When Not To Get A Doorstep Loan

We here at Doorstep Loan Today are obviously pretty big advocates for getting a doorstep loan.

Not only are they easy to get, but they are one of the most convenient loans, along with having reasonable interest rates. They can help you out when you need some quick cash but aren't getting paid for a few days. That being said, there are some reasons you wouldn't get a doorstep loan. If any of the below things apply to you, you should reconsider getting a doorstep loan, as it may not be the best fit for you.

  1. You can't afford repayments – This is a big one. Before you take out a loan, you should be sure that you can repay it. When you are signing up for the loan, they will tell you how much is due, and when you will have to pay it back. Make sure you can fit this amount into your budget, or you could end up in a bad situation. Many people fail to plan ahead and find themselves unable to pay back the borrowed money. They end up needing to get another loan just to pay for their first one. Don't let this happen to you. Go over your finances carefully before agreeing to a doorstep loan.
  2. You need a large amount of money – Generally, doorstep loans are for a relatively small amount of money. They can be used to pay some bills, pay off another loan, get your car repaired, or help with medical expenses. They are not typically used for things like buying a house or starting a business. For these types of situations, you will need to consider another loan type in order to get the money that you need.
  3. If it's not an emergency – Doorstep loans are not designed for you to take out so you can go shopping this weekend. Only take out a doorstep loan if you really need the money. Taking out a doorstep loan is no small undertaking, and should only be done if necessary, not just because you want some new clothes to go out in.
  4. If you don't have a steady income – When you apply for a doorstep loan, they will want to see that you earn a steady living. If you don't have a solid income, you will probably not be approved for a loan. This is because without a secure income, and because doorstep loan lenders don't check your credit score, they have no way of knowing if you'll be able to repay the loan. Make sure you have a good job that pays you consistently, and make sure you have documentation that proves it before applying for a doorstep loan.
  5. You haven't done research – Don't get a doorstep loan after reading about them for 1 minute. Make sure you have done your research and you know what you are getting into. Also make sure that you have browsed different lenders to ensure that you are getting the best deal. To make that part simpler, you can use our site and instantly get free doorstep loan quotes.