Home Collected Credit
Home collected credit is the general term for what are more commonly known as doorstep loans. To complicate matters it also goes by the shortened name of home credit and the alternative names of home collected loans or door to door loans among others – different names, same product!
Simple cash loans arranged in your own home, delivered to your doorstep and repayments collected weekly.
Learn more about personal loans here.
Home Collected Loans: Small cash loans that are delivered door to door and the repayments collected in the same way.
Home Collected Loans To Your Door.
Whatever they are known as home collected loans are basically small cash loans that are arranged face to face with a local agent in the comfort of your own home and are then delivered, right to your doorstep, by the same agent who will also call round each week to collect the repayments.
The four stage, simple doorstep loans process:Whilst they can be on the expensive side the attraction of home collected credit is the simplicity, flexibility and convenience which is why millions of people throughout the UK have turned to this lending stream at some stage in their lives.
Apply – Initial application is very quick and simple, usually either online or over the phone.
Meet Your Agent – Your agent will arrange a visit to discuss and agree your loan.
Receive Your Loan – Doorstep loans are delivered in person by your agent.
Repay Your Loan – Weekly over a term to suit and collected by your agent each week.
If you’re looking for a substantial loan for a specific purpose then a doorstep loan may not be for you. However, if you’re looking for a small sum of money for any reason at all and want to spread the repayments over a number of weeks or months then it’s an option. Whilst it varies from lender to lender and on your specific situation most home collected loans are available up to a maximum of £500 although some companies are now advertising up to £1,000.
Eligibility criteria is incredibly flexible which increases the attractiveness and popularity of home collected loans. You will need to be over the age of 18 and a UK resident but after that the requirements are pretty open. You don’t need to own a property and so homeowners, private tenants, council / local authority tenants, living with family or friends are all eligible to apply.
Because the loans are small and the repayments made affordable employment and income requirements are also flexible meaning that those working full time or part time can apply together with those retired, on benefits, students, and even unemployed who will also be equally considered. Bad credit history need not create a problem either and so those with previous credit problems, arrears, defaults, CCJs or even those who have had previous loan applications rejected can also apply … now you’ll begin to see why we talk about the flexibility of home collected loans … the chances are that if you can comfortably afford the repayments moving forward you will have a good chance of getting a doorstep loan.
Application is kept as simple as possible – after choosing a lender the initial application will usually be online or over the phone and questions are kept simple and to a minimum. Following this a local agent will make contact and arrange a visit to your home to discuss all aspects of your application and your loan with you face to face before any agreement or legally binding contract is signed. The agent is often someone local and who not only knows about the loan but also knows about the local community.
You should find your agent naturally friendly and easy to talk to and deal with. They are there to explain the ins and outs of your application along with the workings and cost of the loan. They are also decisive and able to agree or reject the application – it’s refreshing to know it’s not all about computers these days! During the initial visit they will ensure affordability and decide whether it is right to lend or not. They will also explain all aspects of the loan and the cost of repayments, agree repayments terms and ensure the individual fully understands and agrees to all aspects of the application – and all that BEFORE any agreement is signed.
The flexibility of these home collected loans comes at a cost, as you might expect. The open lending criteria means higher risk to lender and a network of local agents equals increased cost and that’s why interest rates can be on the high side. You should always be quoted in advance and strict regulations in respect of doorstep loans are in place.
Although interest may be high repayments are organised to suit the individual. The fact that repayments can be spread over a period of time (often up to a whole year), along with having a weekly collection service helps to keep them down to a manageable level. There are usually no hidden costs, fees or charges – you should be presented with all the facts prior to accepting your loan and what you see should always be what you pay.
Controls are in place and to ensure you get the best deal you can compare the cost of home collected loans and other cash loans that are available in your area at www.lenderscompared.org.uk
Home collected loans are available from a number UK doorstep loans and home collected credit providers who specialise in providing cash loans to your door, wherever you are in the UK. It’s finance the way it used to be. Deal with a real person in the comfort of your own home, ask as many questions as you want until you fully understand, have your loan delivered to your door, pay your loan off in small, regular, weekly payments (in cash if you want) and know exactly where you stand and how much you owe with your repayments book. The old fashioned home collected loans that are making a BIG comeback!
Alternatives To Home Collected Loans.
Of course, these doorstep loans are not right for every circumstance and there are plenty of alternative financial solutions around.
We hope we have able to help in some way today and thank you for you visit.