2007-01-19 00:07:38 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Only if you read the materials submitted by the broker. Be sure to read and understand the fine print.
With today's online approval systems offered through the secondary market, I was able to approve people for mortgage loans in a matter of a few minutes. That is without formal approval of job, income, assets, etc. That was purely a credit approval.
It can be possible to get someone fully approved within 5 days if they brought all their documentation in to me and I was able to fully underwrite the file.
2007-01-19 01:03:29 · answer #1 · answered by Culture Warrior 4 · 0⤊ 0⤋
Just a question to those who have answered saying never pay an upfront fee.I'm a little confused why people continue to say 'never pay any fees up front'?
If you want an unsecured loan and go to a broker the only fee a broker receives would be the administration fee. If you use a reputable broker, meet the criteria set out in the letter and are refused a loan then they should refund your admin fee.
They would normally ascertain why you were refused and if it was because you didnt meet one of the set criteria then you wont receive a refund, however if you did meet all the criteria and were refused they should issue a refund. The problem is as in all walks of business life you have to use a reputable broker.
If you apply for a secured loan then you shouldn't ever pay an upfront fee as the brokers fee is paid by the finance company.
If you want an unsecured loan and use a broker then generally there will be an admin fee, would you use a solicitor or an accountant and not expect to pay a fee?
2007-01-19 01:30:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No reason why not - if you secure a loan with your own bank the money can be in your account the following working day. As long as you have checked the interest rates and the small print, shoudnt be anything to worry about.
2007-01-19 00:12:15 · answer #3 · answered by gixerbry 3 · 0⤊ 0⤋
ONLY IF they are in a local bank that you have been doing business with for years.
I can call my banker and he has any money I want when I want in just 1 day. Being a good customer gets me what I want when I want.
Be leary of any loan things here on the web or over the phone. Stick with your city and do business by walking in the door !!
2007-01-19 02:30:49 · answer #4 · answered by Kitty 6 · 0⤊ 0⤋
No, that is much too long, why does he need so much time. Most loan companies such as banks AA etc will guarantee you a loan on the spot, shouldn't take 5 days unless you have CCJs or similar
2007-01-19 00:54:49 · answer #5 · answered by Klamidia 2 · 0⤊ 0⤋
I wouldn't trust them overall. They could guarantee a loan but the interest/apr can range from 0% to over 100%. Go careful and I would recommend that you don't pay any admin fees up front.
Good luck
2007-01-19 00:12:18 · answer #6 · answered by Bristol_Gal 4 · 0⤊ 0⤋
beware the words subject to criteria , look at the interest rate and never pay anything up front .
2007-01-19 00:13:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
just keep your money and don't waste them. Earn money by working and don't take the short way becoming a rich. Keep your money!
2007-01-19 00:18:18 · answer #8 · answered by Cie'lo 1 · 0⤊ 0⤋
no
2007-01-19 00:14:54 · answer #9 · answered by me 5 · 0⤊ 0⤋