Could really use some help...

pixie_sticks

Hello. I was really looking for a little advice from the more loan savvy people here.

I was after a loan for £4300 to pay back over 4 years for medical expenses and, although my credit score is excellent, I was turned down by Nationwide, who told me they have met their loan quota and were only lending to people meeting their very particular criteria. I applied for A&L, but was turned down by them also.

A&L have since passed my details onto another company, supposedly with a large panel of lenders to try and 'match' me to a lender.

Today I was contacted by a broker called Quick Decision Loans, who said they could help find a lender for me. They asked me questions and estimated that I should expect to be paying back around £150 a month, then they took a fee of £50 and assured me that this was completely refundable if they could not find me a suitable lender.
I don't consider myself a particularly clever person about things like this and I'm starting to feel a little over my head. I am confident that I can make the repayments easily, but I'm worried about being scammed or jostled into a contract that's bad for me...

So I suppose my question really is... are these companies legitimate? Should I be wary of companies like this? I'm not expecting to have a fantastic deal, as I'm considered a 'low earner', making around £6500-£8000 a year, but I really don't want to be taken advantage of either.

Any help or advice would be appreciated. :A

Apples2

Don't worry about being scammed, that has already happened.

You've already lost £50 and have nothing to show for it. Do a search on here for reclaiming the brokers fee. Many people have been scammed in similar circumstances.

pixie_sticks

Great... Heh. Well, I feel stupid. Of course, the clue should have been in their company name - 'Quick Decision' and the man on the phone seemed just a little too helpful...

So I should be avoiding brokers altogether? Or can they really find me someone that would be willing to offer me a loan like they say? If they genuinely could, I'd be happy to pay that £50 fee. My main concern is that they would hand me over to some less-than-savoury company with hidden charges and fees...

iolanthe07

No decent broker will charge an up-front fee to the borrower. They make their money through commissions from the lender.

jamielee_2

i did the exact same thing as you!

paid the fee thinking, "this is great, i'm getting a loan, he's very helpful"

- NO. they're quick enough to take the money but then use the excuse that they do not have the calls recorded, ect ect.

best4loans.com even had the cheek to delete their correspondence online where they had said i had been accepted.

wait, the next response you'll get is "sorry, you have been declined"

i'm really sorry, it seems these companies are just in it for themselves.

good luck, i'll let you know if i find anything!

theresa63_2

i have to say am very shocked plus happy that things have now been sorted for me from best4loans. after contacting then AGAIN i told them that the financal ombudsmans was helping me and i was not happy with them. all i got to say is if your not happy seek help BEST OF LUCK.

Rafter

Borrowing over 50% of your income as a low earner, you really are going to be scraping the barrell with who with lend to you and the fees and interest that they will charge.

Are you sure you cannot get the medical treatment on the NHS?

R.

phlogeston

pixie_sticks wrote: »

A&L have since passed my details onto another company, supposedly with a large panel of lenders to try and 'match' me to a lender.

How do you know that A&L passed on your details and did you give them permission to do this?

Could be a breach of the Data Protection Act.