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Mutual

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Representative APR 104%

APR ranges from 47.5% - 188%

Loan Amount £50 - £2,000

Repayment Method An agent will collect the cash from your home

Payout Method Cash delivered to your home

Speed 2 - 3 working days

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Good Stuff

They can help you if you have had problems with your credit

Bad Stuff

If you miss payments and do not organise another payment date, agents may harass you at your home

Verdict

Of all the doorstep lenders, this is the cheapest - before you apply, think of the high charges and the threatening agents if you don't make payments on time

Summary[edit]

Mutual are a family-owned doorstep lender that can lend between £50 and £2,000 for 26, 51, 102 OR 156 weeks. They operate on a door to door basis which means they deliver the money to your house and they collect the money from your house.

You can only apply online. You must enter your postcode to ensure they have agents operating in your area. A sales agent will call you to confirm a day and time to visit your home with the documents. They will bring everything you need to your house and you will need to identify yourself with photographic ID. You will fill out the application form with them and then the agent will go back and assess the application with their manager. They will run a credit check on you, but every application is assessed individually so you can have bad credit in the past. You just need to be able to prove that you can afford the loan now. You will then get a call from Mutual telling you if you have been accepted or not. If accepted, the money will be delivered to your home.

Mutual operates on a very similar basis as other doorstep lenders - they charge higher interest rates but they are very convenient as they accept you if you have bad credit and they will come to your home for everything. Be cautious when applying with companies such as Mutual or anything similar as generally their agents work on commission. This can lead to problems if you are unable to make repayments as this means they do not get paid. Their agents may even harass you at your home.

[edit]Lending Criteria

Criteria:

  • Employment:
    Full Time Work, Part Time Work, Temporary/Contract, Self Employed, Retired, Benefits, Education, Carer, Homemaker, Benefits - JSA
  • Residential Status:
    Homeowner, Tenant, Tenant - Private, Tenant - Housing Assoc., Tenant - Council, Living with Family
  • Defaults:
    Any number accepted
  • Time In UK:
    At Least 3 Years
  • CCJs:
    Any number Accepted
  • Loan Purpose:
    Debt Consolidation, Home Improvements, House Purchase, Car Purchase, Car (Other), Holiday, Wedding, Boat, Business, Student Loan, Christmas, Home Furnishings, Pay Day Loan

 

Checklist:

  • You must live within an area an agent operates in - check their website and enter your postcode to find out
  • You must be 18 years of age or older to apply
  • You do not need to have a good credit history
  • You do not need to have a bank account or direct debit facilities
  • You must have been a UK resident for one year or longer
  • You do not need to be employed. It doesn't matter if you are a carer, on benefits, on Job Seeker's Allowance or a homemaker
  • You must not live in a buzzer entry home

[edit]Charges

Default FeesIf you default on the loan, your loan will be referred to bailiffs who will take immediate action and repossess items

Late Payment FeesIf you are going to miss a payment, you need to speak with your agent to arrange a better date. Or, they may get bailiffs involved

Early Settlement FeesYou can settle your loan at any time without a charge

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