When you’ve got a very bad credit history, finding someone who’s prepared to lend you money can be extremely difficult. This is because money lenders perform a credit search to underwrite the risk of default and decide what interest rate to charge new customers. Missed and late payments regularly lead to a decline.
Loans with monthly payments aren’t widely available because most creditors don’t want to take on the risk, but they are available from doorstep loan companies. They not only offer credit when other lenders have said no, they offer customers easy and affordable repayment terms, albeit at a higher APR.
How to Get Bad Credit Doorstep Loans with No Credit Checks
You can either apply for a doorstep cash loan online, over the phone or in person. If you prefer the personal touch, you can arrange an appointment with a local agent within 3 days. They’ll run through all the paperwork, advise you how things work, arrange payment and even collect the repayments from you on a weekly basis.
Doorstep lenders aren’t concerned with your past credit problems, they’re more interested in your ability to repay the money you owe. You don’t need a full-time job. Cash loans for unemployed people are available, provided that you’re able to prove that the repayments are affordable to you.
Bad Credit Loans with Monthly Payments for Up to £500
Even if you’re a completely new customer, you can borrow up to £500 and spread the repayments over 52 weeks. Once you’ve proven that you’re a reliable and dependable customer, you may be able to get a quick cash advance for up to £2,500 over up to 108 weeks.
Typical Examples of the Cost of Cash Loans to Your Door:
- A £400 fast cash advance over 33 weeks from Greenwood Personal Credit costs £20 per week. You’ll repay a total of £660 at a typical APR of 433.4%.
- A £500 doorstep cash loan over 52 weeks from Provident Personal Credit will cost you £17.50 per week. You’ll repay a total of £910 at a typical APR of 272.2%.
Consequences of Defaulting on Cash Loans to Your Door
Doorstep companies appreciate that they are lending money to people with past credit indiscretions. People who take out bad credit loans with monthly repayments regularly experience financial difficulties. If you find yourself unable to pay, it’s better to talk to them to find out how they’re able to help you.
Unlike a loan from a pawn shop, loans to you door are completely unsecured so you won’t lose any personal property. However, interest and charges will continue to accrue. If your local agent is unable to collect payment from you, your account will be passed to a debt collection agency.
Don’t borrow money that you can’t afford to repay. If you’re finding it increasingly difficult to keep-up with the repayments on different credit agreements and bills, you should seek advice from a free credit counseling service. There may be better solutions to your money problems.