- Emma Anderson
- August 28, 2020
Not every one of us is a fan of paperwork, and waiting time it takes to process a loan. In situations when you need cash urgently, the traditional loans are generally of no help. To your rescue, a doorstep loan is the ideal solution you can have at the comfort of your home. It is a cash loan delivered at your doorstep with manageable weekly instalments.
Let us dive a little deep into the benefits of this guaranteed loan from direct lender right at your home and some cons you should know before applying for it.
Benefits of Guaranteed Cash Loans
Let us first discuss the pros of a doorstep loan. The major factor that makes you apply for it is the convenience and speed. To make sure you have a good understanding of them, we have briefly explained the benefits here.
Cash at the Comfort of Your Home
The major benefit of availing the cash loan today is the convenience it offers. You can apply for it while sitting at your couch or lying in your bed. The lending institution will then send an agent to complete the whole process. Even the payment will be collected from your home by the agent.
There can be several reasons why you don’t want to go to the bank. It is wise to stay at home and let the bank do all the paperwork for a small amount of loan. This type of loan is extremely helpful for senior citizens and people with disability.
Instant Approval of Loan
The problem with the other loans is the time it takes from paperwork to loan approval. You need cash and you need it now; you can apply for small cash loan today with same day approval. This eliminates the trouble of:
- Waiting for the processing of the loan
- The bureaucracy of the bank, and finally;
- The time for money to be credited in your account
The doorstep offers you a quick and simple process. The agent managing your loan request can also bring the loan amount with him if you ask for the same day loan.
Credit Check is Often Not Required
While having a bad credit score can certainly impact the chances of approval. Many institutions offer loan to people with low credit rating. It means a pile of liabilities will not affect your chances of guaranteed loan from direct lenders. Also, some organizations consider other factors that can help you get a loan with bad credit.
Money is Received in Cash
The bank transfers and deposits play a major role in the delay in loan processing. This time is cut with the doorstep loan service since cash is provided to the borrower. Also, you don’t have to go to the bank to request for money. Apart from another convenience, it also provides a sense of security since there is no trip back to the home with a lot of cash in the pocket.
Some Disadvantages of the Doorstep Loan
It is true you can have a doorstep loan approved today itself, but there are few aspects you should consider before applying for it.
Small Amount to Borrow
You can only borrow a small amount of money with a cash loan. Means you can only have money for a smaller purchase.
Higher Interest Rate
Interest rate is going to be higher than the traditional loans. The reason is the lender needs to protect itself because of the unsecured nature of the loan and shorter terms. These guaranteed doorstep loans from online lenders should be taken only when you need money urgently, and high interest is not an issue for you.
Careful About the Lender
Another concern for you is the company offering the loan. There are several elements in the market ready to take advantage of your situation. You can fall for their attractive schemes with lower interest rates and hidden charges only to end up paying more. Read the loan documents carefully and do not forget to do a thorough check of the company’s profile.
A doorstep loan is a great way of procuring urgent cash with a short term. These guaranteed loans from direct lenders can be a lifesaver in many cases. You should always compare plans from different lenders to save on the interest rates. Also, make sure the lender is reliable before borrowing money from them.