Incepted in 1877, Greenwood Personal Credit Limited is the wholly owned subsidy of Provident Financial Company, listed on the London Stock Exchange.  The primary responsibility of the company is to provide loans to doors to customers and home collection services in the UK. However, Provident Financial Company closed down on 31st December 2021, some lenders still operate as home collection or doorstep loan providers in the country.

What do doorstep loans imply?

Doorstep loans are short-term unsecured personal loans where everything from income verification to getting cash happens at the home/office of a borrower. A person makes an application online, and the company’s representative visits and delivers the cash. When it comes to repayments, the same person

These loans are ideal for emergency purposes and need up to £1000. As the amount is small, the repayment term is no more than 6-12 months. One can pay the loan in weekly and monthly instalments throughout the loan term.

The amount may be small, but if you miss a few payments on the loan, it may increase the overall loan costs. To counter this issue, a responsible lender provides you with the flexibility to choose the repayment structure and pay at your convenience. You can budget for the repayments with fixed interest rates.

Why Greenwood loans are the best in emergencies?

Home credit loans can be a convenient way of borrowing in emergencies. The reason for the same is- it does not require one to have a stellar credit score. You may get the loan if you have a long employment history with well-defined pay. Here are some ways Greenwood loans help you meet urgent money requirements without any troubles:

1) Fast approval decisions

These loans are ideal if you need money now and do not want to wait for ages to get it.  These are fast loans because of the small and swift application process. You do not have to fill in extensive personal details to get one. We ask only essential details like- name, phone number, email id, and address proof to process the application.

2) Can apply without a bank account

Home collection loans are easy to access and avail of because they do not mandate one to have a bank account. It is ideal for a student with no or limited credit history needing immediate money. You qualify if you have a salary from a part-time or full-time source. Any legal form of consistent income is sufficient to get a small amount for your needs.

3) Ideal for individuals with good income

Getting loans at doors with a high salary is easier and more affordable. A larger Pay scale reveals the best potential of the borrower to pay the instalments and dues timely. Thus, if you earn over £8000/month, you can get some relief on interest rates and other fees. It makes your loan significantly economical.

4) Same-day money disbursal

Door-to-door loans are popular for their lightening fast speed amount disbursal. If you meet standard terms, the representative hands over the money to the borrower at home only.  You get money within 35 minutes to your doors.

Moreover, with us, you can even get the money online in your bank account safely if you do not need hard cash. The process takes just 10-15 minutes.

How to get low-cost doorstep loans for bad credit history?

Door-to-door loans have competitive interest rates and costs. The reason is these loans do not mandate any critical requirements like- high credit scores and collateral. Missing a few payments may lead to rollovers and increases the overall loan costs.

However, there are a few ways by which you can lower the costs of doorstep loans despite your bad credit history.

a) Opt for auto-payment deduction

Automatic payment deduction helps you be on top of your payments. Apart from this, opting for the facility grants the flexibility to get loans at reduced costs and fees with us. You can enjoy a reduction of 0.25%. If you have too many loans, one automatic payment can help you avoid the hassle of remembering monthly payments.

b) Pick a shorter loan term

The loan term defines the period you pay and clears the credit dues. Choosing a shorter term may help you cut on additional interest costs. While picking a longer term implies high-interest costs.

However, you can choose the repayment term per your needs and liabilities. But do not opt for a longer term if you can pay the loan with interest rates in 5-6 months.

c) Pay or consolidate other debts

Improvise your finance and budget before applying for loans at the doors. Check whether you can pay off some loans within your current income. If not, identify the possibilities of getting an affordable debt consolidation loan to streamline debts into a single payment every month. It reduces interest costs and improves your credit score.

For example, if you have loans like payday (£2000), student loans (£5000), credit cards (£4000, quick loans, etc., (£3000), you can consolidate these and pay ((£2000+£5000+£4000+£3000 = £14000) as a single lump sum monthly. 

Are there any alternatives to loans like Greenwood?

Greenwood loans are an ideal external facility for short-term and immediate cash needs but are competitive. The loan costs may prove slightly high over potential alternatives to short-term cash needs. The debt could spiral quickly if you miss payments in a row. It makes it difficult to pay it back and end up in loan default.

However, we help borrowers with responsible lending policies to ensure safe lending and borrowing; individuals should improvise their financials before applying.

You can use the eligibility checker and loan calculator to determine the criteria and calculate the projected loan costs. It would help you know whether you can manage repayments easily or not. If you cannot, check similar alternatives to Greenwood loans. Here are some external facilities that you can fetch at the platform for your urgent cash needs:

a. Guaranteed loans

These loans are facilities where anyone can qualify regardless of credit score. These loans are guaranteed by income as the primary approval criteria.  It is ideal for individuals with low credit history looking for immediate cash with a higher approval rate. You can only borrow a small amount here.

b. Short-term loans

Short-term loans are ideal if you want a little more flexibility on the cash. You may get up to 10000 for emergency and everyday needs. You can usually get up to 36 months of the repayment period. These are far more affordable than doorstep loans.

c. No guarantor loans

It is ideal for individuals needing urgent money without any third-person guarantee on the loan. It is ideal for students, self-employed, and tenants needing cash for short-term needs.  The interest rates stay fixed, and overall costs never exceed the borrower’s budget.

d. Payday loans

In payday loans, you pay a lump sum by the end of the loan term, unlike doorstep loans, where you can split the payments. However, these are affordable to loans at the door. You may qualify for a low-cost loan arrangement if you have a long employment history with stable financials.

We work in the best interest of customers while providing loans like Greenwood to individuals for their critical needs. You can clear all your doubts with the representative before approving the agreement.  We try to uphold the best practices that ensure responsible and affordable financing.

 FAQs

By now, you must be familiar with how loans at doors or Greenwood loans work and the best alternatives to it for your defined life goals. Here are some common queries that customers ask regarding doorstep loans. These may help you clear your doubts (if any)

1. Are Greenwood and Provident two different companies?

Greenwood was incepted in 1877, but Provident Personal Credit acquired it in 1977 under the name of Greenwood Personal Credit, which offers doorstep loans. Provident exists no more in the country.

2. Are Greenwood loans still available?

Yes, Greenwood Personal Credit still provides doorstep loans. The company runs active since 1977, and the self-employed agents provide home collection services.

3. What are the total costs of home collection loans by Greenwood?

The total costs of doorstep loans by Greenwood depend on the borrower’s:

• Income
• Past credit management
• Employment History
• Employment Type
• Cash requirement
• Loan term