How to keep your Virgin Money Spot account secure

We’re sure that safety and security is as important to you as it is to us. Yes, we can make sure that the information you give us is held under lock and key, not literally, but you get the point. But it’s up to you to make sure that you also keep all your details hush hush so that no one else can use your account. We’ve put together a few ways that you can make sure your Virgin Money Spot account is secure.

protect your spot pin

You need to treat your Spot pin like the best kept secret in town. How do you do that? Never ever share your pin with anyone – not even us. We all love and trust our family and friends, but when it comes to a pin, sharing is not caring. Your pin is there to protect your transactions so if you share your pin with someone and they manage to make a payment from your app, there isn’t anything that can be done to get that money back. Long story short – protect your pin.  

your pin cannot be too easy

When you create your Spot pin, don’t be that person that thinks “0000” is going to cut it – that’s way too easy. If someone tries to use your Virgin Money Spot app, a simple pin will probably be the first thing they try. To make sure you have a secure account, you should set a pin that no one will be able to guess – just make sure that you remember it though.

keep your details a secret

Your card and your bank account details are really important and you need to make sure that you keep this information to yourself. You shouldn’t share any of these details or your ID number over social media, especially as public comments. You don’t want people to get access to your information and use it, do you? No, so keep all your information secure, by keeping it private.

check your details

Securing your account also means making sure that you have added all the correct information to your Virgin Money Spot app. You should go back into your app and check that the following information is all right:  

1. Your name is as it appears in your ID book.

2. Your ID number is correct.

3. You have double-checked that you have entered in your bank card details correctly.

4. Your linked bank account details are right.

 

Having all the right information will mean that your account will stay active and you won’t accidentally cash out to the wrong bank account. You can go into Virgin Money Spot and check all your details here.    

Using a personal loan to get the best bang for your buck

You may be at a stage where you’re searching for a way to get your hands on some extra cash. We’re sure that you’ve asked yourself whether you’ve got a good enough reason to take out a personal loan. Think about it this way – if taking out a loan means that you’re creating something for the future, it’s a good reason. You want your money to stretch far and wide and not just help for the here and now. To help you out, we’ve put together our top 4 reasons to get a personal loan that will set you up for the future.

Pave the way with a good education

Imagine the possibilities that’ll come from a good education. You can give your kids a start in life by making sure that they get the best education possible. Paying for school fees may seem like a “now” thing but think about the long term.

Your kids will have the tools to go on and get their own jobs and provide for their families – all because you helped them take those first steps. A personal loan can help you make these dreams a reality. 

Create your perfect home

Creating your ideal home can take time and it’ll come with some frustrations. Maybe you need to create more space for playtime? Or you need more room for a new family member on the way? Or maybe you just need to do some fixes around the house?

Whatever you need, a personal loan can help you finance your home improvements. Your home should be your castle, so why not make it just that?

See yourself in that dream car

There is nothing quite like a new car smell. Getting a car can also mean a big shift in your life. You may have landed that first job and now you need a car to get around. Or you may need a bigger car for your growing family.

A car is with you on some of your greatest adventures and with the help of a personal loan, you can finally get the car that you’ve been eyeing.

Setup your next chapter

Starting a new chapter can be a bit daunting – you’ve got so many things to think about. How are you going to setup your new life together? Are you going to move into a new place? Do you want kids and where will they go to school?

With so many things to think about, you can rest assured knowing that it can all be covered. It’s not about the personal loan, it’s about the life that it helps you create

You can do all this and so much more with the help of a personal loan. You can start to create your future today and watch your dreams become a reality.

 

Pay a buddy with just a cell phone number

How many times have you and your friends had to share your EFT details with each other? Or even worse, you needed to wait for the next time you’re at an ATM to draw cash to pay your friend back. That’s just a waste of your time and your money, so we have a better solution for you!

Do it all with just a cell phone number

We’re pretty sure that you have your friend’s cell phone number, right? Well what if we told you that when you pay your friend with Virgin Money Spot, a cell phone number is all you need and it won’t cost you a thing. You don’t even need to get up from your comfiest couch and you don’t need to wait for them to send you their EFT details, which we all know takes forever.

So how does it work?

It couldn’t be easier. Just follow these quick steps and your friend is as good as paid.

  1. Open your Virgin Money Spot app.
  2. Tap on the red Spot button and click “pay a contact.”
  3. You can search by your friend’s name or enter their cell phone number.
  4. Enter in how much you want to pay them and whether you want to pay from your linked card or from your Spot Wallet.
  5. You can even enter in a description about what the payment is for.
  6. Enter in the Spot Pin that you created when you registered.
  7. Hey presto – your friend has been paid!

What if my friend owes me money?

We all have that one friend that’s a bit slow to repay whatever they owe. With Virgin Money Spot’s “request” feature, they’ll have no more excuses! In the Virgin Money Spot app, click “request money” and enter in your friend’s name or cell phone number. Once you’ve filled in the details, your friend will get a notification to either approve or decline the payment. When they click approve, the money is yours.

 

You see? It’s easy peasy to pay your friends with Virgin Money Spot. All you need is their cell phone number. Want to know one of the best parts? It won’t cost you a thing to pay them!   

What are the benefits of living cashless?

Did you know that you’re being charged whenever you draw cash? Why should you have to pay money just so that you can have access to your hard-earned bucks? We believe that you shouldn’t and that’s why it’s easier and cheaper to live cashless.

So how much am I being charged?

When you go to an ATM to draw cash, you could be paying as much as R16,25 per withdrawal. That means that if you draw cash four times a month, you’re paying R65 just to take out your own money. That R65 is your money and you’re giving it away so that you can take out your money. Now isn’t that ironic? The withdrawal fees also start to add up. After four years of drawing cash, you’ll be paying over R3000 in fees!

what is the alternative?

Go cashless! You shouldn’t have to pay fees just so that you can use your money the way you want to. Think about the ways that you use cash now. Do you use cash to pay a buddy back? Do you buy airtime and data? Purchase something at a store? Or do you use cash to pay someone for the odd job they’ve done for you? Well here’s the great news – you don’t need to have physical cash to do any of those things. You should rather use Virgin Money Spot – our free money transfer app.

What are the benefits of Virgin Money Spot over cash?

Whether you want to pay a friend or contact, buy airtime or data or pay at certain stores, Virgin Money Spot let’s you do it all – for free! Using Virgin Money Spot is also far more convenient than drawing cash. You can pay a friend and buy airtime or data all from the comfort of your home – there’s no need to dash out and find an ATM.

Wait, there’s more! When you pay with Virgin Money Spot at some of our participating stores, you’ll get cash back. Not only are you saving money from going cashless, you’re also earning rewards. So, what are you waiting for? Go cashless and save!

 

Personal loan vs. credit card. What do I need?

 

Whether you need to make some home improvements, you want to buy a new car, you have school fees to pay or something breaks around the house, there will more than likely be a time where you need some extra cash to cover your expenses. With so many different credit opportunities, it can be difficult to decide which option is the best for you. Below we outline the main differences between a personal loan and a credit card so that you can make an informed decision about what you need.

 

what is a personal loan?

Think of a personal loan as a lump sum of money. You take out a loan of a specific value and you need to pay back that amount in pre-defined installments and in an agreed upon amount of time. This can also be called installment credit. The total amount that you need to pay back is reduced every time you make a repayment.

 

and what about a credit card?

With a credit card, you have a credit limit. You can borrow money at any time, up to your credit limit. Your credit card repayment is known as revolving credit. With revolving credit, the credit limit does not change once you make a payment. You can borrow up to a certain amount, because of this flexibility, you can borrow lower amounts with higher interest rates in comparison to installment credit. You can learn more about credit repayments here.

 

When should I use a credit card and when should I use a personal loan?

A credit card is best when you’re needing to make smaller, more everyday purchases. Your credit card is generally a lower borrowing amount than a loan. For everyday purchases, it will be more comfortable to repay these smaller amounts.

A personal loan can be used to help you afford a larger ticket item and help you realise some of your dreams. Think about things such as: buying a car, renovating your home, financing your child’s education or putting the money towards a special occasion.

Remember your credit behaviour

How you use the credit that you have is vitally important. Your payment behaviour and the way you manage your credit will affect whether you have access to credit in the future. If you’re trying to build up a good credit history, your on-time payments and credit utilization are key factors. Paying your credit accounts on time is the biggest aspects that will positively influence your credit score. You should aim to only use 30% of your available credit at any given time for a good credit utilization rating. For example, if you have a credit card with a limit of R10 000, then you should only use R3 000 and then make sure that you repay this amount.

As you can see, there are key differences between a credit card and a personal loan and the reasons for using each of them. Are you looking for a personal loan or a credit card? You can enquire about both here:

 

 

 

How to use Virgin Money Spot

The ease of buying airtime and data with Virgin Money Spot

How to pay with Spot at participating merchants

How do lenders assess your loan application?

 

 

the difference between secured and unsecured credit.

In our last article, we had a look at the history of credit, as well as the different types of credit available in South Africa, with a special focus on the difference between secured and unsecured credit. When it comes to secured credit, given the security of an underlying asset that has value, the lender offers better interest rates on the debt and the debt is normally for a longer term. Typically, cars are paid off in 5 years and homes over 20 years. There are a range of factors that determine the terms of a loan. Banks and financial service providers have different criteria and requirements.

 

what do lenders look for when you apply for a loan?

When assessing your loan application, the lender is trying to gauge whether you’re a safe bet to loan money to. Generally, they will be interested in things such as: your employment and employment history, your net disposable income, your current debt repayment, whether you are an existing customer, a consumer risk profile and you will be evaluated through a credit score and an affordability assessment. These factors, as well as market-related factors will be determinants of your loan and the interest that you will have to pay. We will touch more on this in next week’s article.

what’s happening locally?

Some reports refer to South Africa as the world’s capital for borrowing. We are seen as a nation that collectively struggles to manage its credit. Fortunately, regulation in South Africa is shifting to protect the borrower. Regulation in South Africa has taken a hard-stance on P2P lending markets. Section 40 of the National Credit Amendment Act 19 of 2004 stipulates the specifications of who can be a credit provider. In 2014, the lending threshold was R500 000 and in 2016, this was changed to R0. In short, any person who intends on loaning money with a credit agreement, must register as a credit provider.

 

why do south africans struggle to manage their credit?

There is still a lot of work that needs to be done. There are some lenders extending credit to those who do not qualify for it and can’t afford to pay back their debt – known as reckless lending. For perspective, studies have found that almost 40% of borrowers have impaired credit records. This means that they’re struggling with their repayments. Almost 70% of the credit in South Africa is unsecured and relates to credit cards and store accounts. So, most of the debt in South Africa is at high interest rates. This makes it expensive for borrowers and many are unable to pay back their debt.

what about people who use credit responsibly?

There are hordes of borrowers who have used credit responsibly. They use credit to get themselves an education, start a business, get themselves through the month or pay for a medical emergency. The list goes on, but the takeaway is that credit can be used to your benefit when you manage it responsibly. Are you looking to apply for a personal loan to make your dreams a reality? You can get a personal loan through Virgin Money here.

 

The way that you manage your credit can influence the rest of your life and your ability to get other credit in the future. In later articles, we will share ways that you can manage your credit responsibly, such as: how to keep track of your spending, advice on making payments and tips and tricks to building a healthy credit history. However, the first step to managing your credit responsibly is to know your credit score. Knowing your credit score is part of responsible borrowing so you know what you can and can’t afford and also avoids lenders taking advantage of you by charging excessive interest rates. If you haven’t already, get a free credit score here and start borrowing responsibly.

 

 

Join us next week as we dig deeper into how lenders decide who to lend money to and how much.