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loans

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lorraineb500
lorraineb500 Posts: 5 Forumite
in Loans
can any one tell me if i should have to give a 50 pound admin fee to get a loan i have sent 50 pound and i have heard nothing yet they said my loan had been approved some one help me cheers

Comments

  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Sounds like you are going through a loan broker who has taken an admin fee up front.

    Be very careful before signing the eventual loan agreement that the APR is reasonable and that you are not putting your house or other assets at risk.

    Mainstream highstreet loans do not charge these admin fees, the banks wouldn't sell any if they did.

    R.
    Smile :), it makes people wonder what you have been up to.
  • lorraineb500
    lorraineb500 Posts: 5 Forumite
    will i be garanteed a loan if i use a broker or is it just a con :money:
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It is a con. They will take your £50 'application fee' and if you haven't got security (like a house) they will either offer you some stupid APR or decline you saying you don't meet their conditions.

    Perhaps if you post some details about your situation, how much you want to borrow etc, someone may have some alternative advice?

    Good luck

    R.
    Smile :), it makes people wonder what you have been up to.
  • lorraineb500
    lorraineb500 Posts: 5 Forumite
    my husband has been trying for a loan of 5000 but he keeps getting brokkers who ask for a 50 admin fee who else could he use he has been having trouble he has sent on 50 pound and herd nothing what should he do
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why is he asking brokers? Has he tried his own bank?Does he have a good/bad credit rating?
    Without knowing what the broker was offering for his £50 it is impossible to advise whether he has a right to a refund if no loan is forthcoming.
  • lorraineb500
    lorraineb500 Posts: 5 Forumite
    his credit rateing isnt brilliant he has asked his bank but no joy he just get inundated with phone call saying hes been approved and he sent the 50 pound and then he gets refused he has tried yes and they approved him but want 50 pound what should he do
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Tell them to take it out of the amount lent to him!!
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