UUC - Unsecured Loans Company ?

marescino

I applied for a loan with Santander who took their time in getting back to me - At the bottom of the letter refusing my application was a blurb that said: 'If you are looking to borrow less than £3000 UCC plc may be worth contacting. ' According to Santander, they are 'highly regarded within the finance industry'.

I promptly called them and they passed me to the application dept who took my details and told me i was aproovedfor a loan - they gave me a repayment amount and agreed to process the loan - they said they charge an admin charge of £49.95 and could i pay it today - I said they could call me back tomorrow.

Having looked on the net, there doesn't seem to be much info on this outfit - Has anyone here had dealing with them ? Did they come through with a loan ?

Would love to hear feedback before i rush into anything

Thanks

Sasahara

Paying for a loan upfront instantly sounds fishy. If a loans company has an admin charge you'd expect them to add it to the loan amount.

It's more likely to be a fee for them to act as an agent to find you a loan.

CHR15

NEVER NEVER NEVER pay an up front fee.... period.

May as well throw it away.

Shoegal174

Hi All, I was wondering if anyone else had any more info on this company? Im trying to consolidate and went to Santander on my partners suggestion, to see if I could get accepted for a loan and change my bank account over to them. Very helpful and friendly personal banker however two days later I had a letter declining my application- however also advising me to contact ECC. I have had a look on their website, quick loan calculator etc and to borrow the amount that I would need to wipe my debts and have one repayment would mean something ridiculous like 26% APR! So I would be paying almost double the loan amount in interest! Surely not the best solution, however with my credit rating being only fair, my options are limited. Any advice welcomed and much appreciated! thanks.

Apples2

What is it you are struggling to understand Shoegal174??

You will pay these people money and hear nothing else from them.

Think about it for a minute, they are asking you to PAY THEM so they can give you a loan?? Can it get any more obvious???

fozmcfc

Surely what is also relevant here and quite worrying is that a business such as Santander are telling people that the company is respected etc..

If they are loan brokers who never find people a loan then surely Santander should also be taken to task over it.

Shoegal174

Thanks for comments all. Yes that what made me think are they "ok" because Santander have recommended them. The website actually says its free to arrange the loans unless you are a home owner, but I imagine the interest they charge tenants for loans more than makes up for an arrangement fee!