Think about it this way- is cashback limited to a credit card or what the supermarket till lady offers you at the end of your purchase? We found out there’s a lot more to think of ‘cashback’ than what it normally means. All you need to do is rethink or reinterpret the meaning of cashback, quite literally.
Here’s a bit of a backdrop. Guarantor My Loan is all about being good to yourself, and that’s why we reward you with a cashback on timely repayment of your guarantor loan. We loved the idea of cashback during our early days, and lately we have been noodling over the meaning of cashback itself.
To show you what we mean, we had a chat with our P2P peers at JustPark. For those who might not have heard of JustPark- If you have parking space to spare (at home, work or anywhere that is owned by you and legal), JustPark is the platform for you to find others hunting down the tiniest crack in the wall to park their car. It’s brutally simple and if you think of it, it’s getting your cashback too.
Simply by doing nothing, you’re making money back. One testimonial JustPark received was from a person making over £600 in 6 months and more while she is away on a holiday. Now that’s getting ‘cash back’ if you ask us.
Another "Parking Legend" JustPark told us about is Ian from Bristol. A mechanic by trade and parking space owner for about 30 cars close to Bristol Airport. Ian finds people paying for use of his space from as little as two days to as long as three months. And guess what? Being a mechanic by trade, Ian also finds people seeking repair works on their vehicle while they are away.
Now you tell us, if this isn’t a better way to think of ‘cash back’, then what is?
Speaking of examples, this one takes the cake.
St. Barnabas Church in London raised nearly £5,000 in revenues since October 2013 simply by renting out two brilliantly located parking spaces. The revenues are used to fund the general upkeep and maintenance of the Church besides day-to-day running costs.
But here’s the best part- the revenues also help their community support and outreach projects; subsidise a variety of classes and group sessions for people in the local area, which take place at the church. From AA meetings to classes for stroke patients, JustPark has been very useful for the Church.
Corissa Nunn, Head of Community at JustPark, told us London is the biggest market for JustPark (no surprise there), with over 15,000 spaces listed and homeowners have made over £5m since JustPark began in 2006, with over £2m of this being in the last 12 months.
Driveway rental is certainly a rapidly growing trend - part of the emerging 'sharing economy' - with more and more homeowners becoming aware of the opportunity to make a second income through renting their spare space.
But there’s another bit of statistics that had us sit up and listen. According to IBM, an estimated 30% of all traffic and car pollution in a city the size of London is caused by people searching for parking. So, with JustPark you also help cut down the emissions if you have a pre-booked parking place.
That also explains why the idea has the Government backing it too. The Communities Secretary, Eric Pickles, said “Renting out your driveway is a great example of grassroots entrepreneurship... [and is] helping to provide more low-cost parking spaces for commuters, tourists and shoppers.”
We are very glad to have learnt more about JustPark. It’s a simple and safe way to make cashback on what you already own, and probably don’t need. This post is all about encouraging you to rethink cashback and make good use of it. With JustPark as a fitting example, often you have to do little to be good to yourself. If you have a languishing car park that could fetch you some ‘cash back’, join their community of 750,000 members and list your space for free on JustPark.
From all of us here at Guarantor My Loan, a Big Thanks to the JustPark team!
Guarantormyloan is the only direct lender in UK offering one month’s equivalent as cashback on full and timely repayment of your guarantor loan. Learn more about our guarantor loans here and about our loan cashback here.
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