Credit has always underpinned personal finance but in the modern world, increased borrowing power means better availability of loans for those in need of financial aid. Borrowing a sum of money used to rely on whether or not you had substantial capital to secure the loan but nowadays there are plenty of poor credit loans available for those who lack the traditional capital needed to secure a loan.
A great example of this is guarantor loans which allow you to borrow money providing you have someone willing to stand as guarantor on the agreement – much in the same way you may need a guarantor when renting a property.
A guarantor can be a friend, family member, work colleague or anyone who knows you and trusts your ability to repay borrowed money and these loans come with plenty of flexibility over how long you can take them for (between 12 and 36 months with some lenders) and how much you can borrow (£500-£7,500).
You can find out more about guarantor loans and even submit your application online with lenders such as Buddy Loans.
2. More mobile payments
The increase of mobile payment facilities is an efficient and clever way of making a payment. By using your smartphone, you will be able to purchase your goods or pay a bill without handling cash or bank cards. The service is available online and in store, with an option to manage your account expenditure also available.
Mobile payment facilities have a positive effect on your lifestyle as each transaction is processed quickly without having to carry cash or debit cards. You can pay for your goods and review your balance before and after each purchase; the perfect way to keep track of your money and stick to a budget. You also don’t have to worry about losing your wallet or falling victim to theft of your cards or cash.
3. No need for contact
Another extremely efficient way of paying for goods is making use of your contactless payment card. Accepted at many retailers, you can make a payment by swiping your card across the contactless reader and the beep confirms your success. This service eliminates the need to enter any details and is an easy, hassle-free payment method that facilitates transactions.
With such great improvements as these being made in the world of finance, it’s clear that a more convenient and efficient future lies ahead where payments are concerned. All that’s left is for us to ask what comes next?