How deep you think you know about doorstep loans? Oh, some say ‘quite deep’ and some say ‘not quite deep’. For those, with the latter answer should then pay heed to the content below, as doorstep loans are supportive in tough times. The role is even more significant for the businesspersons. Market is tricky, God knows what are its future plans for your future. It is safe to stay financially ready in the materialistic world where most of the business problems are money driven and their prime solution is also money itself. Besides, it is always good to know about things from the perspective of financial literacy.
To grow your business WELL you need to know WELL about doorstep funding that acts as the rescuer. After all, it is so convenient to get money at your place while making plans for the ‘coming tomorrow’.
Let Us Talk The Basics
You cannot avoid to climb the first step to reach to the height of a ladder. The doorstep funding is the ladder and its first step is something that is unavoidable in its existence and importance.
Eligibility – The Gatekeeper
This may seem quite easy but this is the most important aspect that decides if you deserve to go for the further loan procedure or not. More or less, it is same in the case of every lender. However, uncommon happens in the case of borrowers as not all the applicants succeed to cross this stage.
- Business age – From start-ups to the established ones, all can apply and avail.
- Annual revenue – If you think eligibility is just about some documents, this is the actual challenge for you. Your business needs to have a certain financial capacity to repay the loan. This again may vary in its minimum limit of salary/income depending on the lender.
- Bank details – This is basic and effortless, just provide bank statements (latest). Do not mix the persons with commercial accounts. It invited rejection.
- Contact details – Again basic and easy. The number should be verified and in use.
Now The MANY Things
Let us now get into the details. Learn as much as possible about doorstep loans to which you also mention as home collection loans/door-to-door loans.
The Instant Approval Decision
Time is money, money is time and it is good to keep both TOGETHER. Anything can wait but not the opportunity to get a good project that can change your business COMPLETELY. While exploring the loan market, find the lender that provides instant approval decision. However, online lending is the best choice for this, but it is best to precisely mention your concern in the Google search for these loans. For sure, to find the promising choices on this point, you better rise above the names such as Greenwoods loans and find some more choices.
Friendly To All Credit Scores
An extremely significant point that you should certainly know. Excellent, Good, Fair, Bad, all credit scores are accepted. Not all the lenders do this but those with the specialised financial products for specific conditions like bad credit situation are good for this.
Oh yes, the question in your mind is natural to arise that how one can give loans to bad credit businesses. Well, recall the eligibility part. The point of annual revenue has a role to play here. If you have the correct amount in your profit to show according to the amount you have applied for, even bad credit is not an issue. By the way, no credit check is available to prevent search footprint.
A Clear Policy On The Obligations
However, the doorstep funding has no obligations of collateral and guarantor BUT the interest rates are high. Sometimes some lenders give you the choice to provide any of these two as it helps to get the deal on a lower rate. This is always optional and make sure that no lender should get the chance to force you to fulfil the obligations. Certainly, those with such demands are not genuine and reliable. Especially if the business is in poor credit situation, it is easy to become prone to such tricks. Think deep and do what is actually good for the commercial growth.
24×7 Availability Of Funds
There should be no tantrums of ‘time constraint’ and no excuses of bank holidays. Especially, in the case of online lending, the loan company should be able to give access to money round the clock. After all, financial needs neither tell their address where you can go and fix them, nor they hesitate to intrude in your life. At any time of the day, any day of the month and month of the year, you should be able to get the money. It is necessary to stand strong against the competitors.
Upfront Fee, Hidden Fee, All Are Unethical And Tricky
The lenders that try to take such fee and charge can be anything but not genuine. Yes, there is a certain amount that can be charged in the name of fee and that is usually part of the APR. But anything beyond this does not fit in the definition of charges (genuine). Stay cautious and make sure that nothing like this ever escapes from your notice. After all, to borrow money, you need to spend money, but that should be for some factual reasons at least. Many fail to detect the difference between fake and genuine. Do you want to know the art? Then avoid lending companies with exaggerated advertisements. Also, leave those that make unrealistic commitments.
Get in touch with the lender with all the above points in mind. Informed decisions are ALWAYS and OBVIOUSLY better than the uninformed ones. Hope, the points above will become your guide to pick a right deal. All the Very Best!