Loan approval takes a lot of time and efforts. The borrower has to visit so many lenders, go to so many different places to get the loan. This type of loan is called doorstep loans. This loan plan has been designed for those borrowers who need money within short span of time and cannot afford to waste even a single minute in searching finance.
The borrower can simply call an agent of a lending company of the borrowers area to his/her home. After some talks with the borrower, the agent will give the borrower the cash on behalf of the lending company. On the due date of repayment, the same agent will again visit back the borrowers home to collect the loan amount plus interest payments on it.
Doorstep loans are favored for because it is a convenient way of borrowing cash in few hours at the borrowers home. The cash ranges from 50 to 1500 for a short period of two weeks, or until the borrowers next payday. The borrower can use the loan for any persona purpose. The borrower can borrow the cash without any credit checks from the lenders. So, even if the borrower has had bad credit history of late payments, defaults and CCJs he/she is given the loan and they don't have to face any rejection. Doorstep loans are, however, expensive due to high rate of interest as they are short-term loans. But still this loan is considered less costly to payday loans.
The borrower must borrow the cash from competitive online lenders as they are the best option. To get the best lender the borrower must compare all the options available online. The borrower should also go through the terms-conditions of the lenders and make sure that there are no hidden payments. The loan amount must be repaid the due date and do not expand the loan as it will invite high penalties from the lenders.