No matter how much you try to budget, there may be times when you’re faced with unexpected bills or urgent costs and don’t have the spare cash to cover them. That’s where a short term loan can help. These loans can provide you with enough funds to cover expenses to ensure you don’t fall behind on bills.
In the past, some people applied for urgent doorstep loans. Doorstep loan lenders would visit the homes of customers to deliver the cash, hence the loan’s name. Thanks to the speed and ease of applying for loans online, doorstep loans are less common nowadays. It’s easy to apply for other types of loans with the help of Tendo.
In this guide, we’ll walk you through what you can expect from doorstep loans and the alternative loan options that you may want to consider. While it’s easy to apply for a loan online, it’s important that you fully understand the advantages and disadvantages before you decide if you want one. As a transparent loan broker rather than a direct lender, Tendo is on hand to help customers find the right doorstep loans for their personal circumstances.
What is a Doorstep Loan?
A doorstep loan is a type of short term loan that gives you fast access to cash. Doorstep loan lenders visit the home of the customer to deliver the cash. The loan agent then makes regular visits to collect the repayments over an agreed period.
Since the rise of online loans, urgent doorstep loans have become less common. Here at Tendo, we help customers find loans online. You can apply for a loan using our online form and we’ll match you with a panel of over 50 lenders.
The key characteristics of the loans we can help you apply for include:
- Short term repayments: you can borrow a loan between 3 to 36 months with our lenders
- Higher interest rates: short-term loans tend to have higher interest rates than traditional loans
- Online application: apply for a loan using our simple online form
While short term loans can help you cover urgent expenses, you need to borrow responsibly and ensure you can meet the repayment terms.
How Do Doorstep Loans work?
A doorstep loan (also known as a home credit loan) is a small, short-term loan that’s delivered to your home by the doorstep loan lender and repaid in cash or via online payments. You apply online, over the phone, or in person with a doorstep lender. The lender will assess your eligibility based on your financial circumstances and, if approved, a representative from the lender will visit your home to deliver the cash.
With doorstep loans, the lender’s representative may organise to collect repayments from your home each week. Alternatively, some lenders may offer alternative repayment options like bank transfers or direct debits.
Can I Apply for a Doorstep Loan Today?
You must meet the lending eligibility requirements before you apply for a loan. Applicants must be at least 18 years old, a UK resident, employed and earning a minimum net income of £500 per month. Your income must be paid into the bank account so that the monthly repayments can be taken; you’ll also need an email address and phone number.
After reviewing your application, the lenders may offer you a quote. It’s important that you carefully review the terms and conditions of the loan quote before you accept it and consider whether the repayments will fit into your budget. You’re under no obligation to accept any quotes you are offered.
What types of Loans are Available from Tendo?
With Tendo, you can easily apply for various loans such as emergency loans, payday loans and low credit score loans. Just fill in our online form and we’ll use it to match you with the best lenders for your unique circumstances.
Some of the different types of loans in the UK include:
- Instalment loans – designed to be paid back in pre-arranged instalments
- Payday loans – these loans help cover your expenses until you are next paid
At Tendo, we are committed to helping you find the best loan for your personal and financial circumstances. We work with a panel of over 50 lenders who may be able to offer you a loan.
What to do if You’re Struggling with Debt
Unlike many other lenders, Tendo works with a panel of lenders who consider applicants of all credit types. You could be approved for a loan, even if you have a poor credit score and have been turned down for loans elsewhere.
The team at Tendo are on hand to guide you through the loan lending process, from applying online to receiving and accepting quotes. We operate 24/7 and don’t charge any fees to use our service.
What to do if you’re struggling with debt
While short term loans can be a fast way to access funds, it’s important you understand the implications. If you need financial advice or assistance, it’s advisable to seek help from any of the following services:
If you feel you are struggling, or may struggle with your loan repayments, we recommend you always speak with your lender at the earliest opportunity
