In all honesty, applying for loans for those with a less than stellar credit has…
How to go about applying for doorstep loans
By now, you probably are familiar with different types of loan products such as logbook loans or payday loans that are popular with bad credit individuals. These loan products have since the time of their unveiling in the UK market provided a reprieve to those with a history of arrears, CCJ’s or defaults. A loan product that has largely been given little publicity and which is also crucial to individuals who are disabled or simply on benefits is doorstep loans. As the name implies, this is a loan product that is delivered to the doorstep of an applicant.
Unlike other loan products, an agent of a lender will come to your home, explain to you the different kinds of loan packages under doorstep loans, process the loan application and ultimately deliver the money right at your doorstep. Of course, this aspect of doorstep loans is what has blown its popularity through the roof in the UK. With that said, how can you go about applying for a doorstep loan?
Of course, applying for a doorstep loan is not something you just wake up one day and decide to do. A lot of thinking and research goes into it. Considering that different lenders offer different rates and packages, you can never make your decision on a whim.
Research and make comparisons
The loan market is not a monopoly market where just one lender offers doorstep loans. On the contrary, there are dozens of doorstep loan providers in the UK. As such, prior to making the ultimate decision on which lender to do business with, emphasis should be on research and making comparisons. With the advent of the internet, it doesn’t matter whether you are disabled and immobile. All you need to do is simply go online and do a search of the top doorstep loan lenders within your locality. If you feel as if the research process is strenuous and demanding, you can make use of comparison sites that put together all the details you need in one place.
Make a shortlist
In a pool of over 10 lenders, make a short list of at least 3 based on the APR rates, credibility and reputation of the lender, diversity of packages and so on and so forth. After making a shortlist you should make appointments with each and find out what it is that makes each lender unique.
When the agent of your chosen lender arrives at your doorstep, your next duty is not to nod on everything they say. Nothing is cast in stone. Try and haggle for a better deal as opposed to accepting the terms set forth. You will be surprised to learn just how much of a better deal you can get through haggling.
Acquaint yourself with the fine print prior to signing the contract
Do not be in a rush to append your signature on the dotted line. Reading the fine print could actually save you a lot of heartache a few weeks down the line when you out of the blue find out that the cost of your doorstep loan is much higher than what you were made to believe.
In a nutshell, you should never rush the doorstep loan application process however desperate you might be. Just take a little time to do due diligence and you won’t be sorry in the long run.