Alternative finance - Home collection loans
Some forms of personal credit, especially mainstream personal loans are not always available to everyone. However, if your credit history is a major cause of rejection you could always consider a home collection loan.
For those not in the know, home collection loans are designed to help people attain finance who fall into a lower-income bracket and/or suffer from a tainted credit record. This particular type of finance is perfect for people who require small advancements (up to £800) and who have also defaulted on credit in the past.
Home collection loans do not require the borrower to pay via standing order or direct debit, as a representative will collect payments from the borrower at home, on a designated day of the week (typically Friday). There is also less of a detriment to the borrower if a payment is missed or defaulted on, plus the actual term of the lend is far more flexible than a mainstream loan.
If you are considering the type of finance it would be a good idea to research providers online. There are actually very few lenders who offer this service, so research is vital. It is also important for consumers to not confuse this type of service, with similar services offered by private individuals (more commonly referred to as loan sharks). It is advisable to stay well away from loan sharks and to only use reputable companies.
