Are you a housewife or an unemployed young person in the UK? Or the one who is restricted to your home due to old age, disability or the health of a loved one? Are you under constant shortage of funds and need financial help?

If the answer to any of these questions is yes, you can consider opting for home loans.

Doorstep loans are basically short-term home loans delivered right to your door. These are the loans for those who want to take out a small amount of up to £1000 for a very short period of time. Typically, a friendly local agent visits you for every loan-related communication. Normally it delivers the money in cash and collects the premises from the borrower’s house.

When your personal situation does not allow you to visit financial institutions, you can consider opting for home loans. However, the convenience of home credit comes at a cost. This is an expensive credit option, but on any given day it beats getting an instant cash advance like a payday loan.

Home loans vs. payday loans

Both doorstep loans and payday loans are instant cash advance loans. While payday loans require direct account transfer, doorstep loans have an agent as the broker who delivers the cash. Both are quickly processed credit solutions.

However, home loans are installment loans and this adds to the convenience of payment. The agent charges the weekly facilities according to the agreement. While you are on payday loans, you must pay the full amount within a few weeks or your next payday.

The home loan or home loan can be advanced for a few weeks to a few months as an installment loan.

Regarding the nature of both loans, payday loans are ideal when, despite your regular income, an unprecedented expense arises and you need an immediate cash outlay.

However, the home loan can be considered as an unemployed loan or a bad credit loan to manage the bad state of your finances. Eligibility for these loans is not strictly based on your credit history. You can rely on them during cash-strapped days.

Before applying for a home loan-

When you apply, it’s essential that you make a deal with a legitimate lender who is registered with the Financial Conduct Authority, a financial watchdog in the UK. It’s important to verify the credentials of a loan company so you don’t end up falling into a debt trap.

You may choose to make a deal with the help of a loan broker. With a registered broker, you are expected to only be introduced to a registered lender.

When you request a home loan, a financial agent visits you. I would discuss your credit history and ask about your requirements. As you discuss your credit needs, it’s important that you make a minimum credit application. A debt is a debt and you should collect only the amount you can comfortably pay.

A failure to pay could result in a hefty fee and therefore you need to ensure that you successfully close the account. By paying off the loan, you would increase your credit score and your credit value at the same time. Therefore, it is important to draw up a payment plan before advancing any credit.

Not to mention, the best advice for dealing with broken finances is to save as much as possible. You need to put a strict control on your spending. Make a budget and write down each expense. You can choose to delay all spending until your credit health improves.

With all these handy tips, I hope you can soon shake off your cash-strapped days and successfully use credit to roll the dice in your favor once again.

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