do welcome finance charges an admin fee

J_81

So when they say they can offer me a loan is that WF who are giving me a loan or another company they havent told me about.

adea

J_81 wrote: »

So when they say they can offer me a loan is that WF who are giving me a loan or another company they havent told me about.

They usually say you have been accepted for a loan but it is not WF who will give you the loan.
What they mean is you have been accepted as a client of theirs but not guaranteed a loan.
They are not a very good company to deal with.
There are many other MSE'rs who've posted about this company.
Do a search on Welcome Finance on this forum and you will find lots of posts about them,none favourable.
Please do not go to them for a loan, you will definitey regret it.

ispartacus75

I was also under the impression that Welcome Finance were a lender rather than a broker.

This is based on me buying a car from them 2 weeks ago and the finance is with themselves and not an external company. In addition there was no fee of any kind for them to set up the finance.

However I am aware that any activity by Welcome Car Finance wont neccessarily be the same as Welcome Finance.

Tori_Bellatrix

ispartacus75 wrote: »

I was also under the impression that Welcome Finance were a lender rather than a broker.

This is based on me buying a car from them 2 weeks ago and the finance is with themselves and not an external company. In addition there was no fee of any kind for them to set up the finance.

However I am aware that any activity by Welcome Car Finance wont neccessarily be the same as Welcome Finance.

These are my thoughts also.

My sister got a loan with them via Welcome Finance and they were indeed the lender .... She didn't have to pay any monies upfront and it didn't mention anywhere about them being a broker.

Tori_Bellatrix

J_81 wrote: »

So when they say they can offer me a loan is that WF who are giving me a loan or another company they havent told me about.

I'm pretty sure the finance is with WF ...but best thing is to give them a ring and check ...

adea

Sorry, I may have been mistaken about Welcome being brokers.
However, I do know that they are a dodgy company to deal with (having read on other posts) and should be avoided.

Tori_Bellatrix

adea wrote: »

Sorry, I may have been mistaken about Welcome being brokers.
However, I do know that they are a dodgy company to deal with (having read on other posts) and should be avoided.

Yes, lender or broker, their APR is quite high ... :eek:

k1mmie

Welcome are a lender. I have had a car loan with them, and now a secured loan. They are a bunch of vultures. They do not charge an upfront fee. However they more than make up for it with other charges and interest rates. Be careful.