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Home credit loans

What is home credit?

Home credit, also known as a doorstep loan, is a method of borrowing money. It is a little different to other forms of borrowing because it is personal and face to face. A loan agent comes to your home and issues your loan, and then returns to collect your repayments each week at an arranged time. Loan agents work on behalf of specific home credit companies, each company will be authorised by the Financial Conduct Authority, and have a set of rules to abide by.

Home credit loans

Home credit lenders offer unsecured, personal loans which can be used for whatever you need - from DIY to car repairs. Generally, there are no extra fees or charges for missed or late payments. The interest rates are built into the cost of the loan, so you will know upfront what your loan will cost you, and you are always aware of how much of your loan you have left.

How it works

Each company will operate a little differently, but with most you will apply directly with an agent or online, and then it will be arranged for an agent to come to your home. They will finalise your home credit personal loan with you, and go through affordability and home credit checks to help you borrow an amount which is suitable for you. They will then hand over your loan, so you will have the cash to spend as soon as you need it. After this, the agents will collect your repayments from you. All agents are given appropriate training and have guidelines to follow; they are there to answer your questions as well as make their collections.

Why choose home credit?

Home credit can be a simple and straightforward way of lending. To begin with, you decide the amount of money you’d like to borrow and the number of weeks you’ll pay it back over. The lender should then inform you of the total amount you must pay back including interest, and how much this will work out per week.

Many people choose doorstep loans because lenders might offer the following benefits:

  • Flexible - You can borrow small amounts and pay them back over a term that works for you. If you need to reschedule a repayment you should be able to discuss this with your agent.
  • Personal service - Repayments will be collected from your home by your loan agent who should also be able to answer any questions you might have.
  • Convenient - Payments are collected from your home and you should be able to arrange these for a time that suits you. No visits to the bank, writing cheques or transferring money online.
  • Responsible lending - A reputable lender will only lend what you can afford to pay back and should complete credit and affordability assessments for each loan.
  • Simple - Doorstep lenders generally offer fixed interest rates, so you know exactly how much you will pay back each week – this varies lender to lender.

Things to consider

Home credit loans can be a good solution if you find yourself with some unexpected costs and struggle to get credit elsewhere.

If you have suffered with a bad credit history in the past then a home credit personal loan may work for you as some doorstep lenders will consider people with less than perfect credit histories.

Home credit can be useful if you only want to borrow a small amount – maybe you’ve had an unexpected cost like a broken boiler or a big gas bill. With a UK home credit loan, you can borrow a little and not go into unnecessary debt.

Most home credit companies belong to the Consumer Credit Association, which has a lot of great information on this method of borrowing.

Morses Club home credit loans

There are many reasons why you may choose home credit loans from Morses Club over alternative methods of borrowing. We give you a friendly, personal service from our agents that is not always available with our forms of lending.

You know exactly how much you will pay back from the beginning, Morses Club home credit personal loans start from as little as £100, so you don't get into unnecessary debt. In turn, the repayments are affordable, and because we deal with you as an individual you know that you will only borrow as much as you can afford to pay back. It’s a more flexible method of borrowing and if you find yourself in difficulty, your agent will try to assist you in alternative payment options.

If you're interested in a home credit loan from Morses Club, why not apply online today?

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Existing customers can borrow up to £1500 subject to approval.

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