Doorstep Loans for People on Benefits
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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
Is it possible to get a quick cash advance right at the very comfort and convenience of your doorsteps? A cash advance that you can take out from a real person without all the hassle of faxing documents and credit checks in your application? Or a loan that will grant you almost instant funding even if you are unemployed, on benefit, or do not possess the proper credit rating? With doorstep loans, the answer to all these questions is an assured YES!
What is Doorstep loans?
Doorstep loans are quick, short-term unsecured personal loans tailored for people who do not possess the common credit rating criteria that are normally required from other types of loans. As its name suggests, the loan is hand-delivered right to your doorstep from a local friendly agent representing your lender. Because of their convenience and ease of access, doorstep loans have become popular options for people in need of urgent loans in the UK especially to the unemployed and on benefits.
How Doorstep Loans Work
If you want to take out doorstep loans UK, the first thing you need to do is to make an application from a reputable doorstep loan lender like (website) and provide the necessary information requested from you. Once your application has been submitted, the lender will send an agent to your doorstep to evaluate your eligibility and discuss your different options. The process involved in taking out this kind of loans will normally look like this:
- You apply online or via phone and the lender will make an instant evaluation.
- If you meet the basic eligibility criteria, the lender will contact you on the same day you made your application to arrange an agent that works for the company to visit you at your home.
- The terms and agreement of the loan are presented right at your doorsteps and if you agree with all of them, the money is handed to you at the very moment.
- The agent will visit you every week to collect weekly repayments until the entire loan and its interest rates are paid back in full.
How to Qualify for a Doorstep Loan
Aside from offering a convenient application process and instant money payouts, qualifying for doorstep loans in the UK is relatively easy. To qualify, you will normally just have to be:
- A legal resident of the UK
- Of Legal age required by the Lender
- Provide proof of steady income to guarantee that you can afford the loan (benefits and pensions are welcome)
If you are on benefit, lenders can also provide more specific doorstep loans for people on benefits. The eligibility criteria will differ but the convenience and ease of taking out the loan will still be the same. And whether you take out doorstep cash loans for people on benefits or a normal one, the process will still be the same and you can gain access to £100 and as much £1000 borrowing amounts which will be personally handed to you at your home.
Advantages of Doorstep loans for people on Benefits
If you belong with those people on benefits or someone who has a bad credit rating, taking out a short-term loan from a bank and other traditional financing institutions is simply impossible because of their strict requirements. With this kind of loans for people on benefits, however, you can get your financing needs and enjoy several advantages such as:
- No credit check - Lenders who offer doorstep cash loans for people on benefits normally do not run credit checks which leads to faster and higher approval rates even for people who do not possess the desired credit standing.
- Quick processing - When the requirements are met, doorstep loans for people on benefits can be accomplished in just a single day. The money is then delivered to your doorsteps on the same day you made your application.
- Convenience at its finest - Doorstep loan is certainly the most convenient form of lending available in the UK today. Everything can be accomplished right in the comfort of your own home. From receiving the money to making your collections, you can apply and simply don't have to leave the sanctuary of your living space. These are some of your benefits.
- Accessible - Doorstep loans for people on benefits can be accessed seamlessly online. And with numerous lenders to choose from, it would be very easy to find the best deal that is perfectly suited for you. It only takes a little bit of shopping and comparing by a broker like pickaloan.co.uk to help you land that ideal lender.
- Minimal Requirements - Since doorstep cash loans for people on benefits are not secured on any asset or property, the requirements are pretty minimal. You just need to be of legal age, a UK resident, and able to afford the loan to be eligible.
- Lower Risks - And unlike secured loans, you don't have to risk losing your home or your vehicle when you choose doorstep loans. The only serious risks you might incur when you miss out on your payments are additional interest rates or denting your credit score.
Ideal Loans When Cash is Tight
Many people in the UK rely on doorstep loans UK, to cover unplanned, emergency expenses, like car fixtures and washing machine fixtures. A lot of people do not have savings to deal with unforeseen expenses and many are members of the unemployed. Lenders understand this situation that is why they provide doorstep loans even to those who are unemployed but have another form of income - e.g. people on benefits or living on a pension. And as long as they meet the proper criteria, lenders will not hesitate on granting them the money that they need without much delay so they can deal with the current problem that they are facing right away because of being unemployed.
- A doorstep loan or home credit is a simple loan that is delivered by an agent to the comfort of your living quarters.
- Application for these types of loans is a hassle-free process and can be completed without you having to leave your home.
- Loan amounts are given out in cash by an agent upon the completion of the loan application process.
Do doorstep Loan agents perform credit checks?
Because doorstep loans are simple and the bulk of the registration is done in your home, most lenders do not carry out full credit checks. The only downside to this is that you may have to wait for loan agents to turn up at your house before you can secure the loan you want. Without conducting a proper credit check, lenders tend to increase loan interest rates to compensate for the risk associated with the loan they wish to give out. Apart from this, lenders do not include hidden charges that may hurt you in the future.
Do I need to own a home before I can qualify for a doorstep loan?
No, you don't have to own a house before you qualify for a doorstep loan. You may be a tenant in a building and still qualify for a doorstep loan. However, there are other criteria that you need to meet before you can take advantage of doorstep loans.
You must live in the UK and have the relevant documents to validate your claims. You must be older than the legal age of eighteen. You must live in a legal building in the UK so that agents can walk into your home and offer you the loan. Lastly, you must show proof of regular income to show that you can conveniently pay back the loan.
Can I get a doorstep loan with bad credit?
Doorstep loan agents do not carry out full credit checks when they are considering the possibility of giving you a loan. As a result, you can still get the loan if you have poor credits. This, however, does not mean that loan agents will not assess your ability to repay the loan before giving it to you. But you have nothing to worry about if you have a regular income that can cover the loan and you do not intend to default on its repayment.
Will I lose my home if I fail to pay back the loan?
No, you won't lose your house to the lender if you default on the loan repayment. You can only lose your house when you default on paying a long term loan where you offered your house as collateral. But when you default on paying back a doorstep loan, you run the risk of incurring additional interest rates and a reduction of your credit score. We advise that you only borrow the money you can repay. Doing this will improve your financial situation and increase your credit ratings in the long run.
In a situation where through no fault of your own you discover that you won't be able to pay back the loan on the agreed date, ensure that you inform your lender immediately. Some lenders have special packages that are designed to help people in this type of situation.