Doorstep Loans

Doorstep Loans, also known as home credit loans are cash loans delivered to your doorstep. They’re one of the few lenders that pay your loan in cash and have subsequently become a popular choice amongst consumers who don’t have a bank account. So, if you don’t need a bank account for this type of loan then how do you make the repayments? They’re collected from your home by a representative of the lender.

Your loan is arranged after an initial online or telephone enquiry and then followed up by a home interview with one of the company’s representatives. They’ll take some details from you and assess whether you’ll be able to repay the loan. From initial enquiry to payout, turnaround is normally 3-5 working days. Expect high rates for the convenience of a doorstep loan with representative APRs between 190% and 650% APR. You’ll be making weekly payments with repayment periods from 14 weeks to 52 weeks. Doorstep lenders offer from £50 - £1000, but it is worth noting that some companies offer less to new customers and will only lend out upwards of £500 if you’re an existing customer.

As these types of loans are collected from your doorstep, companies can decide not to lend to you based on where you live and one of their primary requirements being that you can’t live in a block of flats that has a buzzer to gain entry into the building. Doorstep lenders can also choose not to lend to you based on your age. Now of course, with any loan you have to be over 18, but some lenders in this sector won’t lend to you unless you’re over 21 and in some cases, over 25.

Doorstep lenders use self-employed collections agents who live in the community that they work in. This means that they are very difficult to tell apart from unlicensed loan sharks. If you make an application to a doorstep lender, make sure you know the name of the person who is coming to see you. When they arrive, check their ID and that they are representing a licensed lender.

Most doorstep lenders will not report your repayment history back to a credit reference agency. That means that this product is not a credit builder - so if you’ve got a bad credit profile and you’re looking to take out a small amount of credit to build your credit rating back up - this type of borrowing is not going to help you.

Warning - doorstep lenders offer high cost credit and provide what the Loanfinder team have dubbed a loan of last resort. You’ll see from some of the customer reviews that agents have been known to get aggressive if they’re unable to collect repayments.

Loan search

£
Rank APR Average Review Min. Loan Amount Max. Loan Amount Min. Loan Term Max. Loan Term APR Average Review Visit Lender
1
104% APR
Representative
3.3
Star RatingStar RatingStar RatingStar RatingStar Rating
£50
£2000
26 weeks
156 weeks
104% APR
Rep.
3.3
Star RatingStar RatingStar RatingStar RatingStar Rating

Representative example: based on £100 over 26 weeks, weekly repayments of £4.60, total amount repayable £119.70. Fixed interest rate of 104% p/annum. Representative APR 104%. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

5
365.1% APR
Representative
Star RatingStar RatingStar RatingStar RatingStar Rating
£30
£1000
3 months
10 months
365.1% APR
Rep.
Star RatingStar RatingStar RatingStar RatingStar Rating

Representative example: based on £100 over 3 months, monthly repayments of £42.83, total amount repayable £128.49. Representative APR 365.1%. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

2
399.7% APR
Representative
2.4
Star RatingStar RatingStar RatingStar RatingStar Rating
£150
£600
23 weeks
32 weeks
399.7% APR
Rep.
2.4
Star RatingStar RatingStar RatingStar RatingStar Rating

Representative example: based on £150 over 23 weeks, weekly repayments of £9.26, total amount repayable £212.92. Representative APR 399.7%. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

4
466.4% APR
Representative
2.2
Star RatingStar RatingStar RatingStar RatingStar Rating
£200
£1000
1 week
34 weeks
466.4% APR
Rep.
2.2
Star RatingStar RatingStar RatingStar RatingStar Rating

Representative example: based on £200 over 1 week, weekly repayments of £206.78, total amount repayable £206.78. Fixed interest rate of 70% p/annum. Representative APR 466.4%. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

3
469.8% APR
Representative
2.4
Star RatingStar RatingStar RatingStar RatingStar Rating
£100
£1000
34 weeks
50 weeks
469.8% APR
Rep.
2.4
Star RatingStar RatingStar RatingStar RatingStar Rating

Representative example: based on £100 over 34 weeks, weekly repayments of £5.01, total amount repayable £170.28. Representative APR 469.8%. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Doorstep Loans

Doorstep Loans, also known as home credit loans are cash loans delivered to your doorstep. They’re one of the few lenders that pay your loan in cash and have subsequently become a popular choice amongst consumers who don’t have a bank account. So, if you don’t need a bank account for this type of loan then how do you make the repayments? They’re collected from your home by a representative of the lender.

Your loan is arranged after an initial online or telephone enquiry and then followed up by a home interview with one of the company’s representatives. They’ll take some details from you and assess whether you’ll be able to repay the loan. From initial enquiry to payout, turnaround is normally 3-5 working days. Expect high rates for the convenience of a doorstep loan with representative APRs between 190% and 650% APR. You’ll be making weekly payments with repayment periods from 14 weeks to 52 weeks. Doorstep lenders offer from £50 - £1000, but it is worth noting that some companies offer less to new customers and will only lend out upwards of £500 if you’re an existing customer.

As these types of loans are collected from your doorstep, companies can decide not to lend to you based on where you live and one of their primary requirements being that you can’t live in a block of flats that has a buzzer to gain entry into the building. Doorstep lenders can also choose not to lend to you based on your age. Now of course, with any loan you have to be over 18, but some lenders in this sector won’t lend to you unless you’re over 21 and in some cases, over 25.

Doorstep lenders use self-employed collections agents who live in the community that they work in. This means that they are very difficult to tell apart from unlicensed loan sharks. If you make an application to a doorstep lender, make sure you know the name of the person who is coming to see you. When they arrive, check their ID and that they are representing a licensed lender.

Most doorstep lenders will not report your repayment history back to a credit reference agency. That means that this product is not a credit builder - so if you’ve got a bad credit profile and you’re looking to take out a small amount of credit to build your credit rating back up - this type of borrowing is not going to help you.

Warning - doorstep lenders offer high cost credit and provide what the Loanfinder team have dubbed a loan of last resort. You’ll see from some of the customer reviews that agents have been known to get aggressive if they’re unable to collect repayments.

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