As one of the largest doorstep loans providers, Morses Club is one you might be considering if you’re strapped for cash and can’t borrow from a mainstream lender. Morses Club provides small, short-term loans and prides itself on customer service. But there are some major drawbacks to doorstep loans to consider before you decide whether to apply.
What is a doorstep loan?
Although you may be able to begin an application online, a doorstep lender will send someone to your door to arrange and confirm your loan in person, and then each week or fortnight someone will come to collect your repayments, again, at your doorstep.
Doorstep loans have long been criticised for their extremely high interest rates. Many people choose them because of the convenience of small weekly repayments or simply because they don’t have any other options. Doorstep loans have much higher interest rates compared with credit-building credit cards or guarantor loans. Be sure to check out the other options before choosing a doorstep loan, and read our page on doorstep loans.
Please note: high-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Key features of Morses Club short-term loans at a glance
Be assigned an “agent” who will always be the one to drop off or pick up your loan. Morses Club prides itself on having friendly agents.
Borrow for terms from 20 to 52 weeks.
Borrow from £100 to £1,000. First-time loans are limited to £400, but this increases when you have paid off a loan without a hitch.
Very high interest. The lowest rates are available on longer terms, but the length of the loan means you’ll still pay much more than you borrow.
Begin the application with Morses Club’s online application form.
No fees. You’ll only be charged repayments and interest. Morses Club doesn’t charge any arrangement, set-up or late payment fees.
Am I eligible for a Morses Club personal loan?
You should only apply for a Morses Club personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
Live in an area with a Morses Club branch close by
Haven’t applied for sequestration or had an individual voluntary arrangement or debt relief order in the last 6 years
Did you know?
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
It also capped all default charges at £15 and the total cost (interest and fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
How does it work?
If you’ve decided that a Morses Club doorstep loan is right for you, follow these steps:
Begin the application online. You don’t need any documentation as this will be checked on your first home visit.
You will receive a notice of whether you have been initially approved and someone from your nearest Morses Club branch will call you to arrange finishing your application.
A visit will be arranged, and you’ll need to show your agent a valid ID as well as proof of income for the Morses Club affordability check.
If you pass all the checks, your agent will give you the money then and there, and they will also arrange a weekly time for them to come and collect your repayments.
How long will it take to get my loan?
Once you’ve been initially approved, you should receive a call to arrange a home visit. How soon this visit is will depend on the amount of available agents in your area, but should be within a couple of days. As your loan is paid out during this visit, the amount of time depends on when an agent is next available.
Morses Club’s website states that some loans are paid out within two days, but it advises that there is a chance it will take a little longer than this.
Morses Club pros and cons
Excellent customer service record, with many customers recommending Morses Club.
Weekly repayments are smaller and so easier to keep up with.
You’ll have the same agent to deal with your whole loan.
Really high interest. Like, really, really high interest.
You can only get a loan if you live relatively near a branch.
There are many cheaper options, and most people will be able to get one of those instead.
How does Morses Club hold up against the competition?
Table: promoted deals, sorted by total payable
There is a wide range of online short-term loan companies that are regulated by the FCA, and which are not allowed to charge more than 0.8% interest daily. You can compare costs from a selection of lenders like these by using the table below.
How much money do you need to borrow?
How long do you need to borrow over?
Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Frequently asked questions
No, Morses Club doesn’t take payments on credit cards, however they accept debit cards, excluding Electron and American Express.
Yes, you can pay off early by making weekly overpayments or by paying off in a lump sum. Talk to your agent about the options available to you, as you may qualify for an early repayment rebate.
There aren’t any late payment fees, and most of the time you can discuss with your agent the options available to you if you are struggling. If you don’t discuss with your agent and continue not to pay, you could end up in serious legal trouble.
Yes, Morses Club do sometimes give further finance to existing customers if they are approved and have been on time with previous repayments.
Yes, Morses Club undertake a credit check before approving any loan.
If you are experiencing any issues, you should contact your Morses Club agent, or phone on 0330 045 0719. Alternatively, if you are still dissatisfied, you can contact the Financial Ombudsman Service (FOS) to deal with your case.
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Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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