Door to door money lenders are lenders who make personal loans and the loan funds are delivered right to your doorstep by an agent. These same agents will return weekly to collect the scheduled payment per the loan agreement.
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This is a type of loan used for emergencies or dire circumstances as the interest rates and fees are extremely high. The door to door money lenders act as personal lenders and get to know you and your circumstances.
People prefer this method of receiving emergency funds because of the personalisation versus those of payday loans or pawn shops.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Many people find themselves in need of emergency cash for car repairs, medical or emergency travel and having a personal agent who knows the circumstances of your emergency and how you can repay provides a more personalized service.
If you are unable to make a payment the agents will work with you to find a way to make a repayment.
Small Loan Amounts
Door to door money lenders have become a viable alternative to traditional lending institutions like banks that make it hard to borrow small amounts of money without collateral, bank accounts and reams of paper work.
Door to door money lenders make door to door loans with no collateral requirements and are flexible on repayment arrangements to fit your budget.
Policies and repayment vary from lender to lender so it is important to understand exactly what your repayment terms are before taking the loan.
The annual percentage rate of these loans can be near 300%. While payments can be structured to be low weekly payments and the accrued interest makes the total repayment much higher. It is best to repay these loans as fast as possible to keep the APR rate lower.
Most of the door to door lenders will not lend to you if they know you cannot repay the debt and usually don’t charge penalties for late payments.
There is no cost for the agents to visit for repayment collection and the loans are often reported to credit bureaus which can help improve your credit score if you make timely payments.
The benefits of door to door lenders over payday loans is lower interest rates and weekly payments so you are not losing a large chunk of your next payday to repay the loan.
This is especially important when an emergency arises and cash is tight for more than one or two pay cycles.