When you’re in need of a cash loan, there are a few potential routes, depending on where you live and your personal circumstances.
Getting a loan from the bank often means borrowing over a long-term basis, which isn’t an option for everyone. And, while taking out a loan from a credit union can be a flexible choice, you must already be an active member of a local organisation in order to do so.
Online lenders are another option, but only for those who have an existing bank account that the money can be transferred into.
So, if you need to get a local cash loan, what can you do?
If after consideration the above options are not right for you, there are several outlets on the high street where you can get a cash loan. To do so, you must either write a cheque or provide the supplier with your bank details and arrange a date, usually after payday, to repay the total amount you borrowed, plus interest.
This can be a suitable option for those who need a cash loan quickly as it can usually be issued the same day. You must be able to repay the required amount in one payment within a relatively short period of time. These types of payday-style loans usually have high interest rates and will often charge a fee if you miss a repayment.
Another cash loan option is home credit, more commonly known as a doorstep loan. Doorstep lenders work with a network of representatives who visit customers in their home each week. These representatives often live and work within the community they serve, so they have a greater understanding of some of the issues faced by the community in which their customers live.
The weekly visit is not only convenient; it’s also a useful reminder to put the money aside for the repayment too. If customers get into difficulty, the representative is there to work with the customer to get repayments back on track.
Doorstep loans are usually repaid over several weeks or months but like pay day loans have much higher interest rates than bank loans.
Whilst some lenders do work nationally, a number of lenders will only lend in select local areas. Therefore your choice of lender can vary depending on where you live.
Lenders Compared is a free to use, independent price comparison website which allows you to compare all home collected loans available in your area. You can also see other cash-based loans which are not home collected.
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I want to get a cash loan near me what are my options