This video explains what doorstep loans are and why you might want to consider one if you need a quick cash loan.
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▶️ VIDEO TRANSCRIPT
Doorstep lending or home credit is one of the oldest forms of consumer credit in the UK and is based upon personal contact between the borrower and one of the agent’s lenders. There are a number of companies that operate doorstep lending and most of them have teams of people who visit the homes of lenders to assess their personal circumstances and come up with tailored finance packages to suit the applicants needs.
In most cases, potential borrowers do not have to have perfect credit records and may have been declined loans by High Street lenders. Some people prefer the personal contact that doorstep lending brings for a variety of reasons including lack of mobility and finding visits to banks or dealing with other finance companies intimidating.
There are millions of people in the UK who have used or are continuing to use doorstep lending as a way to help manage their finances and bridge shortfalls in income.
Applicants make online enquiries which are instantly assessed by the lender. When the lender believes that it can, in principle, be able to assist the applicant then it will make contact to arrange for one of its agents to visit his or her home.
The home visit involves a more detailed assessment of the client’s needs, income and outgoings and, if successful, results in a tailored loan offer. Applicant and agent then agree the terms and the cash is often handed over there and then.
Unlike other smaller loans, home credit usually involves repayment schedules that stretch from 14 weeks all the way up to a year. The repayments are fixed so that you can plan your finances and an agent will visit your home every week to collect them. In many cases, there are no late payment fees and the repayments are generally small and manageable.
