We’re expanding our lending offering away from smaller payday loans in the UK to doorstep loans around the UK starting with Manchester. If this trial of door step lending is successful we’ll branch out into other cities, such as Birmingham, London and Liverpool.
Doorstep lending is an increasingly popular way for people in the UK to borrow money. The primary reason for this is that doorstep lenders are a little bit more lenient with their lending criteria, someone with bad credit history can get one very easily. Home collection loans, as they are also known, can work out a great deal cheaper too when compared to other forms of short term finance such as payday loans. With payday loans a borrower can easily rack up additional debt from late payment fees and bank charges. With doorstep loans repayment dates are more flexible and as the money is often handed to the applicant directly and collected weekly from the doorstep, avoiding unnecessary bank charges is easy.
The additional bonus of doorstep loans is that an applicant doesn’t even need to have a bank account, which is quite common these days were banks try to avoid giving banking facilities to people who have less than perfect credit status. Although it is possible for someone with bad credit to get hold of a guaranteed bank account if they are prepared to pay a monthly running cost.