Important Features of Doorstep Loans

Posted by Emma Adams on April 12th, 2018

Doorstep loans are personal loans that have gained huge popularity in the United Kingdom and are making their presence felt even in the other western countries. As is suggested by the name, these are cash loans delivered to the doorsteps of the borrowers. This job is done by the agents or the representatives of the lending organisations offering the loans.

The agents come around to the place of the borrower on a weekly basis for collecting loan repayments either in cash or in cheque. As a borrower, you are not required to approach the bank or the lending organisation in person. The entire procedure is carried out at your doorsteps.

Features that Make Door to Door Loans Special and Exclusive

A door to door loans are also known as home collection loans and these loans give borrowers the scope of addressing their urgent financial requirements. There are a large number of UK residents that prefer these services because these enable them to get hold of credit quickly and without going through the hassle of approaching the formal lending sources like banks.

With a home collection loan, the borrower does not have to pay any extra or hidden charges. There are also no late payments to be made on the part of the borrower. The repayments can be done on a weekly or fortnightly basis depending on the flexibility and the preference of the borrower. The agents are always ready to work as per the preference of the borrowers when it comes to collecting the loan repayments. Some features that make these loans exclusive are as follows:

•    You have the bank coming right at your doorsteps. This means no queuing up at the offices of the banks and the other lending organisations.

•    Easy cash pick up

•    Easy delivery of cash

•    The risk of carrying a huge amount of money to and from the bank is completely reduced

•    Dedicated agencies and courier services for cash delivery and pick-up

•    Several identifications and verification procedures for ensuring complete security and safety.

When do you Need to Go for Door to Door Loans?

A home collection loan or a doorstep loan is a small unsecured loan specifically organised on face to face basis with representatives working for leading lending organisations. So, what would force you into availing such loans?

•    Your bad credit history and the fact that you might have been rejected credit by the mainstream lenders might have forced you into availing these loans.

•    You are on the lookout for loans where you want the convenience of an agent visiting your home for delivering the loan amount and even for collecting the repayment. This is because of your busy schedule at work or for some other personal reasons.

•    You find the high street or the mainstream lenders quite intimidating. Hence, you prefer to get cash face to face with individuals who completely trust.

•    You do not have a valid bank account

•    You want to avoid the highly tensed scenario of going for payday loans.

In the UK, there are many lending organisations offering door to door loans. However, if you want to stay away from scams and fraudulent activities, it would be a good idea for you to avail the services of an experienced and knowledgeable broker.