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What Is A Doorstep Loan Exactly

by Jim ONeil on March 22, 2011

in unsecured loans

A doorstep loan is an unsecured short-term loan that is provided at the borrower’s doorstep. The money can also be transferred directly into the bank account of the borrower. This arrangement enables a person to get needed cash without having to leave home. Doorstep loans are one of the no credit check loans available to citizens of the UK.

People use this type of loan to pay recurring or temporary expenses like a credit card, medical, or car repair bill or an insurance premium. Lenders do not take credit history into account so even a person with poor credit can be approved for a doorstep loan. Approval is fast and the money is provided within several hours or the same day. The amount borrowed must be repaid with the next paycheck.

What lenders look at when providing this type of loan are the monthly income and ability to repay the money. Since the lender is taking on more risk by not assessing creditworthiness, the loans APR is usually higher than a traditional bank loan. Consumers can still find a good deal if they do some research on the Internet.

Most lenders do not require applicants to complete any physical documents. Instead, the application is completed online and submitted electronically. Applicants must be citizens of the UK who are at least 18 years old. They should have a regular job with a minimum monthly income of £750. An active bank account with a direct debit feature is also required.

The short-term nature of a doorstep loan makes it suitable for paying emergency expenses. When a borrower is facing a small amount of debt, this loan may also be used to consolidate that. Individuals should not borrow more than they can afford to repay with their next paycheck because doing so could make this loan very expensive.

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Paul C

You've already mentioned Provident somewhere else on this website (probably the most well known in the UK but rates are excessively high).

If you are after building up your credit profile, you could try SAV credit – they are linked to the type of scenario you detail but their rates are more reasonable (and no, I don't work for – just know of them).

Good luck and hope this helps someone:)

Yedierehmc

Funding Through Doorstep Loans No Credit Check Within Very Short Span Of Time

Pandas4me

I would use it towards the car. You could always split it up and put half towards the car loan and half to the credit card. But I would definitely pay something towards the car. When you are back on loans like that, they can go after your other possessions. Or if you really want, you could just send it all to me so I can pay my rent now that my fiance was laid off! lol JK!

Paul C

You've already mentioned Provident (probably the most well known in the UK but rates are excessively high).

If you are after building up your credit profile, you could try SAV credit – they are linked to the type of scenario you detail but their rates are more reasonable (and no, I don't work for – just know of them).

Good luck.

Amenda D

You've already mentioned Provident (probably the most well known in the UK but rates are excessively high).

If you are after building up your credit profile, you could try SAV credit – they are linked to the type of scenario you detail but their rates are more reasonable (and no, I don't work for – just know of them).

Good luck.

If you say so

You should contact this loan company and ask them …do they do online applications….if they do, then someone has done it for a joke….if they don't do online application , then they need to know what is going on.

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