Where do 'bad credit brokers' find their lenders!?

happytimesahead

Hi everyone,
The last few months I was looking into getting a loan to sort out some debt, but like many people I didnt have a good credit rating.

Fortunately now i realise this isn't the best thing to do, and alot of things out there seem to be a scam - however something remains a mystery to me, where do all the bad credit brokers find their supposed lenders?!

When searching bad credit loans, all you seem to find is brokers who search '100's of bad credit lenders'... 'we'll find you a lender - guarenteed!' etc etc, however - I have seen very few of these apparent 'lenders' actually named, anywhere!

So the internet is full of brokers - hundreds of them. But no lenders. So whats everyones opinion on the matter? Do the lenders actually exist?
Is it all a big con like i imagine?

Any success stories? (I assume these will be few and far between!)
Thoughts please!

Tixy

Usually they come up with no loan. If the do come up with a possible loan its likely to be a payday loan company for a few hundred quid or a loan company that requires a guarantor (flm etc).

But without a doubt many of the brokers are complete scam operations who never look for a loan or do anything at all other than fleece your bank and sell your name on to other similar scammers. These types just have a website knocked up in 5mins and a method of taking payments out your account.

KingElvis

Basically there are none apart form the few mentioned by Tixy above.

I'm suprised this little scam industry isn't stamped on tbh

loopy.magic

Scammers, as already mentioned they normally don't come up with a loan. If they do it will be from legal loan sharks at extortionate interest rates that run into 100s% APR. They should be outlawed.

Tixy

Missed a 0 off there loopy

loopy.magic wrote: »

If they do it will be from legal loan sharks at extortionate interest rates that run into 1000s% APR.

Thats more like it.:)