Happy Financial Christmas!
With Christmas nearly here it’s a good opportunity to forget about work and focus on spending time with loved ones. It’s also a good time to lose track of your money and wake up in January with a financial hangover. So without wanting to pour cold gravy on the turkey, here’s a little reminder from responsibleborrowing.com
“It’s easy to forget that borrowing is a two sided process. The borrower has a responsibility to repay the loan in a timely fashion, and to be open with the lender if they are unable to do so.”
So if you do find yourself unable to meet your loan repayments this Christmas or New Year, be the one that makes the first move and let your lender know.
ResponsibleBorrowing.com also reminds us that the lenders have an ethical responsibility above and beyond the legal requirements.
“Wonga in particular was particularly unethical, first in its use of TV adverts that failed to show the true cost of borrowing, and again in its use of TV adverts critisised for making borrowing look like a ‘fun’ thing to do.” Bad Wonga!
The good news is that unethical lending practices are being replaced by a new generation of financial services companies. These companies are often referred to as ‘Fintech companies’ or even just ‘Fintechs’ are truly the future of financial services in the UK and the World. Not only do they use the most up to date technologies, (some of the traditional Banks technologies are 20 or even 30 years old!) they often have a different, more people focussed approach to business.
There’s often a more collaborative and co operative attitude finance from Fintech companies. Have you heard of Peer2Peer lending? It’s a process whereby people lend to people, across a digital platform. Or Crowdfunding? Or even pay as you go insurance?
There’s lot’s we have to say about fintech, so much so that we also produce a newspaper called The Fintech Times. We’ll keep you posted on the future of money, it's surprisingly good news!
Thanks for reading, until the next time…!
The Fintech Times