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.
Payday loans
My grandson wanted to compare different loan companies but had just opened his first bank account. Each of 5 companies asked for his bank details but he did not take out a loan. When he went to withdraw some money from his account he found that each company had taken £50 from his account. He is now trying to recover these amounts. DON'T GET CAUGHT.
0
Comments
-
I'm glad that at long last someone has posted on here about broker fees. Now no-one else should be caught out again.
Thank you.0 -
Indeed, this has come as a complete shock to me.0
-
So he opens his first bank account and then his next move is to enquire about pay day loans. Seems that a bit of financial advice would not go amiss.I can afford anything that I want.
Just so long as I don't want much.0 -
Hopefully no lender will approve your grandson as his bank account is brand new & he presumably has no previous credit lines other than perhaps a mobile contract.
Further, hopefully he learnt a valuable lesson about trying to get a pay day loan. Losing £300 is pretty much exactly what will happen if he gets approved for a payday loan so early into his financial life.0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.4K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards