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In this day and age, we’ve all grown accustomed to spending most of our money online. From credit card applications to personal loan applications, we’re more likely to plug everything into our computer and schedule automatic repayments than we are to meet the people we borrow money from in person. But that’s not the only way you can manage your money. Doorway loans provide a more personal form of finance – the old-fashioned way.
What are doorstep loans?
It is common practice to apply for door step loans online, however, this is the only stage of the loan application process that does not take place in person. After your initial application, you will be scheduled for an appointment where an agent will come to your home to discuss the different options available to you and to do some further due diligence on your behalf. There is never a requirement at this stage. All good doorstep loan agents will simply list your options and answer any questions you may have about the terms and conditions of your loan. Once you have agreed the terms of your loan with the agent, you will receive the loan in cash. You do not need to complete transactions via a bank account. You will also receive your repayments at home and the agent will come to collect your repayments each week.
How much can you borrow with doorstep loans?
Like all types of finance, doorstep loans offer different options depending on your circumstances. Generally, doorstep loans are available in amounts ranging from £100 to £2, 500. Different rates of interest are applied based on the terms you agree during your first meeting with your local agent. Repayment terms are the same as any other loan. Choose a shorter repayment term (e.g. 14 weeks) to pay back the loan quicker in larger instalments or a longer repayment term (i.e. 52 weeks) to pay off the loan in smaller, easier to manage instalments.
How are doorstep loans different?
The biggest difference is that you don’t have to go to the bank or set them up automatically to make repayments. Instead, you make repayments every week. This can be easier to manage because you simply factor the repayments into your weekly budget. The loan must be repaid like any other loan. There are penalties if you borrow money and then don’t repay it, but there are usually no late payment fees. You can track your repayments using your personal payment book. It’s a simple way to see how much you’ve paid back and how much you still owe.
How are doorstep loans different?
The biggest difference is that you don’t have to go to the bank or set them up automatically to make repayments. Instead, you make repayments every week. This can be easier to manage as you simply factor the repayments into your weekly budget. Like any other loan, you’ll need to repay the loan. There are penalties if you borrow money and then don’t pay it back, but there are usually no late payment fees (provided you make the payment on time). You’ll keep track of your repayments using your personal payment book. It’s a simple way to see how much you’ve paid back and what’s left.
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