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    • Goldendolphin
    • By Goldendolphin 17th Apr 17, 4:35 PM
    • 30Posts
    • 10Thanks
    Goldendolphin
    Anyone heard of Nationwide corporate finance?
    • #1
    • 17th Apr 17, 4:35 PM
    Anyone heard of Nationwide corporate finance? 17th Apr 17 at 4:35 PM
    Hey Guys,

    Has anyone heard of Nationwide corporate finance...
    I'm looking to get a business loan for my business thats been trading since November last year.

    I've spoken to Nationwide Corporate Finance.. They needed a guarantor which is cool. and have offered me a loan (all done very fast within a day on a bank holiday).
    But they're asking for the one off set up fee and the first payment before the loan goes into my account which sounds odd to me..

    He said it was just company policy.

    they have tons of good reviews online but I don't know about the sites they're listed on so not sure if its legit or not.

    Thanks.
Page 1
    • sourcrates
    • By sourcrates 17th Apr 17, 4:36 PM
    • 11,545 Posts
    • 11,131 Thanks
    sourcrates
    • #2
    • 17th Apr 17, 4:36 PM
    • #2
    • 17th Apr 17, 4:36 PM
    How much is the fee ?

    Personally I would walk away.
    Last edited by sourcrates; 17-04-2017 at 4:40 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
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    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
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    • Goldendolphin
    • By Goldendolphin 17th Apr 17, 4:42 PM
    • 30 Posts
    • 10 Thanks
    Goldendolphin
    • #3
    • 17th Apr 17, 4:42 PM
    • #3
    • 17th Apr 17, 4:42 PM
    Its a loan for £15000 and the set up fee is £778.80 including VAT
    Monthly payments are 715.81 including VAT over 3 years...
    • sourcrates
    • By sourcrates 17th Apr 17, 4:44 PM
    • 11,545 Posts
    • 11,131 Thanks
    sourcrates
    • #4
    • 17th Apr 17, 4:44 PM
    • #4
    • 17th Apr 17, 4:44 PM
    Its a loan for £15000 and the set up fee is £778.80 including VAT
    Monthly payments are 715.81 including VAT over 3 years...
    Originally posted by Goldendolphin
    Hmmm it's up to you, but I would still walk away.

    Lots of {text removed by MSE Investigator} companies with false websites out there.

    Makes no mention of fees on there website, upfront or otherwise.
    Last edited by MSE Investigator; 05-07-2017 at 10:23 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Goldendolphin
    • By Goldendolphin 17th Apr 17, 4:47 PM
    • 30 Posts
    • 10 Thanks
    Goldendolphin
    • #5
    • 17th Apr 17, 4:47 PM
    • #5
    • 17th Apr 17, 4:47 PM
    ok, Thankyou..

    Do you know of any business loan companies that are legit?
    • zx81
    • By zx81 17th Apr 17, 4:50 PM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    • #6
    • 17th Apr 17, 4:50 PM
    • #6
    • 17th Apr 17, 4:50 PM
    Any of the high street banks.
    • Arleen
    • By Arleen 17th Apr 17, 4:50 PM
    • 927 Posts
    • 684 Thanks
    Arleen
    • #7
    • 17th Apr 17, 4:50 PM
    • #7
    • 17th Apr 17, 4:50 PM
    While upfront payment for business payments is not something unheard of, it's sure suspicious as hell. What company are you exactly speaking with, over what phone number (or email address) and what is their website address + company registration number? You can use mix of the above to verify if this person is even from who they claim to be.
    • Goldendolphin
    • By Goldendolphin 17th Apr 17, 4:58 PM
    • 30 Posts
    • 10 Thanks
    Goldendolphin
    • #8
    • 17th Apr 17, 4:58 PM
    • #8
    • 17th Apr 17, 4:58 PM
    His name is Chris moloney
    Chris.Moloney@ncfplc.co.uk
    The website looks legit. https://www.ncfplc.co.uk/business-loans/
    Authorised & Regulated by the Financial Conduct Authority Firm Ref No: 708752 | Company Registration No: 04582994
    Nationwide Corporate Finance Limited is a credit broker, not a lender. The company deals with a panel of lenders.
    • Arleen
    • By Arleen 17th Apr 17, 5:03 PM
    • 927 Posts
    • 684 Thanks
    Arleen
    • #9
    • 17th Apr 17, 5:03 PM
    • #9
    • 17th Apr 17, 5:03 PM
    Well, sounds like an easy thing to verify isn't it? Just grab the phone number from the website and verify all those details.
    • DCFC79
    • By DCFC79 17th Apr 17, 6:47 PM
    • 29,737 Posts
    • 18,828 Thanks
    DCFC79
    £715 is alot, do you earn more than that to cover the payments ?

    Are these guys the only option you have ?
    Last edited by DCFC79; 17-04-2017 at 7:34 PM.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 17th Apr 17, 8:53 PM
    • 4,971 Posts
    • 5,117 Thanks
    poppasmurf_bewdley
    It may come as a surprise but loan companies are supposed to pay you some money and then you pay it back.

    Any company trying to get you to pay it some money before they pay you is working a scam. No ifs, no buts.

    And if your company has only been running for a few months, then you're not going to get a loan from any self respecting loan company. They will want to see the books for several years trading.
    There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O.S. Nock
    • BrassicWoman
    • By BrassicWoman 17th Apr 17, 8:59 PM
    • 1,233 Posts
    • 5,156 Thanks
    BrassicWoman
    broker not lender = you pay a fee and you MIGHT get a loan

    your problem is you won't have a year of full accounts after trading only since November, so you are a risk for any mainstream lender

    remortgage?
    Downsized and mortgage free
    August 17 grocery challenge £76.61/£100
    • BrassicWoman
    • By BrassicWoman 17th Apr 17, 9:04 PM
    • 1,233 Posts
    • 5,156 Thanks
    BrassicWoman
    It may come as a surprise but loan companies are supposed to pay you some money and then you pay it back.

    Any company trying to get you to pay it some money before they pay you is working a scam. No ifs, no buts.

    And if your company has only been running for a few months, then you're not going to get a loan from any self respecting loan company. They will want to see the books for several years trading.
    Originally posted by poppasmurf_bewdley

    Business loans do quite often have a hefty (up to 3%) arrangement fee, but it's also usually deducted from the loan amount.
    Downsized and mortgage free
    August 17 grocery challenge £76.61/£100
    • StopIt
    • By StopIt 18th Apr 17, 7:55 AM
    • 758 Posts
    • 687 Thanks
    StopIt
    Massive awooga.


    These guys aren't lending you the money as they're a broker, not a lender. They're charging you for them finding you a lender, hopefully, maybe.


    Go elsewhere.
    • Gambler101
    • By Gambler101 18th Apr 17, 9:53 AM
    • 454 Posts
    • 1,105 Thanks
    Gambler101
    {text removed by MSE Investigator} No legit loan company ask for the 1st payment before they actually lend you the money lol

    Dont walk away, run away IMHO.
    Last edited by MSE Investigator; 05-07-2017 at 10:24 AM.
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • jonesMUFCforever
    • By jonesMUFCforever 18th Apr 17, 12:17 PM
    • 23,890 Posts
    • 11,142 Thanks
    jonesMUFCforever
    It states quite clearly they are a broker not a lender!
    {text removed by MSE Investigator}

    Go to your bank - they will charge you a fee but this fee is normally dded onto the loan - you won't have to pay anything upfront and you will get a month before you have to start repayments.
    Last edited by MSE Investigator; 05-07-2017 at 10:24 AM.
    What goes around - comes around
    give lots and you will always receive lots
    • Pun
    • By Pun 18th Apr 17, 1:10 PM
    • 491 Posts
    • 484 Thanks
    Pun
    Government start up loan
    Have you considered a government start up loan - no arrangement fee and 6% interest pa. Business must have been trading for less than 24 months. See https://www.gov.uk/business-finance-support/start-up-loans-uk

    If not, try whoever provides your business banking facilities. They don't generally charge arrangement fees, so don't pay one to this lot (and you might forward their details to Nationwide and ask if they are indeed associated...).
    • ThePants999
    • By ThePants999 18th Apr 17, 3:21 PM
    • 727 Posts
    • 825 Thanks
    ThePants999
    Any legitimate lender who wanted to charge up-front monies for a loan would deduct it from what they gave you, not require it to be paid first.
    • Mutton Geoff
    • By Mutton Geoff 18th Apr 17, 5:14 PM
    • 811 Posts
    • 616 Thanks
    Mutton Geoff
    Its a loan for £15000 and the set up fee is £778.80 including VAT
    Monthly payments are 715.81 including VAT over 3 years...
    Originally posted by Goldendolphin

    Gulp! That's equivalent to 42% APR. You surely must be able to secure finance at a lesser rate?
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £3,963

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • AndyPix
    • By AndyPix 24th Apr 17, 11:56 AM
    • 2,511 Posts
    • 1,663 Thanks
    AndyPix
    If you transfer me £700, then i will definitely find you a loan of £15k next week ... Honest




    Disclaimer : I wont find you a loan
    Running with scissors since 1978
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