Are you in need of money urgently? Do you need financing options at the earnest but you do not have well enough financial conditions, which constraint you from borrowing? In case, you are disabled, unemployed or do not possess any bank account, only then you are in the major problem of getting the funds. It is implied that the disabled and unemployed people seek allowance for disability and jobseeker allowance, respectively. These people with no bank accounts and if seem holding bad credit records, then some online lenders allow them to apply for doorstep loans with no credit checks. These loans are provided only in urgent financial conditions.
Define doorstep loans:
Doorstep loans are useful in the emergency financial situations of the people, who cannot go themselves to the lending institutions due to financial issues or health issues. The financial representative of the lending company himself visits at the borrowers’ home after the borrower fills an online application form regarding the same policy and submit it. The financial representative fixes the meeting with the loan seeker and visits to his home to confirm the details. People with no bank account can take their help to open an online bank account or know all the details about the policy.
After that, the lender transfers the funds to the bank account within the day and the financial representative shows green mark to the credit applications if approved. The terms and conditions of these loans are generally easy to like no credit check, no lengthy documentation and sometimes no guarantor and no collateral like property or vehicle needed to protect the repayment. The easy terms and conditions are the causes of the urgency of the borrowers and the high risk-taking nature of the direct lenders in the UK online financial market.
Who is eligible to apply for doorstep loans in the UK?
A citizen of the UK, who has completed the age of 18 and getting an allowance or earning money through any job or business, can apply for such loans without any credit check. In some cases, it is not mandatory to earn a stable income status if the person is getting an allowance. These are called doorstep loans for unemployed. The amount of these loans is low but might be enough for the people to quench the thirst of their basic needs.
Note: Only a few direct lenders follow the above eligibility criteria as the policy of one lender differentiates from another. To get the policy as per your preference, never forget to do extensive research on the lending company. Well-Done research also helps you in knowing the legitimacy of the lending company.
Are you failing to repay the loan?
Failing to repay the current loan might be the reason for your bad credit scorers, which is the cause of the rejection of your credit applications when you apply from the standard financial institutions. Always do a credit test from the credit referencing agencies as per your choice before applying for a loan, otherwise, with every rejection, your credit profile will be tainted with more negative strikes. One more advice is that uses the funds efficiently and do not waste money on the least demanded things.