i.m really desperate for the money and its the only way for me to get a loan due to a bad credit rating, please help!!
2007-01-30 01:11:00 · 23 answers · asked by russ n 1 in Business & Finance ➔ Credit
Think you've answered your own question there!
2007-01-30 01:13:54 · answer #1 · answered by dadn33 4 · 0⤊ 0⤋
technicaly what you are asking should ring alarm bells if they are asking for an upfront fee.
a reputable bank, building society would issue the loan but take the fee from the total amount borrowed and give you the balance to pay back at the agreed rate.
for example if you get a loan for £10000.00 then they credit you with £9950.00 as they take the first payment or fee £50 from that right away. This is just an example based on when i last got a bank loan some years ago. where the amounts are different to the example. but for ease i simplifed this quite a bit.
hope it helps.
just because you have bad credit does not mean you should be ripped off. so be careful. if the person offering the loan is honest and is offering a legal service then you have nothing to fear or worry about.
good luck. and remember if this loan is not from an approved source you have no legal grounds to fall back on should you default on the payments. you would be liable for the full amount you borrow and interest.
with a legal loan you have the option to cut your debts in the event you get in to trouble.
2007-01-30 09:28:49 · answer #2 · answered by thebestnamesarealreadytaken0909 6 · 0⤊ 0⤋
Many have answered stating that this is a scam. This is probably not the case. You are dealing with a broker. Basically, that fee you're paying goes towards them searching the market for a lender that you're able to use. The problem with this is that most brokers do not have their own lenders, so if you're already tried the major high street lenders, and had no such luck, then the loan this company recommened could be useless for you.
I'd reccommend that you use Advantage Loans. They are a broker, and will also charge a fee (probably around the same amount), however, they have a lender on their panels called FLM, who should be able to help you out with your situation as they specialise in providing finance for those with a bad credit rating. I suggest you have a look at their web site. If it seems good to you, give them a call and find out your options. (http://www.advantageloansuk.co.uk)
2007-02-02 08:37:37 · answer #3 · answered by sammyjoe 1 · 0⤊ 0⤋
The reason you are being asked to pay a fee is because you want an unsecured loan and are using a broker. Brokers don't receive any other payment from unsecured loan companies so if you use a broker expect to pay a fee, it's not a scam as some uninformed people on here claim. Would you use a solicitor or accountant and not expect to pay?
If you don't want to pay a fee then do some research and go directly to the finance company don't expect a broker to do your work for you for nothing!!
2007-02-01 04:56:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I don't know any place reputable in the US that will require money in order to recieve a loan. You need to read the small print, check to see if this company/individual is reputable. If you already made up your mind, which you seem like you do then..
I would not take the loan. If I have to pay money to recieve money especially on a loan then it sounds fishy. If you really need money then apply for a loan with a cosigner. That way you get the money and a chance to pay it back, if you fall through then they will chase your co-signer.
2007-01-30 09:41:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Please don't!! I was offered the same "loan", I paid the £49.95 to set it up and the loan company said my money would follow shortly afterwards. I then received a pile of paperwork, asking for a guarantor, should I not be able to pay the money back. If you have a guarantor, then fine, but remember to read the small print. I was ripped off and it cost me £49.95!!
2007-01-30 09:20:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Do they want the money from you in cash/check? I'd at least ask them about adding the 49.95 to the loan amount so you don't have to pay them anything up front. If they so no, they need money up front, I'd be suspicious.
You don't mention the company name or how much the loan is for, so hard to give you anymore advice.
2007-01-30 09:18:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Don't do it. i paid a broker £50 for a loan i didn't get!! Its best to search around for companies that truly lend to people with bad credit. But remember, the more credit you apply for the less chance you have of being successful because of the credit scoring system.Having said that,my credit rating is appalling yet i managed to get a credit card from capital one and another from a company called vanquis. The credit limits are very low so there is no risk of going deeper into debt.
2007-01-30 16:36:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it is definetly a con get your £49.95 in your hands and look at it, you are already in debt rather than give this money to a conman pay one of your other debts next week you will feel a bit better rather than crying about being ripped off and then making yourself even weaker and more desperate for a great sounding idea again, you have been warned
2007-01-30 11:04:18 · answer #9 · answered by Anonymous · 0⤊ 0⤋
definately not! The company will trick you by saying you have been accepted as THEIR client, however this does not mean you have been accepted for the loan. After paying the fee they could say that they cannot find a loan suitable for you.
2007-01-31 11:47:43 · answer #10 · answered by Richie A 2 · 0⤊ 0⤋
I agree with most everyone else here. You could try this site for help on a loan for someone with bad credit. There is a lot of good information and free quotes. http://loan.divinfo.com/
Good luck!
2007-01-30 10:46:08 · answer #11 · answered by Reenie 3 · 0⤊ 0⤋