Doorstep loans could be on the rise
26/06/08
Doorstep loans are on the rise as many Brits are now in fear that they may not be accepted for a mortgage loan from a normal high street lender. Latest research highlights the increasing fear of the credit situation and the impact it is having on many individuals credit status.
The research was undertaken by Equifax and figures showed 31 per cent of people had looked for a doorstep loan because they felt that they may no longer be able to keep up with their mortgage payments or they will not meet the higher and tight lending standards of mortgage lenders.
The research also unveiled that 32 per cent of those involved in the survey thought about not continuing with payments to their credit card just to keep up with their mortgage. In addition, women seem to be have more affected by the credit crunch than men.
Doorstep loans have been known to be very expensive and some with some of these providers shocking and exponential interest rates like over 2 million per cent APR have been known.
