MR MONEY -any experiences?

Enfieldian

MrMoney_company_representative wrote: »

We only charge a fee to some customers - depending on what there looking for. The fee can be anything between £25.50 and £58.50

Our offering to our customers is that we will help them with the best possible financial solution. This could be an Unsecured loan, Payday Loan (if they need a short term option) or debt help - we try and match them with the most suitable solution.

Our typical APR is about 23% But this often changes as we are always searching the UK market for the best options.

Hope that helps

Why charge a fee at all?

It sounds as though you will just give the customer details of a lender like Provident or a payday firm anyway.

MrMoney_company_representative

We charge a fee for our loan brokerage service. To help the customer get an unsecured personal loan. We only charge a fee when we believe that we can help the customer (based on the details they give us)

I believe that were quite transparent. If we think we can help the customer we will ask for a fee, if we then cant help them out we will refund the fee.

speece

Why not charge a fee once the customer has the loan?

sharpy2010

speece wrote: »

Why not charge a fee once the customer has the loan?

Because most customers won't pay a fee; once they've had the service provided they'll try to wriggle out of it. Thats unfortunately the case with money products.

I have to say, Mr Money Company Representative seems to be pretty genuine (I have no vested interest in the company or the representative), and his posts make sense.

I agree that it seems that people are giving his company (or the company he works for) a hard time based on a general overview of brokers, and not specifically "Mr. Money".

coco1277_2

Problem I have in understanding is why they charge the customer a brokerage fee ?
I have dealt with lots of brokers before whilst seeking a loan and never had to pay a brokerage fee , If your accepted the lender pays the broker commission for the sale anyway so why charge the customer ? especially when the loan hasnt even been approved

CHR15

If they charge the customer up front, they are quids in either way.

Take the cash, forward the details on to the loansharks, sit back with a well earned G&T.

strangedays

this compnmay is an absolute joke. i stupidly agreed to pay there fees after about 4 phone calls to them when they 100% promised me it was a gaurenteed loan. Surely they shouldnt be allowed to this this. Is this not against the law?? Apparently i am still going to get a loan irs just that the paperwork has been lost in post, not once, not twice, but three times!!! Apparently they have ni managers in the call center to speak to, which just shows how poorley run this company is.

My advice is if you wanna get robbed leave £50 in an unlocked car, much easier way to lose your money!!

MrMoney_company_representative

Hi strangedays. Really disappointed to read your post. We always try to offer the best possible service.

If it is the case that you’re waiting for your paperwork to come through it may have arrived by now, and hopefully you’re happy.

If however your not happy for any reason please contact us direct and we will refund your fee to you straight away.

muppet150

Mr money is a joke and a big one at that. I stupidly paid the brokerage fee, after being told i was guaranteed a loan. After 2 weeks of waiting for the paperwork and constantly searching for the phone number, i recieved 2 letters from them giving me alternate options for me to call companies myself. didn't i pay them to do a job??? To top it off they took the brokerage fee twice! left me short of money on my holiday, and then this is the best part, the reason i havent been given my loan yet is because ..... u ready for this load of twaddle..... the loan company has a backlog, how the !!!! can a loan company have a back log, did they fall short on money or sommot! have asked for my fee back because i feel they have just tried pulling the wool over my eyes, preying on individuals asking for financial help, only to be made worse off by con artists putting them in further debt!:mad:

iolanthe07

There is absolutely no need to pay a fee up front. No decent broker will ask for one as they get their commission from the lender.