Doorstep loans are still popular in the UK, especially in certain parts of the country with low-income demography. However, these loans are known to be expensive loans. Still, people demand them for multiple reasons.
Provident Financial was among the major providers of these loans. But this created a monopoly, leaving borrowers with no option. As a result, borrowing funds at a higher rate was their only option. Now, there are Provident loan alternatives in the UK, which are beneficial for you as a borrower.
Alternative lenders are breaking the monopoly
Now, with the advent of alternative and affordable lenders, as a borrower, you have options other than doorstep loans like provident. No need to pay big instalments at higher rates. Choose another direct lender and get home collection loans at budget-friendly, customised deals.
What are doorstep loans?
These are called home credit loans as well, in which a doorstep lender sends its loan executive for two purposes. The first purpose is to deliver you cash for your home if you get a loan approval. Second is to collect repayments in cash from your home only.
The funds can be obtained as per your repayment ability, which you can check through free financial tools. But don’t get driven by fake commitments made as doorstep loans like Provident with no credit check. The lender does not offer any such deals. You should follow our transparent loan process.
Doorstep or home collection loans are basically designed for digitally excluded and low-income people. It means those with no bank account or lower earnings usually opt for this borrowing option. Even those living on benefits such as unemployment benefits can apply for doorstep loans.
What are loans like Provident in the UK?
The doorstep loans, like Provident, are the home credit loans offered by Provident Financial. These loans are offered at your doorstep, but with a higher rate of interest. As a result, you need to pay hefty loan instalments.
What are the alternative loans of Provident offered by FiguralLoans?
Whether you are applying for loans like Provident and Greenwood or anywhere else in the UK, knowing an alternative is good. Figuralloans is a direct lender offering doorstep loans like Provident, but at a much lower cost. The personalization feature is a vital part of our lending policies.
It means you get what you can repay. As per your creditworthiness, you get approval for a loan amount, and the repayment schedule is always pocket-friendly.
Just like these days, some lenders, especially Provident Financial, charge a fee for a home visit, we don’t do that. Our aim is to promote a friendly financial atmosphere for borrowers. After all, this is why people choose direct lenders over traditional ones. You can understand better once you apply it.
How does doorstep funding by Figuralloans work?
The cash-at-your-door loans offered by Figuralloans work through a simple process that is partially online, and the rest is offline. This is not complicated like the doorstep loans, like provident from a direct lender.
Here are the steps that are included in doorstep lending.
You need to follow the steps below, even if you are applying for the bad credit personal loans UK with no guarantor. This is because doorstep finance is not only for digitally absent fund seekers. It provides financial support also to those who are surviving on a low income, but they have bank accounts. Even those with no official bank account can get initial approval online. After that, we will send the funds delivered to your home.
- Apply online – This is the first step that you need to complete online. Whatever income source you have, mention it in the application. Along with that includes address, age, and nationality proof.
- Get approval decision – right after you submit the application, we generate an approval decision. Due to the high approval rate at Figuralloans, you can expect an approval.
- Receive funds at home with a loan agreement – Once you are approved for funds, we send a loan representative to your doorstep with cash and a loan agreement. Read the agreement carefully and give your consent.
- Get funds in cash – once you accept the loan agreement, you receive the cash right away.
- Repayment collection from home – After we deliver cash to your home, we come back to collect repayments.
Why Figuralloans is better than loans at home like Provident?
Many reasons make us better than Provident loans, and the points below clarify that sufficiently.
From cash to comfort
We design the loan process in a way that you borrow hassle-free, irrespective of your location and requirement.
- Faster disbursement – Once funds are approved for you, we send our loan executive faster than you can imagine. We decide fast and disburse faster.
- All income types accepted – You can apply for loans with any type of income, including self-employment, freelancing, part-time work, or even earnings from benefits.
- Credit-friendly – Get doorstep loans for bad credit in the UK. Apply with a fair or bad credit score, and we will approve your funds as per your creditworthiness. The last six months of repayment history are the decisive factor.
Responsible lending
There are strong reasons that borrowers today choose other lenders over Provident Financial. The reason is that loans like Provident do not follow responsible lending like us.
- No credit check affordability assessment – Check affordability using a soft credit check, not a fake commitment like personal loans, like provident, with no credit check. It actually doesn’t leave any search footprint.
- Financially literate fund seekers – We guide you about the loan product, the loan process, and APR calculations to help you make informed decisions.
- Early repayment without penalty – Pay off the loan before the tenure ends without paying any penalty.
- Loyalty benefits – Customers who stay with us get extended tenure, bigger loan amount, and lower rate of interest with festive offers.
More transparent pricing model
You always know what you are getting as a loan deal and how much the monthly and annual costs will be.
- Customized rates – Your loan offer is planned as per your current income status and recent payment behaviour. This saves you from expensive one-size-fits-all loan offers.
- Capped, fixed rate of interest – To make the doorstep loans predictable and affordable, we follow a capped interest rate policy. It is ethically required to follow a fixed interest rate policy, considering the high cost of home credit funding.
- No hidden fee – Nothing remains hidden if you choose us to borrow funds. There is no hidden fee or charges; all included costs are revealed at the time you sign the loan agreement.
- Know APR upfront – We don’t put a curtain on APRs. You get to know about the annual cost right away. We help you decide rationally; hence, transparency is the first need for that.
Include borrowers beyond face-to-face visit requirements
Even if you have a bank account but a low income, you can still apply for a cash loan at home. This includes online lending services as well, where our company loan representatives work. They process loans digitally, even in the remotest areas, and come to deliver cash at home.
- Serves tech-savvy young borrowers – The partial online process makes it easy to apply online. If you have a bank account, we can transfer funds online and can come to your doorstep in case of any requirement.
- ü Accept borrowers from all regions – We have widespread operations, and the fund seekers, even in the remotest areas, are our target customers. Hence, we are right there wherever you need us.
- ü Care for the privacy concerns of borrowers – If you don’t want us to visit your home due to privacy reasons, online application and disbursement services are available.
Flexible loan products
As every borrower has different financial conditions and requirements, it becomes vital to offer flexibility in loan deals.
- Varied loan sizes – You borrow an amount that you can afford to repay. Prove creditworthiness and qualify for a loan amount.
- Budget-friendly offers – What we offer always fits your budget. Due to personalized loan offers, these are much cheaper than cash loans like Provident.
- Flexible repayment plans – you can pay weekly, bi-weekly, or monthly. Also, in case of a financial issue, we change repayment plans.
Conclusion
After reading the facts and comparison above, it is clear that you are now free to choose other options than doorstep loans like Provident. No more fear and restrictions of getting driven by only one lender due to a lack of options.
Direct lending is destined to offer flexible lending services. This is why you have multiple options today. In fact, no credit check is no more stress as the soft check credit assessment system is available already. You just need to make your decision and apply for doorstep loans now.