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Sites that promise to get you a loan
Comments
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Monkeyballs wrote: »Desperation? Someone doesn't need to be either ignorant, uneducated or lazy to be desperate do they?
It's desperation which these outfits play on in my opinion, why else would you opt to go for a company which offers to contact dozens of companies on your behalf to try to get you a loan as opposed to just chosing one of the "mainstream" lenders (even if they are a PDL) - although I do accept there are exceptions to the rule
While helping people on the DFW forum I've seen plenty of broker sites that make no reference to them being brokers until you read through the endless pages of T&C's instead opting to state "We will get you the money you want fast!" big and bold on their homepage.
MB
Desperation, of course. I have been desperate many times myself. But I have ALWAYS read the terms and conditions before giving my bank details. I stand by my post.0 -
RuthnJasper wrote: »Desperation, of course. I have been desperate many times myself. But I have ALWAYS read the terms and conditions before giving my bank details. I stand by my post.
That's fine and I stand by my reply.
It's not always black and white, if you think you're just applying for a PDL (not that I'm saying it's a good thing either) because the homepage says something along the lines of "Cash in your bank fast" and you've had PDL's in the past then it's easy to apply not realising it's a broker... It's a tactic they seem to rely on to generate their money.
MB0 -
I don't disagree with that although I have quoted the refunds procedure more times than I care to remember without reading all the terms.Monkeyballs wrote: »until you read through the endless pages of T&C's
I open the link, CTRL F and type FEE
Hit enter and it takes me straight to "we charge a fee for providing this...." etc.
It takes literally seconds, whilst I (along with many others) appreciate not everyone either knows (or can be bothered) to do this but peoples desperation for cash they really shouldn't be applying for anyway should never be used as an excuse.
A lot of posts descend into flaming but it is generally the original posters (or those posters who feel a need to defend people less intelligent than themselves) who kick it all off in the first place.0 -
I open the link, CTRL F and type FEE
Hit enter and it takes me straight to "we charge a fee for providing this...." etc.
That's a really useful tip. Thank you.
For anyone who may have been caught out by a loan broker, the following is taken from the OFT's website:
The Consumer Credit Act limits a credit broker's charges to £5 if, following an introduction to a lender, an agreement is not signed within six months. If more than that has already been paid, brokers must refund the excess on request.
Best wishes,
David @ NDL.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
I don't disagree with that although I have quoted the refunds procedure more times than I care to remember without reading all the terms.
I open the link, CTRL F and type FEE
Hit enter and it takes me straight to "we charge a fee for providing this...." etc.
It takes literally seconds, whilst I (along with many others) appreciate not everyone either knows (or can be bothered) to do this but peoples desperation for cash they really shouldn't be applying for anyway should never be used as an excuse.
A lot of posts descend into flaming but it is generally the original posters (or those posters who feel a need to defend people less intelligent than themselves) who kick it all off in the first place.
Great advice, and if I'm being honest I do same on T&C's looking for the '£' sign (I don't like people criticising people in need, I never said I don't do the right thing LOL).
You're absolutely right, desperation isn't an excuse but it is a cause - desperate people do desperate things and while it may not be a good idea, at the time if you're not thinking right then you do things without thinking...
If I had my way, I'd impose a complete ban on any broker whose primary lenders are PDL's because anyone knowingly using them as a broker has probably applied to numerous "mainstream" PDL's already and need help for the underlying cause of their need to borrow.
MB0 -
National_Debtline wrote: »The Consumer Credit Act limits a credit broker's charges to £5 if, following an introduction to a lender, an agreement is not signed within six months. If more than that has already been paid, brokers must refund the excess on request.
There should be no need for them to wait the 6 months or lose even the fiver. You said in another threadNational_Debtline wrote: »Hello again,
I've just undertaken a little more research, and as far as I can see - any cancellation within 14 days should allow for a full refund under The Financial Services (Distance Marketing) Regulations 2004 [Regulations 9 & 10]:
http://www.legislation.gov.uk/uksi/2004/2095/made
Hope you find this useful.
David.
So if they realise their mistake quick enough they can get a full refund.0 -
There should be no need for them to wait the 6 months or lose even the fiver. You said in another thread
If they can get it within the 14 days then they can rely on the above regulations. If they are beyond the 14 days the refund would be governed by the rules that have been highlighted in black.
You're absolutely right, it's way better to get the full refund within the 14 days.
David.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Really? people come on to this site for help and your reply is that they are stupid?
Must be great seeing the world from your pedestal.
Pedestal - what are talking about?
The OP did not post looking for advice. He put up a subject for discussion and I voiced and opinion on it. Whether it is money lending (or not as the case may be), email lottery scams or guys in a petrol station asking for money to get home because they have 'forgotten their wallet', all scams rely on taking advantage of someone in a moment of stupidity. It's a fact - not a judgement.0
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