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Doorstep loans myth busting

Fri 11 September 2020

Doorstep loans myth busting

Facts are important.

When it comes to doorstep loans, a lot of people may already firm opinions, despite not knowing the real facts about how they work.

Second-hand information, assumptions and falsehoods could all have contributed to some people’s point of view about doorstep loans.

Here, we’re aiming to dispel a few of the myths that surround doorstep loans and how responsible doorstep lenders (like Morses Club) operate on a day-to-day basis.

Myth 1: Doorstep loans are only suitable for people on low incomes

Despite what some people assume, there is no specific market for doorstep loans.

They are available to everyone regardless of their personal background, financial circumstances or where they live.

Responsible direct lenders do not focus their services towards potential customers who are struggling financially - the primary purpose of a pay weekly doorstep loan is to offer assistance to anyone dealing with an unforeseen but temporary cash shortfall.

Myth 2: Applying for a doorstep loan is time-consuming and complicated

All you need to do for a doorstep loans is to initially complete a short online form, answering some questions about yourself and your circumstances. In most cases, decisions with approval in principle are made within minutes. Then, a representative of the direct lender will contact you to make the arrangements and set up your pay weekly doorstep loan.

Your individual requirements and financial situation are always taken into account, and doorstep loans are dealt with on a case-by-case basis.

Myth 3: Doorstep loans have hidden fees and costs

There are NO hidden costs involved in taking out a loan with Morses Club.

Direct lenders like us are closely regulated and monitored by the Financial Conduct Authority and all charges, fees and costs must be disclosed to you before your cash loan is agreed. The only cost on top of your pay weekly loan at Morses Club is the fixed interest - so you only pay back your loan amount plus the interest. No new charges can be added at Morses Club, a direct lender, after the cash loan has been granted.

Myth 4: Taking out a doorstep loan negatively affects your credit score

If you manage to make your pay weekly doorstep loan repayments on time and pay back the amount you borrowed in full, then there should be no negative impact on your credit score.

However, doorstep lenders are different from some other lenders because they may consider lending to you even if you don’t currently have a good credit history.

In fact, even if you start with a poor credit rating, if you pay in full and on time then you could have a positive change to your credit score.

Like any other kind of borrowing, it all depends on how well you manage your doorstep loan.

Of course, not making your scheduled repayments is likely to harm your score.

Myth 5: You can get a doorstep loan so quickly because there are few checks and customer service is poor

At Morses Club, we issue doorstep cash loans, but that doesn’t mean that we cut any corners when it comes to assessment procedures and verifications.

This means that the process of getting a doorstep loan from Morses Club agreed in principle can sometimes take a little longer.

As a responsible doorstep lender, Morses Club make thorough checks on applicants’ current financial circumstances and their ability to make repayments on their pay weekly doorstep loan. Loan histories and income statements are also assessed when agreeing a loan in principle. In the case of Morses Club, our customer satisfaction rate is 98 per cent.

There are negative aspects to any kind of borrowing, however. Before you apply for a doorstep loan, you should consider if you really need to spend the money, and if you can afford to pay it back. Independent advice is available here.


Representative 466.37%APR. Morses Club specialise in small loans to help with unexpected expenses. Our loans aren’t right for everyone, and you should only borrow what you can afford to pay back. If you would like to find out if a Morses Club cash loan is right for you, read our FAQs for more information.

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