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My discussion with TenantLoans.
My name is Martyn
This may or may not apply to you, but a few days ago I received a small blue letter through the letterbox by TenantLoans offering an unsecured loan for anyone with debt problems.
I applied and was granted a loan for £300. I realised before-hand that these people were just 'middle men'; brokers. They charge a £49.95 broker's fee, which will set the ball rolling and hopefully find a loan for you. I phoned TenantLoans up today after reading so many complaints by people (on internet forums) that TenantLoans is a bad scam. On the phone I spent 20 minutes reading out at least 15 complaints by customers who either didn't get their £49.95 back (assuming they weren't happy with the loan offered, or the apr offered on the loan) or were just unhappy with how they were dealt with the phone, etc.
The representative I spoke with ensured me that TenantLoans has been in service for over 7 years and whose customers and customer loyalty is increasing year by year : over 7000 customers have come back for another loan, he said. They realize that they cannot please everyone, but on the whole TenantLoans believes that its services are authentic, within the law, and have good working practises with its customers.
I questioned them over why people didn't get their £49.95 back with some people so unhappy that they had to go right to the top and email the directors just to get their money back. The representative I spoke with gave me no direct answer, but continued to ensure me that overall their service is legit and good, and that customers are happy with the loans they received.
The representative I spoke to over the phone asked why I had these doubts about sending off my application. I told him that I was just concerned for my finances and didn't want to dispatch the said sum of money for the broker's fee only to find out that no lender will lend me a loan. He said that they will find me a loan because I fit the criteria! I questioned him as to why a loan can only be guaranteed upon criteria and not assurance (from the customers point of view, for example). He said that once they recieve the broker's fee they will look for a loan suitable for me.
I said to him,
so there's still no guarantee that you'll find me a loan?
He said, No. We will find you a loan because you fit the criteria.
I said So, you haven't found me a loan, you just think you have based upon some criteria?
He said, Look, we are providing a service. We will do our best to look for a loan for you. We are a genuine registered company. Why would we con people?
I said, Well, the way in which you word your letters conveys the idea that the customer is guaranteed a loan. You cannot guarantee a loan untill a loaner/lender agrees to pay out a sum of money to the customer. You are just searching for a loan for us, but you have no way of guaranteeing it, because you are just the broker. But your letters/correspondence, conveys the idea that upon receiving the broker's fee they will get a loan in their bank account within 5 working days.
The phone call ended after 20 minutes. I got the impression that he was genunine but that he was just doing his job too. As the mouthpiece of the company, he's just doing his job, doing what is told to say by the bosses.
So from my understanding of TenantLoans, you pay them the broker's fee. They look for you a loan. You are not guaranteed the loan, because they are just looking for a loaner for you. You don't get the loan untill the lender agrees you can have one. So they could be searching for a long time for a loan for you. Meanwhile you are £49.95 out of pocket and are probably wondering what the hell is going on and all emtional and thinking you've been conned. Many customers have complained that after having not found a loan (for whatever reason) they have gone through hell just to get back their £49.95.
Right now, my application form for £300 sits on my table. I am totally unsure about whether to send it off (with the relevant costs) or not. Should I take the risk? Will I be in the same boat as those disgruntled customers who felt conned? Or will they really find me a loan within 5 working days?
There is no guarantee of anything ; they do not put THAT in their correspondence and that is why customers feel conned. It is what is NOT written in the correspondence that misleads the customer into thinking they are guaranteed or have been accepted for a loan of their choosing when they find that TenantLoands has accepted them for their service. Whilst many customers have threatened to report TenantLoans to the OFT, TenantLoans say that their practises are lawfull and they provide a very good service to customers.
So what does :money: think about this?
Martyn.
[FONT=Lucida Handwriting, Cursive]Martyn Blackburn[/FONT]
This may or may not apply to you, but a few days ago I received a small blue letter through the letterbox by TenantLoans offering an unsecured loan for anyone with debt problems.
I applied and was granted a loan for £300. I realised before-hand that these people were just 'middle men'; brokers. They charge a £49.95 broker's fee, which will set the ball rolling and hopefully find a loan for you. I phoned TenantLoans up today after reading so many complaints by people (on internet forums) that TenantLoans is a bad scam. On the phone I spent 20 minutes reading out at least 15 complaints by customers who either didn't get their £49.95 back (assuming they weren't happy with the loan offered, or the apr offered on the loan) or were just unhappy with how they were dealt with the phone, etc.
The representative I spoke with ensured me that TenantLoans has been in service for over 7 years and whose customers and customer loyalty is increasing year by year : over 7000 customers have come back for another loan, he said. They realize that they cannot please everyone, but on the whole TenantLoans believes that its services are authentic, within the law, and have good working practises with its customers.
I questioned them over why people didn't get their £49.95 back with some people so unhappy that they had to go right to the top and email the directors just to get their money back. The representative I spoke with gave me no direct answer, but continued to ensure me that overall their service is legit and good, and that customers are happy with the loans they received.
The representative I spoke to over the phone asked why I had these doubts about sending off my application. I told him that I was just concerned for my finances and didn't want to dispatch the said sum of money for the broker's fee only to find out that no lender will lend me a loan. He said that they will find me a loan because I fit the criteria! I questioned him as to why a loan can only be guaranteed upon criteria and not assurance (from the customers point of view, for example). He said that once they recieve the broker's fee they will look for a loan suitable for me.
I said to him,
so there's still no guarantee that you'll find me a loan?
He said, No. We will find you a loan because you fit the criteria.
I said So, you haven't found me a loan, you just think you have based upon some criteria?
He said, Look, we are providing a service. We will do our best to look for a loan for you. We are a genuine registered company. Why would we con people?
I said, Well, the way in which you word your letters conveys the idea that the customer is guaranteed a loan. You cannot guarantee a loan untill a loaner/lender agrees to pay out a sum of money to the customer. You are just searching for a loan for us, but you have no way of guaranteeing it, because you are just the broker. But your letters/correspondence, conveys the idea that upon receiving the broker's fee they will get a loan in their bank account within 5 working days.
The phone call ended after 20 minutes. I got the impression that he was genunine but that he was just doing his job too. As the mouthpiece of the company, he's just doing his job, doing what is told to say by the bosses.
So from my understanding of TenantLoans, you pay them the broker's fee. They look for you a loan. You are not guaranteed the loan, because they are just looking for a loaner for you. You don't get the loan untill the lender agrees you can have one. So they could be searching for a long time for a loan for you. Meanwhile you are £49.95 out of pocket and are probably wondering what the hell is going on and all emtional and thinking you've been conned. Many customers have complained that after having not found a loan (for whatever reason) they have gone through hell just to get back their £49.95.
Right now, my application form for £300 sits on my table. I am totally unsure about whether to send it off (with the relevant costs) or not. Should I take the risk? Will I be in the same boat as those disgruntled customers who felt conned? Or will they really find me a loan within 5 working days?
There is no guarantee of anything ; they do not put THAT in their correspondence and that is why customers feel conned. It is what is NOT written in the correspondence that misleads the customer into thinking they are guaranteed or have been accepted for a loan of their choosing when they find that TenantLoands has accepted them for their service. Whilst many customers have threatened to report TenantLoans to the OFT, TenantLoans say that their practises are lawfull and they provide a very good service to customers.
So what does :money: think about this?
Martyn.
[FONT=Lucida Handwriting, Cursive]Martyn Blackburn[/FONT]
0
Comments
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Why don't you just go to one of those moneyshops or payday loan people for £300?
The interest can't be much more once you factor in your application fee to tenant loans...0 -
Troubled_Joe wrote: »Why don't you just go to one of those moneyshops or payday loan people for £300?
The interest can't be much more once you factor in your application fee to tenant loans...
You need to be in full time work to be granted a loan from payday loans.0 -
Fair enough. I'm out of ideas I'm afraid.
I can't believe that anyone would consider a £50 application fee for a £300 loan though.0 -
...Dare I say it - Provident?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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I think this is spam but I don't have an email client installed on this PC so can't report it, can someone do it for me?Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
You think what is spam? You think I made this up?
To be honest it does appear a bit suspicious.
There seems to be so many of these postings at the moment where new members on the forums are posting what only be adverts for these companies. Its all just a little bit too coincidental for me.0 -
You sound like David Bancroft to me - name mean anything - he was touting Tenant loans but he went a bit quiet when nobody backed him up that tenant loans were in fact scumbags who prey on arrangement fees and very few if any get the loans for the AMOUNT they want.0
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jonesMUFCforever wrote: »You sound like David Bancroft to me - name mean anything - he was touting Tenant loans but he went a bit quiet when nobody backed him up that tenant loans were in fact scumbags who prey on arrangement fees and very few if any get the loans for the AMOUNT they want.
I ceratinly do not work for TenantLoans!! I am on JSA and have just left a cleaning job with OmegaFm. I got offered a loan by TenantLoans but I ended up phoning them because it sounds to easy and I've been trying to get loans for years. I asked for £500 first but then I quit my job and asked for £300 instead. I just want to know if its worth sending them that brokers fee. That's all.0 -
jonesMUFCforever wrote: »You sound like David Bancroft to me - name mean anything - he was touting Tenant loans but he went a bit quiet when nobody backed him up that tenant loans were in fact scumbags who prey on arrangement fees and very few if any get the loans for the AMOUNT they want.
I told the guy from Tenantloans about what people were saying about them; I threatened them saying that I would be sending an enquiry to the OFT and then they told me that they are registered with the OFT. The guy on the phone was very adamant that I am going to get the loan even though he could not say that I would it for certain. He seems to be using a lot of clever wording. He said I will get a loan but he's just the broker!! He looks for the loan but he cannot guarantee a loan untill a loaner or lender agrees to giving one. So either this guy is dumb or he is very clever.0
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