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Doorstep Loans

Doorstep loans, also known as home credit loans, are personal loans delivered directly to your home and repaid in person to a representative of the lender. These loans are ideal for individuals who prefer face-to-face service or may not have access to online or traditional borrowing options.

How much would you like to borrow?
Representative 79.9% APR Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%.

Typically, doorstep loans involve small loan amounts and weekly or monthly repayment schedules, making them suitable for short-term financial needs.

What Are Doorstep Loans?

Doorstep loans provide a personalised borrowing experience where a representative visits your home to discuss the loan, deliver the funds, and collect repayments. Loan amounts usually range from £100 to £1,500, and repayment terms often extend up to 52 weeks.

How Do Doorstep Loans Work?

  1. Application: You apply online, over the phone, or directly with a local representative.
  2. Approval: A representative visits your home to discuss your financial circumstances and affordability.
  3. Funding: If approved, the representative delivers the funds to your home.
  4. Repayment: Payments are collected in person weekly or monthly at your convenience.

Benefits of Doorstep Loans

Face-to-Face Interaction

Borrowers can discuss their financial needs and repayment plans directly with a representative, ensuring clarity and personalised service.

Convenient Repayments

Repayments are collected from your home, saving you time and effort.

Accessibility

Doorstep loans are available to individuals with poor or limited credit histories, as lenders often focus on affordability.

Small Loan Amounts

These loans are ideal for addressing immediate and short-term financial needs.

Things to Consider

Higher Interest Rates

Doorstep loans often have higher interest rates compared to traditional loans, reflecting the cost of the personalised service.

Regular Home Visits

Some borrowers may prefer not to have regular visits from a lender representative.

Limited Loan Amounts

Loan amounts are typically small, which may not be suitable for larger financial needs.

Alternatives to Doorstep Loans

If doorstep loans don’t meet your needs, consider:

  • Online Loans: Digital loans offer quick funding and are managed entirely online.
  • Credit Union Loans: Community-based loans with lower interest rates and flexible terms.
  • Short-Term Loans: Provide instalment repayment options over a few months.

Frequently Asked Questions

How much can I borrow with a doorstep loan?

Loan amounts typically range from £100 to £1,500, depending on the lender and your financial situation.

Do doorstep loans require a credit check?

Some lenders perform a credit check, but affordability is often the primary focus.

Can I apply for doorstep loans online?

Yes, many lenders offer online applications, but a representative will visit your home to complete the process.

Are doorstep loans regulated in the UK?

Yes, all doorstep loan providers must be authorised by the Financial Conduct Authority (FCA), ensuring fair and transparent lending practices.