Are Doorstep Loans Alternative for People on Benefits?by Emma A. Financial Writer
Financial emergencies always come unannounced. Be it a personal, social or medical hassle in your life, shortage of funds and poor credit score make urgencies far difficult to deal with. Availing loan with poor credit rating is a hard task. Herein opting for doorstep loans comes handy for many.
If you too are looking forward to using home collection loans for with no credit check for your credit situation here is a quick rundown on doorstep loans. Let’s find out who all use doorstep loans and why. Let’s bust the popular myths and know the true facts about home credit loans.
What are doorstep loans?
Doorstep loans are very small personal loans that are directed to your home. As the name suggests, these small cash loans are delivered to your doorstep by a loan agent who keeps in touch with you at every stage of the loan.
Who needs doorstep loans?
Anyone who falls short of adequate cash and needs easy loans on instalments can opt for doorstep loans. However, the convenience of home credit facility comes at an additional cost. So these loans should be strictly drawn for a very short period only. Whether you need additional fund for buying a gift for a loved one or need immediate cash to meet the crunch, you can use doorstep loans to meet the cash gaps. Many people living on benefits use doorstep loans for their cash hassles. No credit check or past credit history makes you ineligible for doorstep loans.
Are doorstep loans alternative for people on benefits?
Any credit facility can never be a way of life. However, it could act as a gap fill arrangement. Whether you are living on unemployed benefits, disability benefits or other allowances, you should not use home credit as a source of alternative income. For, a loan is always meant to be repaid or it will attract a lot of penalties and late fee.
Who doesn’t need doorstep loans?
Doorstep loans should always be used for small cash shortfalls. When you need a loan for says up to £1000 or more you should apply for a short-term loan. However, if there is no issue in repaying the loan within a few weeks, you can choose doorstep loans as an alternative to fill immediate cash gap. The cost of doorstep loan could be huge if you draw for more than a few weeks.
How to find the best doorstep loan in the UK?
Knowing the peculiarities of doorstep loans it is important to understand how to locate the best loans. There are several loan sharks who are active in the market despite FCA’s strict vigilance. You should thus always contact an authorised broker before availing a loan. A registered loan broker can search and suggest reliable deals available in the market. Brokers are experts in locating customised deals according to varied credit needs. They never charge a single penny from the borrowers and share advice online. Thus contacting a loan broker is truly a hassle free and convenient method to find a reliable lender.
Created on Oct 24th 2017 05:02. Viewed 586 times.