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Doorstep Collection Loans with Defaults for Low Income Families

You may decide to apply for a doorstep collections loan if you’ve got a poor credit history and have been refused credit elsewhere. The reason that doorstep lenders have become so popular is because they don’t credit score applicants, lend money to unemployed people on benefits and offer convenient repayment terms.

You’re able to borrow money on a completely unsecured basis so you don’t stand to lose any collateral. Doorstep cash loans with defaults are strictly regulated by the Consumer Credit Act 1974 and shouldn’t be confused with borrowing money from an unethical and unregulated loan shark.

How Doorstep Collection Loans for People with Defaults Work

All that you need to do is submit a straight-forward online application and you’ll be given a lending decision in principle within a few minutes. Alternatively, if you prefer the human touch, you can apply for a doorstep cash loan through your local agent. You can normally book an appointment to see someone within 3 working days.

Completely new customers can easily borrow £500 today. The maximum repayment term varies between lenders, but it’s possible to repay the debt over a period of up to 52 weeks. It doesn’t matter if you are out of work or have bad credit, you just need to prove that you can afford to make the repayments.

Doorstep Collection Loans with Defaults for Low Income Families

The only way to ensure that the repayments are affordable to you is by not over-borrowing. This is particularly important when you’re trying to get by on state benefits or a low income. Your advisor helps establish whether a fast cash advance loan is feasible or not as it’s not in their interests to see you struggle.

Once you’ve received the cash, the repayments will be collected each week by your local agent. This is particularly useful if you have no bank account to set up a standing order. A £300 doorstep collection loan over 52 weeks from Provident Personal Credit will cost you just £10.50 per week.

Bad Credit Doorstep Loan Lenders & the Consequences of Default

If you fall into financial difficulties, always keep doorstep loan companies informed so that you can reach an amicable solution. Although your quick cash advance is unsecured, non-payment will mean that interest and charges will continue to accrue. Don’t just hope that the problem will go away because it won’t.

Unpaid doorstep collection loans will be passed to a collection agency and they will pursue you for the balance. On the plus side, if you pay punctually and establish a good working relationship with a doorstep lender, you’ll be eligible to borrow more and spread the repayments over a longer timeframe.

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College Student Credit Cards: Avoid debt, bad credit, high interest rates, fraud, theft, and scams

Ever wonder why college students are swarmed with credit card offers? It’s because credit card companies think students are suckers. Many students make bad choices with credit cards, and credit card companies benefit.

Many student credit cards come with very high interest rates. Interest refers to the money you have to pay if you buy something and pay it off in installments instead of all at once. When you pay something off in installments, you pay an extra fee every month, based on how much you owe and the interest rate. (Almost all loans are paid back with interest payments, including mortgages, car purchases, and student loans.) If you have a low interest rate, the extra money you pay every month won’t be too bad. If you have a high interest rate, you’ll be paying lots of extra money every month, and it may become very difficult to pay off your credit card debt!

Credit card companies are counting on students to spend beyond their means with their credit card. They make a fortune on interest payments from college students.

So, does that mean you shouldn’t get a credit card? No. Actually, most college students would benefit from having a credit card, as long as they use it wisely. If you pay your credit card bills on time every month, you will build a good credit score, which you will need later to make major purchases like houses and cars. In addition, having a credit card for financial emergencies is important. And without a credit card, it becomes difficult to purchase things online.

So, how does one use a credit card responsibly? Here are some credit card do’s and don’ts.

CREDIT CARD DO’S AND DON’TS

  • Do learn how to resist temptation! This is very important. The credit card companies want students to go wild with the freedom of their new credit cards and purchase things way beyond their means. Don’t do it! You don’t want to start your adult life out with a huge credit card debt.
  • Do make your payments on time every month. If you don’t, a negative mark will be made on your credit report, and your credit score will suffer for the next seven years! As a young person, your credit card may be the only thing on your credit report, so that one mistake could affect your ability to buy a car or house later on. Late payments also come with late fees.
  • Do pay your credit card balance off every month, if possible. If you always pay the bill in full, you’ll build credit without having to make interest payments. If you can’t pay the full bill, pay as much as you can.
  • Do always pay more than the minimum payment. If you only pay the minimum, you might never pay off the credit card bill.
  • Don’t purchase more than your credit card’s limit. If you exceed the limit, you will be charged a fee.
  • Do read the fine print. Make sure you understand the terms of your credit card agreement. Many credit cards come with six months or a year with zero percent interest, which sounds great, except that after six months the interest may skyrocket. if you don’t understand the terms of your credit card agreement, ask your parents or a knowledgeable older person to help you.
  • Do take precautions against credit card theft and identity theft. When shopping online, be very selective about giving your credit card number to businesses. Never give your credit card number to anyone who calls you on the phone. If the caller has a legitimate reason to have your credit card number, ask them for their number and then call them back. Always read your credit card statements carefully to make sure no one has stolen your credit card number and made purchases. If this happens, call your credit card company immediately. It’s also a good idea to shred credit card receipts.
  • Don’t go crazy with online spending. Shopping online is so tempting. You can buy just about anything you can imagine online, and you don’t even have to leave your room. If you shop online wisely, you can save money on used books and other things you need. But be careful!
  • Don’t rely on your parents to bail you out. They’re going to be boiling mad. And even if they’re not, this is no way to learn fiscal responsibility, which is extremely important.

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