Practical tips to help you improve your credit rating and avoid expensive high interest loans
I don’t know how regularly you visit a bank but if it is anything like me it’s probably not very often. Occasionally I might need to pay a cheque into an account but most of the time that’s a 30-second drop and go operation.
Most banking today is done automatically; your salary and any benefits probably go straight into your bank account and bills are paid by direct debit. While this has certainly made life much more straightforward it also means it’s sometimes easy to lose track of your account balance.
In May a report found that for the first time the use of notes and coins had been overtaken by cashless payments. The reduction in the use of cash means fewer people are using ATM receipts to keep track of their accounts and inevitably this will lead to problems.
However, with the continued demise of the use of high street banks there has been a shift first to online and telephone banking and now to the use of smartphones.
This has put financial control right back into the hands, literally, of the account holder. You can check your balance and make payments had any time of the day or night without needing a computer.
The British Bankers’ Association has said that customers will check their accounts 895 million times in 2015 on smartphones and tablets which is a remarkable figure and will, for the first time, outstrip computer checks (705 million) and branch visits (427 million).
They went on to say that customers moved £2.9bn a week via banking apps in 2015, up from £2bn a week in 2014.
If you are not currently using a banking app but have access to a smartphone it really is an incredibly simple way of managing your finances. As well as enabling you to keep on top of your account balance you can transfer money between accounts, make payments, apply for loans, report stolen or lost cards, access detailed statements and change your contact details.
The app is very secure and all payments to new payees need additional authorisation to prevent fraud. If you are at all unsure contact your bank and they will talk your through the process.
For many people the use of banking apps has, for the first time, allowed them to keep a close eye on their financial situation and there really is no reason not to know your account status at any given time.
We of course understand that occasionally even with the best organisation possible it is difficult to avoid running into some sort of financial difficulties and with luck this is for most people only a temporary problem. If you find yourself needing short-term financial help we have a range of loan options suitable for most people whether you have a bad credit rating or you’d like to avoid a credit check completely.
All you need to do is fill in a simple online form and our providers will have a quote back to you within minutes. For more information please read our Frequently Asked Questions.