Doorstep loans are especially designed for consumers not having a valid bank account. And also sometimes these are offered to individuals having less than perfect credit rating. So, in short if you are not getting success in finding a payday loan online, doorstep loan is the best option for you.
These loans are short term unsecured personal credit, offered on basis of a face to face meeting review of the loan officer at your residence. If the officer gets the impressions that you can arrange the loan repayments on time, you would be proposed a loan. Mostly the decision is very quick and you can receive cash advance within 24 hours. But the approval time may vary in accordance to your financial circumstances and the lenders requirements.
At present only some of the high street lenders are offering doorstep loans like Provident and Greenwoods. They are not only licensed by the FCA to offer cash loans but they also have the permissions to visit consumer’s residence for collections. So, you will not have to sign any cheque or deposit cash into lender’s account. Just as you receive the loan amount ‘at your home’ the loan officers would revisit you weekly in order to collect the weekly installment of the loan.
Low credit rating is not a major issue - If you can afford to make repayments for a short term loan from your regular monthly income, you can obtain this credit by convincing the officer about your repayment capacity. Even with bad credit, you can obtain these doorstep cash loans whenever you need urgent cash.
Bank a/c is not always required – Not have a bank account no issue at all, this is the only finance option for you, since all the loan transactions are made through cash. So, no more trouble of cash withdrawal and cash deposit for repayments.
Face to Face meeting means no collateral required – You would not need to present any security documents in order to obtain these door to door loans. Just a regular income source (a permanent job preferred) is all you need to convince the loan officer to trust you for timely repayments. Also there are no hidden charges involve at any time during lending.
Rate of interest charges in high – The cons include a higher interest rate as compared with other short term loans of same amount. But since these loans are designed for a different segment of consumers who cannot borrow usual personal loans, it is a great deal no matter if the APRs are bit higher.