Doorstep loans are short term loans that are available for small needs
. These advances are given to the borrower, at his doorstep. When it is sanctioned it is transferred to the borrowers bank account.
These finances are devoid of credit checks. Thus these loans can be availed by any person irrespective of his credit history.
These advances can be used to fulfill any need of the borrower. E.g. to pay off outstanding electricity bills, or to pay for any repairs.
Doorstep loans function the same way as payday loans. They are short term credits. These finances have to be repaid with the next pay check.
These advances solve the immediate monetary crisis of the borrower. Lenders offer credit ranging from 50- 500 for a period ranging from 1- 30days.
Before lending, the lender must be convinced that the borrower can repay the loan granted to him. The lender looks in to the borrowers employment condition and his financial ability.
The rate of interest charged is high as compared to other loans in the market. The lender faces a risk while granting such advances. If the borrower defaults in payment, the lender has no means of recovering the amount from him. These loans are granted to the borrower at his doorstep.
A Doorstep loans lender makes the entire application process convenient to the borrower. Further, more these advances can also be availed online. The borrower can search the loan market for the best deals available. When he finds the lender of his choice, he is asked to fill an application form. The form contains the borrowers personal details including his employment and bank account status. When the details are found to be in order, the lender sanctions the advance and transfers the money into the borrowers account.