Tag: doorstep loans

Doorstep Loans

Doorstep loans for benefits – a look at a few features

In recent years, loan application and subsequent approval has become a walk in the park. With the burgeoning number of lenders offering bad credit loans in the UK, getting approved for a loan has never been simpler. Gone are the days when the requirements were stringent and having a good credit score a prerequisite to getting approved. Nowadays, it is simple to get approved for a loan even if you have a history of CCJs. All you need to do is choose one of the many different types of bad credit loans and you are good to go.

While there exists many different types of loans in the UK market, the most outstanding one has to be the doorstep loans for benefits. There is no doubt that the UK is home to thousands of individuals who are on benefit. These are individuals who receive a monthly stipend to meet their needs because they are jobless, old or simply incapacitated and therefore unable to work and earn an income. People on benefits are those that are supported by the government to meet their day to day basic needs because they can’t fend for themselves for one reason or the other.

That said, we all know that difficult times and hard economic times affect all of us irrespective of whether we are in employment or relying on the government for cash support. Even individuals on benefits contend with financial emergencies and require loans. But what are their chances of an approval when they are not in employment? This is where doorstep loans for benefits come into play. This is a loan product specifically tailor-made for individuals who are on benefit with the aim of assisting them get the much needed cash within the shortest time.

So what are the features of doorstep loans for people on benefits?

  • Short term

This type of loan is for short term purposes and intended to help a person on benefits meet an urgent need until they get their benefits at the end of the month. The repayment period is usually between 15 and 30 days.

  • Doorstep delivery of the loan cash

The distinctive feature of doorstep loans for people on benefit is the fact that the loan amount is delivered to the doorstep of the applicant. This is quite convenient for the aged or individuals who are incapacitated in one way or the other. An urgent of the lender comes to your home, explains to you the terms of the loans, ascertains whether you are qualified and a decision is made instantly.

  • No security

Doorstep loans for people on benefits do not require collateral prior to approval. No security is required and this means that it is very simple or easy for the disabled or the aged to avail this kind of loan.

  • No credit checks

You need not worry about credit checks when applying for doorstep loans for people on credit. The state of your credit rating is of no consequence to your chances of approval. Even those with bad credit can be assured of approval.

Doorstep Loans

Important tips when applying for doorstep loans

If there is one thing that has made doorstep loans very popular in the UK market, it has to do with the fact that this type of loan offers instant cash at the comfort of your own home. In other words, the loan cash is delivered to your doorstep without any hassles. The great benefits of doorstep loans has to do with the fact that application process is easy, decision on approval or rejection is instant, cash is delivered to your doorstep within the same day, no credit check is needed, no paper work and you don’t need to move an inch from your home to apply for this loan.

The eligibility requirements are quite simple and one needs to be a citizen of the larger United Kingdom, be at least 18 years of age, be of sound mind and at least have a bank account in their own name. Under a doorstep loan, a person can qualify for as little as £100 or as much as £1500. However, it should be noted that this is dependent on a person’s income as well as their ability to repay the loan. The period of repayment ranges between 15 and 30 days and therefore a person should only apply for this product when in emergency of cash.

That said, how should you go about applying for a doorstep loan? What are some of the tips when applying for a doorstep loan?

  • Only go for a doorstep loan as a measure of last resort

Considering the fact that a doorstep loan is a short term loan with a rather high interest compared to traditional loans, a person should only apply for a doorstep when they have exhausted all other cheaper avenues. Do not in any way overestimate the amount of money you need. You should always apply for the exact amount of money you need and resist the urge to apply for more than you need.

  • Carry out due diligence

With the burgeoning of financial lenders offering doorstep loans every new dawn, the onus is on you to carry out due diligence before doing business with any given lender. Emphasis should be on doing business with a reputable and credible doorstep loan lender. Make use of comparison sites and only apply for a loan or rather do business with credible and reputable lenders in the UK.

  • Don’t overestimate your ability to repay

In light of the fact that doorstep loans attract high interest rates in comparison to standard or traditional loans, it is important that you assess yourself and establish if you are capable of repaying the amount of money you are about to apply for. You definitely do not want to get into a cycle of debt and ultimately worsening your credit score. Apply for an amount you can comfortably repay.

  • Only do business with registered/licensed lenders

Stay away from unscrupulous doorstep loan lenders interested in exploiting you to the maximum. Only endeavour to do business with registered and properly licensed lenders that follow laid down procedures and rule of law. The said lenders should utilise best business practices and be above board.

 

Doorstep Loans

Why should you go for doorstep loans?

With the number of loan products in the market, you might be spoilt for a choice on which one to go for especially when you are pressed for cash and need money for like yesterday. You find yourself in a dilemma and your back against the wall trying to rack your mind on which loan product you should go for. Well, if you are pressed for cash and you have a bad credit rating, you might consider going for doorstep loans. While doorstep loans might not, as a matter of fact, controversial or popular like payday loans, there is no denying the fact that the loan product has been warmly received by thousands of UK citizens due to its numerous benefits. So are you wondering why you should go for doorstep loans as opposed to say a payday loan? Here is why.

  • The state of your credit score is of no consequence

It is a fact of life that thousands of borrowers get turned away whenever they apply for a loan because of their poor credit scores. This is not the case when it comes to doorstep loans. Doorstep loans do not care about the state of your credit score and therefore you can go for this loan product with the assurance that your application will be approved.

  • Doorstep application

The genesis of the name of this product is informed by the fact that you apply for the loan from your home and the cash delivered to your doorstep. It is the perfect loan product for the aged, the disabled or simply people who have no time to visit various lenders to apply for a loan. An urgent of a given lender will come to your home, explain the terms of the loans, the requirements and also deliver the cash to your door once the application is approved.

  • You don’t need to disclose reason for applying the loan

Traditional lenders require that you disclose the reason or purpose for which you are applying for a loan. This is not the case when you apply for a loan. No one will ask you to state the reason for which you are applying for the loan and therefore you can utilise the loan amount however you wish.

  • Same day approval

Doorstep loans are same day loans which essentially means that the application of your loan is processed within the same, approved within the same day and money delivered to your doorstep within the same day.

  • No paper work is necessary

Do you decry the rather long and complex application process that is the hallmark of traditional loans? Well, doorstep loans take a different approach. You don’t need to fax, mail or send to the lenders hard copies in order to be approved for the loan. The lenders simply ask for primary details to ascertain that you qualify for the loan and go ahead to process the loan within a couple of hours.

  • Protection of personal information

Reputable doorstep loan lenders go an extra mile to ensure that the personal details of the borrower are protected and not shared with third parties. You can therefore apply for this type of loan with the assurance that all your personal details will be kept confidential.

In light of the above, there is no reason as to why you shouldn’t consider applying for doorstep loans especially if you have bad credit and need cash like yesterday. The benefits of doorstep loans without a doubt outweigh the risks. You simply need to apply for what you need and exercise financial prudence and everything will be okay.