It can be very tempting when a doorstep lender knocks at your door offering you the money you need to pay off that overdue bill or get the kids that games console you promised them. He seems like a honest and amiable man, he says there is no rush to pay the money back and you can pay as much back as you can afford at a time.
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Why not take the money? After all you can get the cash straight away, no forms to fill in and no credit checks. It's just like borrowing from a friend or relative and besides there is no rush to pay the loan back. Whilst it seems an easy way to borrow money you will regret taking out that loan for a long time to come. Whilst the lender is nice now in four weeks time when you can't meet the repayments they won't be so understanding.
Doorstep loans are not regulated and are illegal. You will not get an official interest rate so you never know how much you have to pay back. In fact the lender will try to keep you in hock for as long as possible in order to keep you paying extortionate weekly repayments on a loan that is almost impossible to pay off. You will end up paying many times the amount back that you borrowed.
As there are no records kept and they are not regulated by any authority you could end up not knowing how long you will be in debt to the lender for. With an online no debit card payday loans company it is not as difficult to get the money you need. They have fixed fees and are regulated and so you will know exactly home much you are paying back and over what period.
There are all sorts of reasons people turn to loan sharks. They may think they will not qualify for a loan from a lender because their credit rating is so poor. They may think that just because they have been turned down by one lender they will be turned down by them all. There could be specific circumstances or questions such as can I get a payday loan with only a debit card or conversely can I get a payday loan with no debit card.
Payday lenders are much more flexible than they used to be, they understand the diversity of circumstances many people are experiencing and can consider specific situations. At the end of the day they are people like you running a business and want you as a customer. Don't be afraid to pick up the phone and ask the question, you'd be surprised at how accommodating they can be to get you that payday loan.
Many people do not want to go through brokers as they are worried about the extra charges and lengthier approval times. This is not always the case, many brokers will not pass on their charges to you but reclaim them from the lender. They often work very fast in placing your loan request and can be in many cases just as fast as going direct to the lender. A broker can give you the benefit of applying to multiple lenders on your behalf increasing your chances of getting approved and getting approved faster.
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