The Finer Points of Morses Club Loans

26 Sep

If you need some cash to get a car repaired or you are long overdue for a holiday, then you might need the services of a short term loan. In order to get one, many people are turning to morses club loans to make this happen. However, it is important to know a little bit of how these loans work before you go out and apply for one.

The first thing to remember before applying for morses club loans is that this company is a doorstep lending agency. What this means is that once you apply for a loan, a loan agent will come to your home or place of business to discuss your potential loan.

The requirements of morses club loans are rather simple. You will need a valid ID and proof of residence such as a current address. You will also need to live in an area where there is an agent or agency and you will also need to give a relatives name and information.

You will not need to worry if your credit is in disrepair because there is no credit report needed. You don’t need a bank account or a job in order to get a loan.

Loans from Morses come in amounts of 100 to 1000 pounds. First time borrowers can borrow loan amounts of no more than 150 pounds.

The repayment plan for these loans range from 33 to 34 weeks for loan amounts of 100 to 600 pounds. For loans over that amount it will require a repayment plan of 50 weeks. In addition, payments will be received by an authorized loan agent. They will come to your home to collect repayments.

In addition, with morses club bad credit loans you can expect an interest rate of 254% to 469% depending on the amount of the loan.

One thing to remember, being that this is a doorstep loan service, it is important that you know that you can repay the loan. Collectors tend to work on commission, so, if you fail to make repayments, this can result in a huge hassle for you. In addition, these loan agents could get your payments at your home, which is a headache most people wouldn’t want. For that reason it is best to be wise and carefully consider this sort of loan before you decide to get one.

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