1. What are the main functions of the Gosavex App?
Our main function will eventually be the credit score builder, which by using our family and friends loan feature or making charitable donations will improve your score and allow savings for future loans. Currently, the app gives a detailed overview of your financial health with numerous tools for personal budgeting – arguably one of the most comprehensive apps on the market in this sense.
2. What happens when a family member or friend does not repay their loan to me?
Although this is unfortunate, we know that this can always be a possibility! Ultimately, this is an agreement between the lender and the borrower. But, to help as much as we can, we have numerous tools to help borrowers ensure they are in a financial position to afford repayments, as well as planning to automate the repayment process through a direct debit from borrower to lender. Further, if you agree that the loan would help the borrower’s credit score in the future, then cancelling the DD or missing a repayment will mark on their score, keeping incentive for timely repayments. In the worst case scenario, it would be advised to claim the money back in the small claims court.
3. Is the app safe to connect your bank account/how do I know your app is secure to use?
In our opinion, this was the most important and most frequently asked question of the day, so we were glad to address this. Gosavex does not store ANY of your banking credentials and has read-only access meaning no-one can touch your money including us. Gosavex is also an FCA agent (meaning we are regulated by the Financial Conduct Authority) and ICO registered (The UK’s independent body to uphold information rights in the public’s interests, ensuring your data privacy). We use 256-bit encryption, which is used by most top-grade banks, military and government-level organisations. Finally, we are fully committed to not sharing any of your information to third-party companies.
4. What first attracted you to starting up in this market?
“We first started because we saw an opportunity in finding savings with our subscriptions which was driven by our own experiences that we had with finding that we were wasting money on things we did not actually use. We were also looking for a way to encourage family and friends to help each other within a framework that helps to make sure money is fully repaid. Lastly, we have realised the importance of credit score in a person’s ability to get cheaper financing and that we could help to achieve that”. – Marcin, co-founder at Gosavex.
5. Why should i switch from the finance app that I use at the moment?
Gosavex is free, unlike some financial app companies that charge you for extra features like downloading transactions in CSV format, we do not. We would also like to think that we provide the largest variety of analytical capabilities when it comes to helping you manage your finances in both the present and future. If you want to see how we directly stack up against some of our competitors, check out a recent blog where we are directly compared in The Battle of the Budgeters.
6. How can the app help me save money?
First step in saving money is to understand what you spending it on. Our app helps you to track your spendings on daily basis however our analytics allows you to understand your financial commitments and patterns over 2 year period. Next is to eliminate what you do not need for instance by cancelling unneeded subscriptions. We help you with that by finding your recurring transactions. Lastly set up limits and spending goals and we will let you know how you are doing.
7. How can I build a credit score through the app?
This will be a new feature in the app called score builder available on minimum 12 months and 240£ loans and while you are repaying your loan we will build your score.