Doorstep Lending- A Faster way to Access Funds during Emergency
Financial needs never end; no matter where you are or what background you come from. Sometimes the urge of money becomes so crucial that one needs cash at any cost. These situations can occur due to a medical emergency, car breakdown, sudden job loss, urgent home renovation and many more. The inability to pay for such time can be heartbreaking, and the person might end up making the wrong decision that can have a massive impact on their financial stability and on their life.
Now, this is the time where you need urgent money. For this, a considerable or you can say a practical option that you can go with is doorstep loans. This is the urgent funding that is given directly on your home by one of the agents of the lender. As they are given on an urgent basis, these loans are suitable for those who want to borrow a small amount up to £1000. After the loan has been handed over, the instalments will be collected by the agent on the due date at the borrower’s home.
Why is doorstep loan a better choice?
One of the best features of home credit is that the requested amount is directly given as cash, so it doesn’t matter whether you have a bank account or not. Also, when you are in an emergency situation, approaching the typical financial companies might not work. The disbursal process can take some time which certainly you don’t have in such a crucial time. Also, if your financial situation doesn’t allow you to approach these companies, you might better opt for home collection loan.
You can even get doorstep loans with no credit checks. This means, no matter how poor your credit rating is; you are 100% eligible to get the loan. However, the lender might take other financial aspects into consideration such as your employment history, income status, and credit utilization ratio. Depending on these financial aspects, the amount and the interest rate will be decided by the lender.
Doorstep and Payday loans are not the same
If you are confusing between doorstep and payday loans, then you must know that they both are not same. Yes, both the loans are for provided on an urgent basis, but their procedure is quite different. In payday loans, you have to make the repayment all at once on your next payday. Failing to make the payment can lead to a penalty that could be massive. While, on doorstep lending, you get the flexibility to make the repayment within weeks or even months depending on the lender policy. So, you see doorstep funding gives you more leverage when it comes to repaying the amount that you have applied for.
In case, you are in need of a big amount and need some time to pay back, then the best option would be instalment loans such as 24 month loans bad credit with no guarantor. You will have an entire two years to complete the payment of the loan without any trouble.
Doorstep loans come with a high approval rate
Doorstep loans are basically short term loans that have a small time period for repayment that can be within weeks or even months. The amount that you can apply for home collection loan ranges from £100 to £10000 for One month or maximum up to 3 months. So, it becomes quite easy to repay the loan completely back without any inconvenience.
Many people consider doorstep funding as a great option to get rid of difficult times when they need immediate financial assistance. You can get these loans on instant approval and without disclosing your credit score or financial status. Other than that, you don’t need to provide any collateral to get the loan or present any guarantor. The lender who offers home collections loans aims to provide a quick and reliable solution to your financial problem.
Wrapping up all, doorstep loans can be of immense help to the people who are facing struggling with their finance and need urgent funding. But, the most important factor to consider will be applying at a well-known and trustworthy lender.