Doorstep loans are very useful if you want an emergency need of funds to meet an important expense. These loans are given to you almost instantly after you get approval, and the approval process itself rarely takes more than a day. You can use this money to cover essential and unavoidable expenses such as car or house repair as well as medical bills. However, you have to be very careful about how you handle these loans because they can be very expensive indeed. After all, the lender is giving you money without asking for collateral or even considering your credit rating!
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You have to make payments towards your doorstep loans exactly on schedule because there will be very high penalties imposed if you don't pay them back on time. In fact, if you keep delaying the payment, the total cost of the loan will become unmanageably high. In the worst case scenario you can get into legal difficulties with the loan company over the amount due to them.
If you have problems paying back your doorstep loan you should do all you can to solve them before the loans become due for payment. Ask your friends or family members for a quick loan if you can. If this is not an option, which is why you took the loan in the first place, you should have a frank talk with the loan company to spell out your problem. The biggest mistake you could commit is to ignore the problem, hoping that it will go away by itself.
What you should do is get in touch with the lender in order to see if the loan payment can be deferred. There will be a cost associated with deferment and you should find out exactly how much it is. Most lenders will be glad to offer this option since it is cheaper than taking you to court. If you can find a cheaper lender then you could also consider contacting that lender in order to get money to pay off the first loan. You should simultaneously do whatever you can to earn some additional money or reduce expenses so that you can get out of the debt trap once and for all.
Most people balance the cost of the loans against the benefit of taking them before they make a decision. You should therefore be a responsible borrower by only taking money for essential expenses.
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