Doorstep Loans and Cash Loans with Benefits for Income
Posted by Larry the Loan Broker · Leave a Comment
If your income is made up of state benefits, you are likely to approach or be approached by,
- Doorstep loan and Cash loan lenders
These short term loans carry a very high interest rate and this is because they are short term. The repayments can become very high and if you have a financial setback one month, you may not be able to pay these loans and they then things get quite unmanageable.
Lenders you may be familiar with are companies such as;
- Provident
- Shopacheck
- Greenwoods
Most of the above loan companies collect via agents that befriend people and these close relationships make it difficult for people to say that they cannot afford to pay if that should be the case.
It is very common for people on state benefits or disability living allowance DLA to be approached by these types of loan companies and this can be for varying reasons;
- People on state benefits are usually guaranteed an income each month
- People on DLA are unable to move far way quickly or avoid collection procedures
- Basically, only the vulnerable seem to get burdened with these cash loans
When you apply for these loans you will now find companies charging innocent people £50 to search for a loan, it is usually again only the vulnerable consumer that will get caught by these tactics.
Most people that apply for loans after being refused a number of times become the people that get tricked by the greedy companies, this is because the individual has not accepted that the line of credit is broken and no one will lend so the only people that seem interested are the ones that can charge fees for loans that may not come through.
A number of cash loans added together is trouble waiting to happen, all you need is one change in your circumstances that costs you extra money one month, on something you had not thought you would need to spend on and that will be the start of the trouble.
All your costs will start to mount up with extra charges and late payment fees being applied to your outstanding accounts, this may be what is happening to you right now, if so you need to get help today!
If you need advice on doorstep or cash loans, contact Larry the Loan Broker today for confidential advice on what you may qualify for, 0800 018 2345 your call is free and our lines are open 24 hours.
