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DoorStep Loans

Doorstep loans are also known as home credit loans and are a form of personal loan. How it works is that an agent comes to your door to explain anything you need to know and finalises all of your paperwork in a face to face meeting at your home.This is an agent from your locality and will be the person you deal with until the loan is paid back in full. This Agent will come to your door once a week to collect the loan repayments and also be available if you have any queries or concerns.

Most of these loans are finalised within a short period, and interest rates are fixed for the period of the loan. This helps you work out ahead of time what you can afford to pay back on a weekly basis. There are no lump sum payments required.

The loan value is delivered to your door and collections are done from your door, which offers you a personal service and one on one discussion with an agent as required. These loans are normally fairly small, and credit checks are done, but under certain circumstances, people with poor credit histories can be considered for a doorstep loan.

Meeting face to face with an agent gives you the opportunity to discuss all of your credit needs and your financial circumstances with someone who is experienced and knowledgeable and can assist you to find the best option regarding repayment of your loan. Knowing that the friendly Agent will be stopping by at a day and time convenient to you on a weekly basis also helps you maintain better control of your finances.

These loans are often used to carry a family over to the next paycheck or to pay for emergency expenses. Although the interest rate may seem a bit high on these types of loans, the personal service needs to be taken into account. Due to the money being delivered in cash to your door and the repayments being collected the same way, you don’t even need to have access to a bank account to take a Doorstep loan.

All Doorstep loans should be issued by credit lenders that are authorised to do so by the Financial Conduct Authority. If your proposed credit lender is unable to produce proof in the form of a licence, this is referred to as a ‘loan shark’, and loans from these types of agents are to be avoided.

Be aware that these types of loans do not get reported to credit reference agencies and so would have no bearing on your credit rating and will not assist you in building up a better credit score.

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