Elephant loans, naughty & misleading

snowberry

MSE Official Insert:

If you're thinking of taking out a payday loan please read our Payday loans guide first. Please also read our Beware loan email from Martin Lewis news story.

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I just thought I might point out what I think is a bit of a naughty email I keep getting.
It is from Martin Lewis: & when I open it; it says that I have been approved for an Elephant loan.
Now, I know there are probably many Martin Lewis's in this world; but I think this email is trying to be a bit misleading. Has anyone else been getting it?

eslick

http://www.moneysavingexpert.com/news/loans/2010/02/beware-loan-email-from-martin-lewis

snowberry

Thanks for clarifying that one!

Koora

This is a scam...avoid like the plague at all costs!

I responded to an unsolicited e-mail from Elephant Loans and responded as I mistakenly thought they had some link with Elephant Insurance from whom I had recently got car insurance

Clever marketing on their part as there is no connection whatsoever

The Elephant Loans agent spoke to me at length on 3 different occassions during which she told me the loan amount, APR, monthly repayment, and confirmed that I had already been credit scored and approved.

I asked her to confirm all of the above and she did. I asked her if there was a ballon payment at the end and she said there wasn't. I asked her about admin fees and she said I needed to pay £49.99 to release loan documents. I therefore paid and was not amused when instead of loan documents, I got a letter from a company called Easy Finance Ltd advising I had been pre-approved for a loan at a typical APR and that I would have to complete a form to complete the application. There were also T&Cs that allowed them to charge more fees. No idea what I paid nearly £50 for other than being blatantly deceived and ripped off

The setup is a bit dodgy to make it hard to complain but basically EAsy Finance and Elephant Loans are one and the same as I googled the ElephantLoans number which was saved on my mobile call records and it came up as belonging to Easy Finance. On the ElephantLoanswebsite, the only mailing address is for a company called E Digital UK which is got dodgy written all over it

So again, Elephant Loans, Easy Finance Ltd, E Digital UK, avoid all of them like the plague no matter how good the deal sounds as it is a scam!

KingElvis

Koora wrote: »

This is a scam...avoid like the plague at all costs!

I responded to an unsolicited e-mail from Elephant Loans and responded as I mistakenly thought they had some link with Elephant Insurance from whom I had recently got car insurance

Clever marketing on their part as there is no connection whatsoever

The Elephant Loans agent spoke to me at length on 3 different occassions during which she told me the loan amount, APR, monthly repayment, and confirmed that I had already been credit scored and approved.

I asked her to confirm all of the above and she did. I asked her if there was a ballon payment at the end and she said there wasn't. I asked her about admin fees and she said I needed to pay £49.99 to release loan documents. I therefore paid and was not amused when instead of loan documents, I got a letter from a company called Easy Finance Ltd advising I had been pre-approved for a loan at a typical APR and that I would have to complete a form to complete the application. There were also T&Cs that allowed them to charge more fees. No idea what I paid nearly £50 for other than being blatantly deceived and ripped off

The setup is a bit dodgy to make it hard to complain but basically EAsy Finance and Elephant Loans are one and the same as I googled the ElephantLoans number which was saved on my mobile call records and it came up as belonging to Easy Finance. On the ElephantLoanswebsite, the only mailing address is for a company called E Digital UK which is got dodgy written all over it

So again, Elephant Loans, Easy Finance Ltd, E Digital UK, avoid all of them like the plague no matter how good the deal sounds as it is a scam!

And in other news, The Pope is a catholic and bears go to the toilet in the woods

blacksta

KingElvis wrote: »

And in other news, The Pope is a catholic and bears go to the toilet in the woods

I suspect that case of how many times it has been preached not to pay companies for loans - it is simply a scam