The company want me to send a cheque for £39.99 and they say the loan is provisional - anyone else come accross this and is it genuine or a rip off ?
2006-12-27 04:23:31 · 11 answers · asked by kidnappedsoviet 1 in Business & Finance ➔ Credit
I have heard of this before - my daughter very nearly got caught. The company was Yes Loans - and any like this are a rip off. They tell you you have been accepted - but what they mean is you have been accepted into their company contract only - they are the brokers and cannot offer you a loan. They then ask for £39.99 to put you in touch with loan companies who may or may not accept you for a loan. These tend to be companies who charge you huge interest rates. The other problem is that each search the broker does shows on your credit rating and each one reduces your credit score. One guy I know had 90 searches recorded against his name in a few weeks and not only did he not get a loan, it had cost him £40.00 to get his rating ruined. Avoid these people at all costs xxxx
2006-12-27 04:41:48 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I would try a different loan company. I have never needed to do this and would never do it as I need the loan for money I dont need to spend more to get it. There are plenty of places you can to to get a loan where you dont need to pay a brokers fee so look around. Try moneysupermarket.com for advice on where to get the best loan.
Best of luck and dont pay
2006-12-27 12:28:27 · answer #2 · answered by entertainer 5 · 1⤊ 0⤋
Its a con,you wont get the loan and they wont give you your broker fee back,you shouldnt have to pay to get a loan,you should have no outlay at all.Even if the company says they guarantee to help-dont go there
2006-12-27 14:42:48 · answer #3 · answered by NATALIE W 3 · 0⤊ 0⤋
Don't do it, why would a loan company want money up front. if there were a charge, then they would tied it into the loan. but remember loan companies, make money from the amount of interest you pay back.
2006-12-27 12:28:20 · answer #4 · answered by MIKE C 2 · 1⤊ 0⤋
Plenty of lenders and brokers will let you apply for a loan without charging up front fees. Find a new lender/broker.
2006-12-27 12:33:52 · answer #5 · answered by Joe L 3 · 1⤊ 0⤋
don't bother,,,,,,,,, i had this with a company called welcome finance and all they do is recommend you to a loan company and they get paid for that as well,, and then i didn't get a loan,, trust me they wont help you,, go to your own bank or ring for a loan yourself, if you don't credit score well as i didn't just see it through trying elsewhere,, but don't pay these people your money
2006-12-27 15:47:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Send me the money instead
you know your getting ripped off for sure then
2006-12-27 12:33:05 · answer #7 · answered by Anonymous · 0⤊ 1⤋
you will be paying this company to search other creditors to give you a loan....so your best bet is to search your self on line or go to your bank..the only other company i know who do this is yes loans.
2006-12-27 12:37:43 · answer #8 · answered by angie 5 · 0⤊ 0⤋
never heard of it, ive had 2 loand from the bank and one from the mortgage company and never asked for money first, never even saw the bank I phoned them up and they sent out the paperwork and I posted it back throught he banks door when i finished work one night
2006-12-27 12:38:59 · answer #9 · answered by Anonymous · 0⤊ 0⤋
this a rip off
2006-12-27 13:07:23 · answer #10 · answered by ? 3 · 1⤊ 0⤋