Norton Finance

widget115 · 1 July 2012 at 7:46AM

I applied for a loan with this company for £2,000 as I have a slightly bad credit.

They contacted me and said that I had been approved and would transfer me to the relevant department.

I was welcomed by a man from a company called Evolution and had to go through all my details again. He then offered me a loan for £2,000 with an APR of 153.9%. Astonishing how these kinds of companies are preying on vulnerable people who really need help not pushing up the percentage on loans so they can make a lot of money.

They should be stopped and I hope that the Financial Industry will clean these types of companies up. Obviously I turned the loan down.

BugsyBrowne · 1 July 2012 at 7:59AM

Youve done the right thing and turned them down as many would of just took the loan and done a runner especially those who's credit files can't possibly get any worse.

widget115 · 1 July 2012 at 8:03AM

Thank you. This is one of many companies that I have come across.

Its disgusting that they are allowed to get away with it.

One thing I always look at on their websites is the jargon at the bottom i.e. credit consumer licence and authorised by the FSA, but even these can be misleading.

antrobus · 1 July 2012 at 8:33AM

widget115 wrote: »

...Its disgusting that they are allowed to get away with it.......

Get away with what exactly? You were offered a product at a particular price. You thought it was too expensive and so declined the offer.

It's like going into a supermarket to buy some tumeric or chilli powder or something. Schwartz will sell it to you in a pretty little glass jar for £5 per kilo, but around the corner in 'World Foods' you can buy a packet for a tenth of that.

widget115 wrote: »

... Astonishing how these kinds of companies are preying on vulnerable people who really need help not pushing up the percentage on loans so they can make a lot of money.....

People, vulnerable or otherwise, who are in possession of bad credit are far more likely to find the help they need on the pages of the Debt-Free Wannabe forum than from any company offering loans.

Apples2 · 1 July 2012 at 9:33AM

What does "slightly bad credit" actually mean?

it could mean someone has borrowed before but caused nothing but hassle with late /missed payments. No wonder then the best products are not available.

dealer_wins · 1 July 2012 at 11:04AM

widget115 wrote: »

I applied for a loan with this company for £2,000 as I have a slightly bad credit.

They contacted me and said that I had been approved and would transfer me to the relevant department.

I was welcomed by a man from a company called Evolution and had to go through all my details again. He then offered me a loan for £2,000 with an APR of 153.9%. Astonishing how these kinds of companies are preying on vulnerable people who really need help not pushing up the percentage on loans so they can make a lot of money.

They should be stopped and I hope that the Financial Industry will clean these types of companies up. Obviously I turned the loan down.

They are not preying on them, they are actually offering them a loan when all the mainstream lenders will decline them.

The interest rate is high to reflect the fact that there will be a much higher level of defaults with these clients.

The customers that can only use these companies for loans are not vulnerable, they just cant budget and live beyond their means.

BugsyBrowne · 1 July 2012 at 12:07PM

IMO its so easy saying budget & save to other people without knowing their life & circumstances.
Many families go to work earn minimum wage and do struggle on a weekly basis where saving to them is not possible in any form.
Many of us do earn more and live quite comfortably where saving isint a problem and budgeting comes naturally.

I can be very judgemental especially if their stories dont add up but with living costs at the moment I actually do sympathise with struggling families and understand PDL's are not the answer but some really do have no choice.