Is there a difference between doorstep loans and home credit?

No doubt, there have been a confusion between these two terms with some people holding the opinion that these are two different types of credit. However, that is not the case. When we talk about home credit, we are essentially referring to cash that is delivered directly to your doorstep. Over the years, Home credit has become known as doorstep loans and therefore it is simply a term of terminology. The two mean one and the same thing.

How much can I borrow under doorstep loans?

In essence, doorstep loans are short term loans designed for individuals who want a small amount of cash to meet a need such as car repair or even to meet various financial needs for a short period of time. As such, a person seeking a doorstep loan can apply up to a maximum of £1500. However, it should be noted that this is dependent on a particular provider. There are some who put the cap at £1000 while others at £1500.

Can I be considered for a doorstep loan even though am yet not of legal age?

In as much as we empathize with you and might actually want to help, unfortunately we can’t advance a doorstep loan to you especially if you are a minor or rather not yet of legal age. The law does not recognize any contractual agreements entered into with a minor. In fact, it is illegal to enter into a contract with a minor and therefore such a contract is considered null and void.

Do you need a reason as to why a person is applying for a doorstep loan prior to approval?

The beauty of our doorstep loans as compared to loans from high street banks is that we do not require for you to disclose the reasons as to why you need a loan. It is actually entirely dependent on you. You can use the loan however you want. What we always advice is that you apply for an amount that you need and which you can comfortably repay.

Do I need to be a home owner before I can be considered for a doorstep loan?

This is a misconception. You don’t need to be a home owner to be considered for a doorstep loan. In fact, most people who apply for doorstep loans don’t own a home. The idea therefore that a person needs to be a homeowner is nothing more than a fallacy.

Are there any penalties if I clear my loan early?

It is in fact advantageous for you if you clear your loan early as you won’t have to deal with issues of late payments or increased interest rates. However, you need to find out with your lender what their early repayment policy is. The reason we are saying that is because there are some unscrupulous lenders that actually charge a penalty if you clear your loan early.

What if I face difficulties repaying my doorstep loan?

At House Loans, we understand that at times you might face financial constraints and as a result encounter difficulties repaying your loan. When this happens, feel free to talk to us and explain to us your situation. We are a listening partner and are always willing to work out something with you. We even reduce the weekly payments or in rare situations give you a grace period. Just ensure you inform your agent whenever you are facing financial challenges.