homebuy
Good:
They will lend to you even if you have had credit problems in the past
Bad:
You must be an existing customer with them for 6 months before you can apply
Verdict:
homebuy, like other doorstep lenders, are known for having harassing collection agents - need to be a customer for 6 months before applying - if this is your last resort we still wouldn't recommend a loan with them
homebuy is a doorstep lender that can lend you between £100 and £500 for up to 40 weeks. You can only apply for a loan after you have been an existing customer with them for 6 months.
You will need to apply via telephone and your request will be sent to a local office. A representative will contact you about coming to visit you are your home to discuss the loan which you are applying for. After the meeting, they will return to their office to speak to their manager and contact your references. Their decision is based on your current financial situation (if you can repay the loan) and your references. The loan will be paid out a couple of days later. Your repayments are then collected by a representative from your home.
homebuy is a home collected credit company which means they offer small loans to people with bad credit and the repayments are collected every week from your home. There are no charges or extra fees but the homebuy agents do work on commission. Ensure that you can afford the loan and that you can make repayments on time as you may end up with an angry agent who takes things into their own hands by harassing your home.
Homebuy are reportedly heading into financial turmoil once again...Loans are taking upto two months to process and then they are sent out by cheque which you take to the post office. A potential investor of Homebuy recently pulled out of the deal because of finances. they company is also been cutting it sales force in recent weeks.
I wouldn't bother applying to be honest.
- You must have been a homebuy customer for 6 months before you can apply (you need to have purchased a product from them on finance and made repayments on time)
- They also require 4 references for you - 2 from family members and 2 from friends (could also be from another 2 family members)
- You do not need to have a good credit history but you need to prove you can repay the loan
- You will need to provide: proof of ID, proof of address and proof of income (wage slips, benefit letters, etc.)
- You must be 18 years of age or older to apply
