We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

welcom finance, should I?

sam76g
sam76g Posts: 3 Newbie
in Loans
I've got a loan application through for Welcome finance. £100 over 12 months @ £93.59 with an upfront fee of £69.95.

My question is are they trustworthy and is this all I'm going to pay? Will I definitely be accepted? Has anyone got any pearls of wisdom here?

Got myself in a rut with payday loans and just want to sort myself out. I don't have 'bad' credit just no real credit history meaning I can't borrow from a more reputable company (I have obtained my full credit profile)

Thank you!
«1

Comments

  • sam76g
    sam76g Posts: 3 Newbie
    *sorry £1000
  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 6 February 2012 at 8:12PM
    I would advise not to apply for a loan from anybody that charges a fee, never mind Welcome Finance! Just search the threads on this forum to see what people think of them...

    You will probably also find that they will take your £69.95 and then fail to come up with a loan for you.
    :p
  • kev.s
    kev.s Posts: 513 Forumite
    No!! Never!!
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    The ONLY reason any "loan company/broker" charges an upfront fee is to scam people.

    Any fees (not that there should be with most loans) from reputable lenders are either added to the total loan amount, or deducted from the loan amount you receive.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 6 February 2012 at 8:36PM
    Just seems a bad idea, your using a loan to pay off another loan, what if you get into trouble paying welcome finance ? Oh then theres the fee you pay upfront which should ring alarm bells from the off.
  • immoral_angeluk
    immoral_angeluk Posts: 24,506 Forumite
    10,000 Posts Combo Breaker
    Are you sure this is actually the big company welcome finance, and not some rip off broker scamming off the name? Welcome don't charge up front broker fees as far I know! Last I heard welcome finance were also in administration and had stopped taking new business, but that was a while ago.
    What's the website.
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Read old threads mate please, taking a loan from these types of vermin will only compound your payday loan problems

    You would be better to try join your nearest credit union and DEFAULT on the payday loans
  • CHR15
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 6 February 2012 at 9:35PM
    sam76g wrote: »
    I've got a loan application through for Welcome finance. £100 over 12 months @ £93.59 with an upfront fee of £69.95.
    I bet you don't get a loan.

    Does it not ring alarm bells these guys want YOU to give THEM money at any point??
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    LOL you'd never see the money anyway so the question is a moot point.
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • flexrider
    flexrider Posts: 745 Forumite
    sam76g wrote: »
    *sorry £1000


    Aviod that company like your life depends on it. Had experience with them in past which ended up contacting the Finicial ombudsman to reslove.


    there not worth the hassle
    "MSE Money saving challenges..8/12/13 3,500 saved so far :j" p.s if i been helpfully please leave me a thank you but seek official advice at all times from a pro
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture