B C Loans, Has anyone ever heard of them?

Debt_Doll

Hiya

I have a bad credit score and am working towards trying to repair it but in the meantime I do need a loan and have dealt with a few loan brokers (dealt with, ripped off take your pick)

Anyway yesterday I received 6 text messages from a company called BC-Loans stating "URGENT, we are now processing your loan application, please ring us on 08448804727" I thought this was odd as since trying to claim back my last brokers fee I haven't applied for anything but I called them, confirmed my postcode and name and asked them to call me back which they didn't until 2 hours ago.

Basically they are saying they aren't a broker but a Financial Solutions company and whereas a broker searches the market for a lender they have their own and on this occasion they say they have accepted my application and found me a lender who is willing to give me a £4000 loan repayable over 2 years at £181.62 and at only 8%APR.

Now me being the naturally cautious person I am I wanted to know what the catch was and they said there was none all I have to do is pay them £50 which is to process my papers then they will give me the phone number of the lender so I can call up and request my credit agreement then once I receive, sign and send back the money will be in my account in 2 days and the repayments start a month later.

This is a con isn't it as with my credit record no one is going to offer me a loan never mind one with a low APR like this. The fella said so I don't feel rushed into it he will call me back tomorrow at 5pm

Can I have everyone's opinion please?

Thanks

chrisannegood

I know very little about these things but it certainly sounds too good to be true.

wayne99

if they are asking for an upfront fee they are going to con you, they will take the fee and never send any papers to you, and then you will have to battle for the next few months to get a refund.

do not pay any fee upfront for a loan.

DONT DO IT !!!! there are posts all over this forum about other companies like this one.

Debt_Doll

I agree and I think in a way I answered my own question cos after dealing with so many different brokers (Mr Money, Yes Loans, Unsecured Loan Company, City Financial, to name a few) I should have seen it coming.

I think what caught me out was them saying they werent a broker but a financial solutions company and I had never heard of that before but still its better to wise up before my bank account lets out a groan of despair

I just wonder if I will ever get a loan cos I know my CCJ comes off my file this year but with things being the way they are with the banks and everything that does not mean to say they will agree to give me a loan. Still here's hoping

Thank u

Peelerfart

They hunt alone and can smell blood from several miles away underwater,also,they have rows of sharp teeth.

I think you know the answer don't you ?

Debt_Doll

Yeah think I do, is very sneaky of them though to say they are financial solution experts when all they really are is brokers.

Can anyone tell me what a debt consolidation loan involves though please cos that was another thing they do.

Is debt consolidation like an IVA or DMP?

Peelerfart

A consolidation loan is just one big loan to replace,other, smaller loans.

Nothing to do with IVA's or DMP's. If that's another thing they do, then that's that's the same doggy poo but a different wrapper.

debtisbad

im an utter fool but desperate for a loan.been off sick from work struggling to pay bills and bc loans contacted me.i foolishly agreed to pay the 50 pound and was told i'd been garuanteed a loan of 1000 pounds over 12months at an apr of 8.1%.worked it out and i'd only be paying 1044.70 back over the year.this doesn't add up.anyway to stop the payment as it goes out tomorrow???also told me the loan was through them but no website found again??also told me paperwork was on the way and it would be 7 days before money paid in.help what do i do??:mad:

Chris55_2

If these people are the ones behind the following website: bcloanbrokers dot co dot uk then they have a nerve describing themselves as not brokers! It's even in the site name, and in the introduction..."Welcome To B C Loan Brokers".

Peelerfart

You could try contacting your bank and reporting your card as lost - might work, but I'm no expert .

debtisbad

yeah i had a look at that website but i dont think its the same people.i've also just received another text message from them telling me to call them as regards my application(same message as before).only good thing is i dont get paid till tomorrow so hopefully if i ring them back they can cancel my details.also surely a company like this should have a website??