do welcome finance charges an admin fee

emmag_2

Just wondered as trying to get a loan but so many out there charges an admin fee of about £49.50

CHR15

You should NEVER have to PAY money to BORROW money.

Anyone asking you for money stinks of loan sharks.

SONIA79_2

PLEASE PLEASE keep away from welcome at all costs. They will rip you off and make your life hell.

iceicebaby

A reputable lender will not charge you any money upfront for a loan

J_81

Is that a yes or no then to if they charge a fee, plus how much if they do?
I was quoted a apr of 35% over the phone but turned it down but might have to go back as a last resort.
Plus i heard with some companies (mainly brokers) they quote you a rate and then when you get all the paper work through the post the rate is different?. If i got quoted 35% might it change when i get the legal docs?.

CHR15

J_81.... Forget it

They will charge you £49 but not offer you your loan

All they do is tell you to go to the halifax and ask them, additionally go to loan sharks and get a smaller loan than you want for absurd interest rates and tell you to ask them!

All they do is charge you money. For the love of all that is holy, don't go near them!!!

J_81

CHR15 wrote: »

J_81.... Forget it

They will charge you £49 but not offer you your loan

All they do is tell you to go to the halifax and ask them, additionally go to loan sharks and get a smaller loan than you want for absurd interest rates and tell you to ask them!

All they do is charge you money. For the love of all that is holy, don't go near them!!!

Are WF a broker then and then pass you onto lenders?.

Tori_Bellatrix

I thought Welcome Finance were a lender not a broker ....

J_81

Tori_Bellatrix wrote: »

I thought Welcome Finance were a lender not a broker ....

That's what i thought, why do they charge you if they are a lender? Nortmally it's the brokers that do.
Plus why did they tell you Chris to go to Halifax. If your were rejected by WF then what chance have you got with Halifax unless they are a broker of course and me and Tori are wrong:p .

CHR15

It may be me thats wrong lol! this post was dug up from ages ago.
I recall the £49 admin fee, perhaps I got the name of the company wrong Doh!

adea

Welcome Finance are brokers.
They charge you a £49 admin fee for the "privilege" of them sending out your details to other loan companies and if you are unsuccessful in getting a loan, you normally have to wait six months before getting your money back and then it's less £5 that they take for an arrangement fee.
AVOID LIKE THE PLAGUE.