2006-09-27 11:03:42 · 8 answers · asked by Louise s 1 in Business & Finance ➔ Other - Business & Finance
not if they are legitimate or you don't have any ccj's or anything.
They will sting you for the interest
stay away from them.
2006-09-27 11:08:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends on the type of loan. If it's unsecured then no but there will be an administration charge. This charge depends on the company but shouldn't be excessively high, no more that £40, if it's much higher and they want to add it to the loan walk away and find a cheaper lender.
If you are getting something like a mortgage you may have to pay a "Mortgage Indemnity" fee which can be very steep. My first mortgage was for a 100% loan from a reputable high street bank. The Indemnity fee was £800. (+change) To avoid paying this try to come up with a deposit, a 10% deposit would have meant no fee at that time.
From my understanding of what I was told at the time the indemnity fee actually pays for an insurance policy for the bank in the case of you defaulting on the loan. I pretty much thought it a con at the time but it's legit. It just depends on the banks assesment on how high a risk you are on defaulting.
2006-09-27 11:30:52 · answer #2 · answered by Anchor Cranker 4 · 0⤊ 0⤋
It depends on a number of factors. If it is Hire Purchase for a car it will have afront end Admin fee and a back end option to purchase fee. Most unsecured lenders on a personal loan do not charge a fee. Finance brokers will often charge an arrangement fee of up to 10% of the loan. Mortgage companies will sometimes charge an arrangement fee on low rate / fixed rate mortgages.
2006-10-01 08:31:28 · answer #3 · answered by skyrider 1 · 0⤊ 0⤋
You will normally be charged an administration fee if you are applying for an unsecured loan, you shouldn't be charged an upfront fee for a secured loan.
If you are looking for a loan with an ethical and honest finance broker apply online at www.surefirefinance.co.uk
2006-09-28 04:28:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Depending on who you apply to then maybe, this will be made clear to you before you sign.
In general if you borrow from a high street bank then no, but if you use any other company like from a tv ad the beware - they can add up to 20% - and add their fee into the loan!
2006-09-27 11:13:29 · answer #5 · answered by roddie 1 · 0⤊ 0⤋
Most places charge an arrangement/administration fee on top of the massive interest you pay.
2006-09-27 11:08:21 · answer #6 · answered by Wendy M 3 · 0⤊ 0⤋
Depends upon the lender but I know many that do not
2006-09-27 12:26:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋
100% scam, no way in a million years.
2006-09-27 11:14:22 · answer #8 · answered by Yacine B 3 · 0⤊ 0⤋