{"id":1512,"date":"2020-05-30T11:02:16","date_gmt":"2020-05-30T05:32:16","guid":{"rendered":"https:\/\/www.extramilefinance.uk\/blog\/?p=1512"},"modified":"2020-05-30T11:02:19","modified_gmt":"2020-05-30T05:32:19","slug":"doorstep-loans-angel-or-devil","status":"publish","type":"post","link":"https:\/\/www.extramilefinance.uk\/blog\/doorstep-loans-angel-or-devil\/","title":{"rendered":"Doorstep Loans: Angel or Devil"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f57fd163509\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f57fd163509\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.extramilefinance.uk\/blog\/doorstep-loans-angel-or-devil\/#Doorstep_loans_are_affordable_as_repaying_capacity_is_taken_into_account\" title=\"Doorstep loans are affordable as repaying capacity is\ntaken into account\">Doorstep loans are affordable as repaying capacity is\ntaken into account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.extramilefinance.uk\/blog\/doorstep-loans-angel-or-devil\/#Some_doorstep_loans_come_with_instalment_repayments\" title=\"Some doorstep loans come with instalment repayments\">Some doorstep loans come with instalment repayments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.extramilefinance.uk\/blog\/doorstep-loans-angel-or-devil\/#Additional_charges_can_add_up_the_cost\" title=\"Additional charges can add up the cost\">Additional charges can add up the cost<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Doorstep loans are prevalent among the unemployed, the\ndisabled and the retired. As the name suggests, the representative of a lender\nwill visit your home, discuss your credit needs, evaluate your repaying\ncapacity and hand money. <\/p>\n\n\n\n<p>The representative will also collect the payment at\nyour doorstep. These loans are an ideal option, even for those who have no\nfunctional bank account due to any reasons. Doorstep loans are short-term loans\nthe repayment length of these loans is the same as payday loans, and you will\npay back the whole of the money in a lump sum. <\/p>\n\n\n\n<p>However, there are a few lenders that allow for\npayments in instalments, but they are usually weekly or bi-weekly. Payday loans\nare not widely popular nowadays because of the very high rate of interest. They\nare not accessible everywhere, and hence the demand for doorstep loans have\nrisen. <\/p>\n\n\n\n<p>If you ask whether doorstep loans are an angel or\ndevil, it is hard to come on the one side of the fence or the other. This blog\nhas discussed both sides of the coin. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Doorstep_loans_are_affordable_as_repaying_capacity_is_taken_into_account\"><\/span>Doorstep loans are affordable as repaying capacity is\ntaken into account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When you apply for doorstep loans, all you need to do\nis fill out the form online, and then one of the representatives of the lender\nwill schedule a meeting at your home. The representative will come to your\nhouse to discuss your credit needs and evaluate income statement. <\/p>\n\n\n\n<p>When you apply for a payday loan, you mention the\namount you want to borrow in the form and the lender transfers money to your\naccount. You will likely get cashless than your requirements in case the\nrepresentative is sceptical about your repaying capacity.<\/p>\n\n\n\n<p>&nbsp;The\nrepresentative will take into account your recurring expenses to find out how\nmuch money you have left after paying them. If you have hard money left, you\nwill be turned down. Doorstep loans are not less risky than payday loans as you\nget what you can afford.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_doorstep_loans_come_with_instalment_repayments\"><\/span>Some doorstep loans come with instalment repayments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Another benefit you can avail with doorstep loans is\ninstalment repayments that do not come with payday loans at all. Though the\namount is usually small, some lenders allow you to repay the loan in\ninstalments. However, these instalments are either weekly or bi-weekly. <\/p>\n\n\n\n<p>Lenders have provided this facility to borrowers as it\nmakes the repayment more manageable. Reimbursing the whole of the amount you\nborrow in a lump sum is more complicated than paying it back in two or more\ninstalments. <\/p>\n\n\n\n<p>Since doorstep loans also aim to help the unemployed,\nlenders have introduced the instalment repayment system. Unemployed people\ngenerally rely on unemployment benefits or a part-time job that often makes a\nlump sum repayment difficult. <\/p>\n\n\n\n<p>Now that you have got to know why doorstep loans can\nbe said as an angel, but there is still a lot, you need to know before reaching\nto a conclusion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Additional_charges_can_add_up_the_cost\"><\/span>Additional charges can add up the cost<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There is no doubt doorstep loans are signed off on\nafter analysing your affordability. If your repaying capacity is called into\nquestion, the lender will not approve your loan. Despite affordability\nassessment, these loans can be expensive, especially when you have a bad credit\nrating. <\/p>\n\n\n\n<p>Interest rates for doorstep loans are usually higher\nthan other short-term loans. At the time of meeting with the representative of\nyour lender, you should confirm the total cost of the loan. Interest rates of\nthese loans can be higher due to processing fees. <\/p>\n\n\n\n<p>Since the representative will visit your house for processing the loan and at the time of collecting the loan, it will include additional charges. However, not all direct lenders charge fees when they approve <a href=\"https:\/\/www.extramilefinance.uk\/loans\/doorstep-loans.html\" class=\"aioseop-link\">doorstep loans<\/a>. <\/p>\n\n\n\n<p>Whether doorstep loans are an angel or devil, it\ndepends on your perspective. A good piece of advice is you should apply for\ndoorstep loans only when you need money urgently. Try to avoid borrowing money\nif you can put off expenses. Since you have to pay off more than what you\nborrow, you should be careful with borrowing. Try to use online calculators to\nget a rough idea of the total cost of your loan. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Doorstep loans are prevalent among the unemployed, the disabled and the retired. As the name suggests, the representative of a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[155],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1512"}],"collection":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=1512"}],"version-history":[{"count":1,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1512\/revisions"}],"predecessor-version":[{"id":1514,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1512\/revisions\/1514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media\/1513"}],"wp:attachment":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=1512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=1512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=1512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}