Doorstep Loans Alternative.

Doorstep loans are the natural ancestor of payday loans. They provide quick access to additional funds when you need it. However, while there are still a few companies that offer doorstep loans in the UK, most people do not want a loan collector knocking on their front door every week or month. Modern technology has largely eliminated the need for doorstep loans. The ability to apply easily online, get an instant decision, have money transferred to your bank account, and set up the repayments, has provided a smoother experience for people that might have traditionally turned to a doorstep loan.

No. Traditional doorstep loan companies did, but you can complete the whole process online at Payday UK. Everything we do is digital. Payday loans go from start to finish without anyone having to visit your home or needing a meeting with you. Cash is becoming less commonly used each year. It’s expensive to pay cash into a bank, withdraw it, and cash has no built-in security. If you lose your money or are robbed, it’s gone.

Yes. The modern equivalent of a doorstep loan is easy to apply for online. You can apply on your smartphone or other digital devices. You will get an instant decision, and if approved, will be shown the loan offer with the lowest rate of interest available for your situation. Payday UK has streamlined the whole process. Your application will instantly be considered by our brokers panel of direct lenders. This might sound longwinded, but it’s all automated and instant.

Traditionally doorstep loans were repaid using cash. However, new loans are paid by direct debit. This is because technology has made our finances much more accessible and partly because a direct debit is a safer way for both parties. It eliminates the need to have a man or woman walking the streets with large amounts of cash, and the consumer doesn’t need to mess about withdrawing money.

Whatever type of loan you have, whether it’s a doorstep or payday loan, you should always check the company is regulated by the FCA (Financial Conduct Authority). Digital brokers are safer because they are easier to track, so are less likely to be offering a loan service under false pretences. However, some of the remaining doorstep loan companies are genuine, but handing over cash on your doorstep can be more susceptible to fraud.