Is it possible to get loans without a bank account? Read on with Quick Loans Express to learn about how to get cash to your door without having a bank account.
Loans to your door
Loans to Your Door
In case you don’t have a bank account, loans to your door may be another alternative. However, make sure that they don’t cause more problems than they solve. Many people consider bank accounts as being part and parcel of daily life, but for millions of people, this is not the case. If you are getting access to basic financial services you can occasionally feel hopeless. This is the reason why many people are turning to money to your door alternatives.
What Exactly are Door Loans?
Money to your door loans is precisely what the title suggests. They are modest quick loans of £100 up to £1000 that will arrive to you in cash even though you don’t have a bank account. For individuals living on reduced incomes, they could feel that it is vital to make it through the month. However, as always there are problems with all these facilities.
Why Do Doorstep Loans have such High-Interest Rates?
Doorstep loans have very high rates of interest. This is because these loans are provided to individuals with no bank account and they are very likely to have a bad credit score, so they are costly. A conventional unsecured loan from a bank would cost an average approximately 7 percent APR. Money to door loans cost significantly more. A fast search online finds home financing and doorstep loans available for almost 200% or 275%.
Of course, this APR does not apply. Such loans must be short term, over the course of a couple of weeks. So as long as it is possible to pay promptly, the price shouldn’t be overly excessive. Before taking out a loan make sure to be aware of how much time it’s going to be for and that you’ve got a strategy in place to settle the balance. If you are hoping to get paid at the end of the week, but you have invoices which can’t wait, doorstep loans may be inexpensive. Just make sure you pay back the loan as soon as possible.
Another drawback is a restricted borrowing capacity. These are strictly small-scale lending facilities of a couple of hundred pounds at one time. They aren’t a fantastic idea if you are searching for a bigger loan or something more long term.
So When Should You Use Cash Loans to your Door?
For all these downsides they do have their uses. The most significant being the speed. There is no need to wait for days or weeks like you would when getting a loan from a bank. All you need to do is apply online using a business like Provident Home Credit and then wait for the money to arrive.
What are the Repayment Options for Door to Door Loans?
Repayment choices are flexible which means that you may select a repayment plan you can afford and requirements are much lower. You can also get these loans without having a bank account and when you have a poor credit history. They’re also considerably cheaper than instant payday loans although the rate of interest is high, it is not in the high 1,000% APR plus territory.
Conclusion – Loans Without a Bank Account
If you require loans without a bank account, these loans to your door may work for you depending on your situation, your choice of supplier, make sure to choose a doorstep lender that is authorised and regulared by the Financial Conduct Authority since many doorstep lender on the market are not, and the way you use the loan. Spend some time searching around to get the best deal. Regardless of what occurs, never make the mistake of using a loan to fund something you are not sure that you can afford.
Loans to the door, is not only for people with no bank account. Quick Loans Express have compared using doorstep loans vs payday loans for people to benefit from.