Have any of u ever applied for a loan and get back a letter saying ur application has been approved- and that u need to send a brokers fee of £49 to process it??- Is this a con where they get your £50 and then dont give you a loan??? (UK)
2006-11-20 21:51:13 · 26 answers · asked by sugar 2 in Family & Relationships ➔ Other - Family & Relationships
Almost everything is a scam these days. I wouldn't pay them until they guarantee you in writing you'll get the loan.
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2006-11-20 21:56:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most financial institutions have a loan processing fee. That's probably what this fee is. If you don't feel comfortable tell the company that you request an amortized detail report or a fee schedule before you submit any payment. You have the right to change your mind on any loan, depending on the financial instituition is how many days you have before cancellation. I have been in banking for 7 years SO I am up on the financial info. Good luck!!
2006-11-21 05:57:06 · answer #2 · answered by SareBare 2 · 0⤊ 0⤋
Don't send any money if you are eligible for a loan then i would suggest someone like Alliance and Leicester as they have a great interest rate but if not stick to a bank or building society you should never have to pay up front any processing payments are added to the interest on the loan
2006-11-21 08:01:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Probably, I would speak to an independent advisor before you give any money, but at the end of the day if they said your loan request has been approved and they need £50 to process it, you will most definately get the loan you asked for
2006-11-21 07:43:14 · answer #4 · answered by brumbeep 2 · 0⤊ 0⤋
has happened to me b4.applied for 5k loan,got letter saying that i had been accepted for it and all i needed to do was pay £49 fee.paid that,then they sent me details of a company that were willing to lend me £3k.all a broker does,is look for a company that is willing to lend you something,not necessarily the amount you want.then when you contact the company yourself,they will probably offer you the money with ridiculous interest rates.my advice is if you have a good credit rating,then try your bank or some other reputable company,but never bother with brokers.if you have a bad credit rating,then if u just want loan for luxuries,best to do without for now.if it's to pay off debts,like i needed to,then i just contacted a free debt advice centre and they got my monthly payments down to a minimum.
2006-11-21 06:11:24 · answer #5 · answered by mike w 3 · 0⤊ 0⤋
sadly it is the case if you are accepted and want the money by cheque within 2 days or something like that. if you were offered the loan without approaching them its a con. don't take the insurance either major rip off. seriously rip the agreement up and tell them to cancel the loan. most of the quick loan companies are legitimate but still a bunch of thieving bastards who will do everything they can legally to steal from you. they got more twists than a hitchcock film.
2006-11-21 06:00:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Application fee should be in front depends what you are buying.
But you should be inform before about it. Bank is different and Brokers are different with the charges. Application supposed have the information if you approved - what fees you have to pay.
2006-11-21 06:03:12 · answer #7 · answered by Toto 6 · 0⤊ 0⤋
There is no guarentee, they haven't done a credit check on you yet. This fee they will say is an Administration fee, it covers all the ground work they have to do to get you aproved by a lender.
I wouldn't go for any companies if they are asking for money up front. Talk to your bank instead, plus the interest rates are lower.
2006-11-21 05:55:56 · answer #8 · answered by Scatty 6 · 0⤊ 0⤋
Yer its kind of a scam. What they do is search businesses that would lend you money according to your criteria/status etc. This is their fee for passing your details on. I did it once and a company got in touch with me but didnt even offer me the full amount that i wanted. I wrote to the company who had taken the fee and told them that no one had offered me a loan and they refunded my fee back. Not all companies WILL DO THIS SO I WOULD CHECK BEFORE SENDING PAYMENT.
2006-11-21 06:09:46 · answer #9 · answered by nicnac 3 · 0⤊ 0⤋
ah,,i have seen these,,,they are true yes,,they search other lenders for you,,(this does go on your credit score too) and when they find one who is prepared to loan you money they send you the offer to pay 49 pounds and the lender contacts you,,the problem is,,when you think you are likely to be offered 5000 by a large competent company ,what you actually get is such as,shopacheck/provident or similar offering you 500 pounds,,they are doing nothing illegal and they have not made you any promises,,they have found one likely to loan you cash but not what you expect,,,,dont do it.it is not a con but still.
2006-11-21 08:16:21 · answer #10 · answered by lex 5 · 0⤊ 0⤋
Pay money to get money? Doesn't sound very logical to me. At least here in the USA I've never had to pay any type of processing fee to get a loan if I ever needed one. Don't take my word for it, but I call SHENANIGANS!
2006-11-21 06:08:06 · answer #11 · answered by Soggy Waffles 5 · 0⤊ 0⤋