The diversity you get to witness in the lending industry is quite amusing. Borrowers with the weirdest problem can find out a solution. All thanks to the lenient and experimenting nature of the lenders.
One such funding solution that breaks the stereotype of lending is a loan that needs no bank account.
Some borrowers might find it an impractical decision. When both traditional and online lenders demand a checking account at the time of loan application, this opportunity might raise some eyebrows.
There is no need for you to believe in just words but the logic behind it. When you take out doorstep cash loans, your bank account is not enquired. This is because the approved sum is delivered hand to hand.
This means someone will visit your place and deliver funds to your doorstep. The process is quite simple, and there is no hidden agenda behind it. On the contrary, these loans are a blessing for someone who does not hold a bank account primarily.
At least they can get on-time support money during an emergency despite having no bank account. Although everyone has different types of opportunities available to deal with financial stress, these loans with flexible features can make things more convenient.
Go through this blog to identify the positive points of opting for these loans and how they work.
The mechanics of doorstep loans: why are they popular
It goes without saying how these loans can be a saviour for borrowers who need immediate financial support but do not own a bank account. For obvious reasons, they will have to go through a series of rejections from traditional lenders.
This experience is going to have with these loans. Find out how getting these loans can change your life all of a sudden.
What do you mean by doorstep loans?
- They should be ideally categorised under personal loans
- You will receive them in the form of cash and at your doorstep
- Fill out the loan application in the presence of a loan agent
- No need to undergo any fussy steps because of the doorstep delivery of loans
- Get a decision from the lender without further delay
- After approval, receive the loan amount delivered by another loan agent
- Repay conveniently in smaller amounts spread over months
- An ideal loan option for someone who cannot go out of home to collect loans
- They do not compel you to fulfil any requirement of collateral
What is the mechanic behind the working of these loans?
On searching when you come to know about these loans, you will surely want to explore more about them. The biggest difference between these loans and other financing options is the way they are delivered after approval. You cannot think of getting a nod of approval for loans without any bank account.
This has been made possible because of these loans. Now, before you take the next step, understand how a doorstep loan works.
- Round out the application: In most cases, this is going to be a single-page loan form. The loan agent will bring it, or they will help you to fill out one online. You will have to share a few details, review and finally submit it either to them or online.
- Wait for the lender’s response: The possibility of getting loans delivered to the doorstep is there. However, it will not materialise if the lender does not approve your loan request. For this reason, you should wait to receive a notification regarding the fate of your loan application.
- Receive money at your doorstep: The next step after approval is speedy delivery of funds to your home. Again, a loan agent will come to your doorstep to hand over the loan money. Here, you can clearly see no indulgence of any bank account. There is no problem even if you cannot go out of your home to fetch the approved cash.
- Start paying back: This is where the major confusion strikes, as typical loans allow online repayment. Not to worry at all, as the loan payments will be collected in the same way. Another agent will arrive at your doorstep on the due to collect the instalment amount specified for this month. You should make sure to be ready with the needed amount of loan for smooth payment. This shall continue till the term is decided and agreed upon between you and the lender.
Is there any particular reason behind their popularity?
Your curiosity level has gone to the next level, seeing how people prefer to have these loans. It also raises a question in your mind regarding the genuineness of this financing option. The main reason behind their popularity is obviously the alternate way of borrowing, as shown to them.
Besides, there are other features that demand a shout-out.
- No hard checks are conducted
One of the usual criteria to meet while applying for any loan is to go through a few checks. Hard verification of your credit profile is one of them, and it makes borrowing difficult for someone who has poor scores. If you are facing something similar, you can breathe a sigh of relief as only a soft analysis of your financial profile will be conducted.
- Freedom to use loans accordingly
While getting these loans, you do not have to bother much about the ways you must utilise the loan amount. Above all, you do not have to specify the reason for borrowing at the time of applying for loans. You can spend the money to pay unexpected bills, repair your car, renovate any small area of your home, etc.
However, this liberty to use loans for whatever purpose should not be exploited. You should avoid getting loans to pay back another form of debt or to sponsor a costly purchase, i.e., unnecessary.
- Quick disbursal of loans
Unlike usual and conventional loans which take a lot of time to be transferred to the bank account of the applicant, these loans will come to you fast. You might wonder how the speed of doorstep delivery can beat online transfer of funds. There is no question of beating. Rather, the focus is on providing the necessary help within time.
- Available at any place
Since these loans are not transferred online, their availability in certain locations needs to be verified. You will be surprised to know that you can get doorstep loans in Glasgow and other locations as well. It does not matter where you are applying for these loans. You can get easy access to funds after successful approval.
- Why should you get these loans with extra caution?
Every loan is a form of debt and thus, getting them should not be taken lightly. With these loans, you do not have to worry too much about interest rates. The loan provider will customise them for you and according to your situation.
Moreover, you have the option to pre-qualify for loans. This allows you to deny opting for an offer if the price is unaffordable. However, late payments are unacceptable for the lenders and they will charge a heavy penalty for this.
The bottom line
Do not blame yourself for not opening a bank account on time. Now, you can reach out for funding solutions even without a bank account. You must have understood how these loans can benefit you with the help of this blog.
Emma Anderson is a financial advisor at Quickloanslender who always believes in researching hard to know her clients’ financial problems. She takes the time to understand their financial wants and needs to write the blogs on them as the solutions. In her long 14 years of experience, she has written plenty of blogs on the financial and business sectors of the UK.
Emma Anderson has been recognised for her work in financial planning and her blogs are regularly published in the website of Quickloanslender. As far as her educational qualification is concerned, she has done Masters in Accounting and Finance, and done PG Diploma in Creative Writing.
