This type of loan is quite popular because it’s delivered right to the borrower’s doorstep, just like its name suggests. Not only does the agent bring the loan to you, they also come by weekly to collect the repayment. A great thing about this loan is that you don’t have to go looking for a lender—it’s all taken care of where you are. It’s a quick solution if you’re in an immediate financial bind, and there’s no worry about hidden charges or late fees.
These loans, often called Cash loans, are given and collected directly at your door. However, only a few lenders provide the loan amount in cash instead of transferring it into a bank account. This means even if you don’t have a bank account, you can still apply and receive the loan, which is pretty convenient.
Here’s how it works: An agent visits your home to check if you’re eligible for the loan. If you meet the requirements, the loan amount is handed to you right at your doorstep. That same agent will be your main contact throughout the process until you’ve repaid the loan. Repayment is usually set up on a weekly basis when you agree to the terms, and the whole process, from the first inquiry to getting the cash, typically takes about 3 to 5 working days.
Key things to keep in mind when considering doorstep loans include:
ROI (Return on Investment) Conditions – Different lenders offer varying rates, so it’s wise to compare their ROI conditions. Many lenders try to stay competitive, offering the loan at lower rates with flexible terms to suit borrowers. So, compare options before choosing one.
Credit Checks – In the past, getting a loan was tougher and mostly only those with a good credit history could qualify. People with poor credit were often rejected. But things have changed—nowadays, many lenders offer doorstep loans without credit checks. This not only helps borrowers but also helps lenders expand their client base and revenue.
Loan Accessibility – Loans without credit checks are often approved faster since they involve less paperwork, saving time. The cash is delivered promptly to your door without delay. Plus, you don’t have to have a bank account since everything is done in cash.
