Compare Doorstep Loans 2018 | New Doorstep Lenders

Compare Doorstep Loans

Intro…

Doorstep loans (aka cash or home collection loans) have a rich history that can be traced back as far as the late 1800s. This niche has remained popular, but it has become very dated in contrast to the Wongas of this world. Provident has always been the dominant sector brand, although they haven’t exactly received much fierce competition with the exception of perhaps Morses Club. The common problems faced with this type of lending is that the process is very slow, weekly home collections can be problematic and market choice is limited due to many providers covering specific regions only. Pricing is fair, but long term borrowing is expensive and many customers do end up on continual cycles.

When an application has been received, an agent would typically visit to complete the loan within a few days time between Monday and Friday. The agent makes an affordability assessment, but most do say yes (they are after all working on commissions). The option of receiving Love2Shop vouchers rather than a cash loan would be made available. The agent will agree a time to make weekly collections. The term is always packaged in weeks (usually 26 to 30) and initial borrowing is small often £100 or £200. Smaller amounts and long terms like this at least help to devise highly manageable repayments of £10 (sometimes less). The idea is to manage your account well for later increases.

Compare Doorstep Loans 2018…

Alexa Traffic Rankings & Facebook Fans…

1) NaylorsFinance.com: #43,699 | 70+
2) ProvidentPersonalCredit.com: #47,968 | 30,130+

Global Ranks Only…

3) MorsesClub.com: #1,524,077 | 10,900+
4) Mutual.uk.com: #5,887,247 | 20+
5) LoansAtHome.co.uk: #7,655,133 | 4000+
6) SkylineDirect.com: #14,363,349 | 3500+
7) ShortTermFinanceLtd.co.uk: #15,656,886 | 60+
8) AJCockleFinance.co.uk: #15,938,750 | 4700+
9) HomeChoiceFinance.co.uk: #16,795,767 | 840+
10) E2Finance.co.uk: #16,920,604 | No Page

*Alexa (UK) rankings and Facebook counts are shown as indicators of market share and web popularity.

Cheapest Deals…

/£100 (varied terms) | Range: See below

Top 10 Doorstep Loans for Bad Credit & Fair…

1) Mutual: £30 (26w) 0.165% | £40 (51w) 0.112%
2) EstonePersonalCredit: £40 (25w) 0.229% | £61.20 (52w) 0.168%
3) CareysPersonalCredit: £47 (24w) 0.280% | £69 (56w) 0.176%
4) SwiftDL: £82 (52w) 0.225%
5-8) AJCockleFinance: £50 (30w) 0.238%
5-8) BeeFinance: £50 (30w) 0.238%
5-8) CentralFinance: £50 (30w) 0.238%
5-8) SkylineDirect: £100 <£200> (30w) 0.238%
9) Provident: £56 (26w) 0.308% | £87.20 (52w) 0.240%
10) EasyPayMidlands: £47 (28w) 0.240%

*The same fixed term was rarely available and so we went with the closest repayment to the 26 week mark (6 months). If a full year was available we added that example also. The amount sampled was £100 since some companies only lend this much to first time users. Sorting is by lowest daily interest rate (rounded off to 3 decimal places). Skyline’s starting sum is £150 and so we used a £200 example for them. Provident’s rate looks the same as Easy’s, but it is marginally lower after 3 DP that is why there is no tie for 9th. We often add the pricing range of every provider, but can’t do this here since not everyone can be scored at the same repayment period.

Most Experienced and New Doorstep Lenders…

1878…
MorsesClub (as a drapery store)

1880…
Provident (as Provident Clothing & Supply Co)

1898…
Mutual

1904…
CareysPersonalCredit

1938…
LoansatHome

1953…
CLCFinance

1955…
EalingTradingCompany

1957…
ValleysFinance

1950s…
SkylineDirect

1966…
AJCockleFinance

1967…
EcclesFinance

1970…
CentralFinance

1978…
BristolFinance
NaylorsFinance (as J&R Naylors of Wakefield)

1980…
PinewoodFinance

1983…
StewartFinance

1995…
BrantwoodFinanceCompany

1999…
EstonePersonalCredit

2002…
DiamondFinancialServices

2003…
E2Finance
HomeChoice
ShortTermFinance

2008…
BeeFinance

2009…
EasyPayMidlands

2012…
ArenaPersonalCredit
SwiftDL

Total Brands = 26.

*Provida Loan is a recent closure. Carson and Rhodes each also closed a little further back. For reference, the Greenwood loans business was merged with Provident’s and Shopacheck was merged with Morses.

Weekend Doorstep Loans: Open Saturday and Sunday…

Sundays…

Non.

Saturdays…

1) Provident: Sat (8am-5pm)

*Bizarrely, just the market leader opens on Saturdays (nothing on Sundays). Every other company operates across standard Monday to Friday working hours. Extending to 7/7 would surely be one of the easiest ways for a lender to stand out, but no one chooses to do this.

Niche Queries…

Doorstep Loans No Credit Checks: Every listed lender will need to run a credit check. It isn’t so much of an issue though if you have poor credit. This type of product is targeted at those on low incomes and people receiving benefits. Bad credit be that CCJs or defaults can still make the grade. The important thing is that your bank shows sensible spending in recent months and that you can make the repayment with ease. This shouldn’t be too tricky since they as noted start you small and spread this out far.

Finance and Love2Shop Vouchers?: Some doorstep loan companies offer credit facilities whereby you can spread the cost on a range of home goods such as electricals, furniture etc. We may look into finance in a later comparison. As far as Love2Shop vouchers goes, it isn’t clear why they are so readily available across the many companies studied. We’d assume that they are incentivised financially to push them. The actual vouchers can be spent at a range of popular high street retailers. The pricing is often the same though and so it makes more sense to ask for money.

Doorstep Loan Coverage: Localisation is problematic in this sector whereby a company may only be lending in close proximity to their office. The 3 big firms do cover most areas of the UK. Morses Club and Provident cover England, Northern Ireland, Scotland and Wales. Provident also extends to Ireland via www.providentpersonalcredit.ie. Loans at Home covers England, Scotland and Wales. We have added below a list of every other featured company. Just remember though that they may only cover a specific county within any of the noted regions.

Coverage: Regions of England

E-Midlands…
Arena

E-Midlands, East-of-England, S-East…
Ealing

E-Midlands, East-of-England, S-East, W-Midlands, Yorkshire&Humber…
Mutual

E-Midlands, N-East, N-West, W-Midlands, Yorkshire&Humber…
Naylors

E-Midlands, N-West, E-Midlands, Yorkshire&Humber…
CLC

East-of-England…
AJ, Pinewood

East-of-England, N-West, S-East…
SwiftDL

N-East…
Careys

N-West…
Brantwood, Stewart

N-West & W-Midlands…
Eccles

S-East, S-West, W-Midlands, Yorkshire&Humber…
STF

S-West, West Midlands…
Bristol

W-Midlands…
Bee, EasyPay, Estone

Yorkshire&Humber…
Diamond, E2, HomeChoice

Coverage: Wider UK and Ireland (Often Parts)

Ireland…
Provident

N-Ireland…
Central

N-Ireland and Scotland…
Skyline

S-West, Wales, W-Midlands…
Valleys

Who Are the Best Provident Alternatives?: The other big brands (LAH and Morses) offer excellent coverage, but they aren’t that distinguishable in the product spec department. If you do live in Mutual’s catered regions then they’d definitely be worth checking out. They offer the cheapest doorstep loan rates and you can also choose to pay them on a monthly basis that is handy. Some other companies enable online payments, but it makes greater sense to just go with an instalment loan provider where locality isn’t a problem and you can receive same day funding often at weekends. If payday/instalment firms aren’t saying yes then a subprime credit card or guarantor product would be the way to go.