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Personal Loan FAQs
Am I Eligible to Apply for a Personal Loan ?
There are a few basic things that are checked as well as the deeper ones. To know if you are eligible can you answer yes to the following question
Can you afford the repayments?
How Long Does it Take for a Personal Loan to be Paid Out?
The application time scale may vary per applicant. This is due to financial views being done on everyone applying for a personal loan. The average pay out timescale is 5 to 7 days. This will be received directly into the specified bank account.
When you’re seeking to borrow some extra quid, arranging to have a loan delivered straight to your home can be an easy and convenient option. Yep! This is possible, and it actually exists. It’s called doorstep loans. It won’t be a struggle finding one, as many lenders offer doorstep loans out there.
What are doorstep loans?
Doorstep loans are also referred to as home credit loans or home loans, which are a type of personal loans. It’s pretty simple to understand as the name suggests, it’s borrowing money that is delivered to your doorstep. An agent representing the lending company will then pop up to your home to collect your loan repayments, usually on a weekly basis.
Doorstep loans give consumers the opportunity to discuss their financial needs and personal circumstances face to face with the lender’s agent. Many people prefer this type of loan service because it also allows them to manage their repayments at a certain time and day that suits them.
Doorstep loans are short-term loans that are unsecured type of credit. You don’t need to give your bank details when taking out doorstep loans because the lender’s agent will be the one to deliver the funds to your home. And, you will pay your loan in cash as well.
Most of these doorstep loans must be repaid within a short period. The interest rates are usually fixed all throughout the term of the loan. With the fixed interest rate, you can budget what you can afford to pay back on a weekly basis. No lump sum payment is needed for doorstep loans.
Taking out Doorstep Loans
First, you need to determine how much you need to borrow. Decide also on the number of weeks you’d like to settle the loan. You can apply online, and you’ll find out in minutes if you’ve been accepted in principle. The application process is completed with a home visit by agent.
The agent who will come to your home will carry out an affordability assessment to ensure that you can manage to make the repayments of the loan without compromising your other monthly expenses. Provide proof of your ID, address, and your income, and let them know of your outgoings.
If you get an approval, the agent will deliver the loan to your home. And, he will do the same to collect your repayments from your home. With the convenience doorstep loans provide, they come in high interest rates.
Note that just like other types of loan, doorstep loans can either have a positive or negative impact on your credit rating. This, of course, depends on how well you manage your repayments. Make sure you pay on time if you want to maintain a good credit rating.
For a doorstep lender to discuss your loan legally in your home, you must make a request in writing on your application form. This is called a ‘request to call’. It simply means you have agreed that a company representative or lender’s agent can come to your home and discuss with you the details of the loan you are applying.
Benefits of Doorstep Loans
The convenience and personal service that doorstep loans provide are obviously its top benefits. The fact that an agent will come to your house to issue your loan, and then return every week so you can make repayments is such a huge convenience.
If you’re approved during your meeting with the agent, you will get the cash you are applying for right there and then, This means you don’t need to wait around for days. There’s no need for a bank account because doorstep loans are cash loans.
You also get a chance to the agent face-to-face and talk about your loan if you have any questions or problems.
Credit rating may not be an issue, you may still be considered for a loan. If your credit rating is low, doorstep loans are actually a viable option for you. Take it as an opportunity to improve your credit score by not missing or delaying any payments.
Drawbacks of Doorstep Loans
The only drawback of doorstep loans is the interest rates. They are higher than regular personal loans. This is understandable because of the convenience, the extra effort, the attention, and services of the agents it provides.
Doorstep loans are small, short-term loans, meaning they are not suitable for large purchases. If you need higher than £1,000, then doorstep loans are not for you.
Doorstep Loans in the United Kingdom
In the United Kingdom, law mandates that every doorstep loan lender or home credit lender must be authorised by the Financial Conduct Authority (FCA). The agents don’t necessarily need to have their own FCA authorization. They can come under the authorisation of the lender that they represent.
You can check out the Register on the FCA website at www.fca.org.uk, and find out who is authorised to carry out operation as doorstep loan lenders.
If someone comes to your door and offers you money for loan, don’t get too excited right away. Always ask for their lender’s authorization from anyone who claims to be an agent. If they cannot present one, then they are operating illegally and you should avoid borrowing from them.
Most, if not all, doorstep loan lenders in the UK belong to the Consumer Credit Association (CCA) and follow the CCA Code of Practice. If you have any problem or concern with a doorstep loan lender or its agent, you can complain directly to the CCA. If for any reason the complaint cannot be resolved with the lender or by the Consumer Credit Association, it will be referred to the Financial Ombudsman Service.
Doorstep loans can provide you instantly with the money you need to cover urgent expenses, even when you have a low credit score. Doorstep loans are small, short-term loans that are ideal for emergency expenditures only. They are quick and easy to apply. Convenient as they are, doorstep loans come with sky-high interest rates as compared to regular personal loans. If you decide to take out doorstep loans, make sure the lender is authorised to operate.
Check Out the Lenders List
Loan amount £400 for 30days.Total amount repayable £459.36. Interest 180.5% p.a. (variable). Representative 728.9% APR
5 most recent personal loan reviews
I have never used a loan company due to my poor credit following a marriage breakdown but using this company with a good friend who trusts me to make the payments has been a very pleasant and extremely quick and simple process. So if you need to borrow, have someone who knows and trusts that you wont let them down with making the payments and has a good credit history then don't hesitate .. Contact Vivus Loans
Review posted by John Sutcliffe
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I found the online application easy and straight forward, and had a very quick response from the customer service team. Once accepted, the money was transferred very quickly. I will defiantly recommended and will use if ever needed in the future.
Review posted by Alexandrine Parry, Guildford
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Value For Money
From the initial contact everything was so simple. Friendly consultants who phone and text at your own convenience. One quick phone call and the cash was in the bank the next day! Perfect service! ?
Review posted by Deborah Tomlinson
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Value For Money
All of our reviews have been sourced from TrustPilot to ensure authenticity.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
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Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances