The truth about Doorstep loans
In all honesty, applying for loans for those with a less than stellar credit has become increasingly easy in recent years. With loan products such as payday loans, logbook loans and doorstep loans, those who are unemployed, on benefit and with a poor credit rating can still get access to credit facilities just as fast as those with an excellent credit history. It is a fact of life that a financial crisis can occur at any time. When it does, it won’t matter whether you are unemployed or on benefit. You will need to find a way through which you can attend to your financial crisis.
As an unemployed low-income earner, getting approved from a high street bank might prove a tall order. After all, high street banks require applicants to have a healthy regular income monthly, an above average credit score, not to mention tonnes of paperwork during the application process. This of course, is a losing battle for most people on benefits, the disabled or the unemployed. Luckily, you don’t have to worry on end simply because you are on benefits and in need of urgent financial need. Doorstep loans have indeed changed the lives of UK individuals on benefit and in need of urgent financial need.
Doorstep loans, also commonly known as door to door loans refer to a special loan facility for people on benefit where the application is done from the comfort of their homes. Yes, you heard me right – you don’t have to leave the confines of your home to apply for a doorstep loan. A local agent of your lender will visit you at home, explain to you the different loan packages and complete the loan applications at home. What’s more, the money is also delivered right at your doorstep!
What about repayment? Well, the beauty of doorstep loans is that you don’t need to leave your house to make repayments when due. A local agent attached to you will collect repayments right from your home. If you are concerned about not keeping tabs on repayment, most lenders give you a book where you record payments you make for the purposes of transparency.
Who are doorstep loans most suitable for?
No doubt, this is a question most people ask prior to taking out a doorstep loan. First and foremost, it is imperative to note that individuals who are on benefit and essentially receive a fixed income monthly are the most ideal to apply for a doorstep loan. While the fixed income might be sufficient to meet their day to day expenses, there might be times when a large financial burden crops up. What do they do in such a circumstance? A doorstep loan would indeed be the natural choice as compared to other loan products.
Secondly, individuals with a poor credit rating will indeed find homage in doorstep loans. Unlike mainstream loans, doorstep loans do not put great emphasis on a person’s credit score. In other words, you don’t need to have a stellar credit rating before you can be approved for a doorstep loan.
Last but not least, if you are disabled or simply have trouble leaving your home to apply for a loan, doorstep loans are your best bet. Doorstep loan agents usually visit applicants at home and finalise the whole process without the borrower leaving the safety of their homes.
What is the eligibility for doorstep loans?
As is with any other loan product, there are a number of requirements you need to meet. For one, you need to show proof that you are a bonafide UK citizen who has attained the age of 18 years. You also need to provide the lender with proof that you are capable of repaying the loan as and when it is due. There you have it! You don’t need to worry about guarantors, collateral or go through a strenuous application process as is the norm with conventional lenders!