Son confused !

tommytynan123

Son has just phoned to say he applied for a small payday loan (against my advice - but hey he's 27). He applied through Heart Payday and then received 3 emails saying loan approved from 3 different companies:

quiddi
Quickquid
Payday express

All saying ''just sign here to complete''

My thoughts are ''Is Heart Payday'' a sort of broker.

Swampy3k

You can get loan brokers, who pretty much just pick on the vulnerable. Strongly suggest to him not to get a loan with these people unless there is no other alternative (maybe family could loan him the money?).

even for a small loan, the interest can be in the 0000%'s

tommytynan123

Thanks.
He's aware of the interest and my advice but seems intent on proceeding. His major question was how have 3 other PD loan companies offered a loan from completing a ''Heart Payday'' form.

jd87

Googled the company and had a look on their website. It looks like they are just an intermediary/broker yes. They've probably passed his details onto loads of companies who will be forever emailing/calling/sending letters now.

DCFC79

Did he give his bank account details ?

Monkeyballs

I just looked on their site too and while I can't see any specific amount it does mention that they "may receive a fee for introducing you to a lender".

Now while it doesn't state, and probably won't until you hit the 'accept' button I'm 99.9% sure as hell that it won't be the lender who pays the fees!

I would fully anticipate there being a £59.99 - £64.99 fee which they will take upon hitting the accept button...

My advice is to contact them and say thanks but no thanks! Remember just because a 3rd party site says you're approved it doesn't mean you are.

MB

19lottie82

I was expecting something else there regarding what your son was "confused" about!

ConsumerWizkid

Clearly a broker

poppasmurf_bewdley

Better tell him to close his bank account immediately to prevent it from being drained, which it undoubtedly will be if he has given his bank details to any one of the companies mentioned.

SnowTiger

It's another scammer loan broker from Mr Merry.

The website implies they lend money, however their Consumer Credit licence is for loan brokerage services.

http://www.heartpaydays.com/frequently-asked-questions:

Q: Am I guaranteed a loan?

A: We loan to everyone, whether you have a good, average of bad credit rating. Although we do approve 99.8% of applicants, there are of course some circumstances where we can’t accept customers. As it doesn’t affect your credit rating we always recommend applying through our initial application stage.

After completing the application form, punters are greeted with a fake delay graphic to make it appear the website is doing something.

In my case, it then diverted to https://www.loans-directuk.net/.

Wow!!! My fake application was accepted:

Hi , you have been accepted!
We need to do a standard identity check. We will debit just 10p from your account to verify who you are before we can arrange payout of your loan.

I'll just agree to the T&Cs and £200 will be mine!!!:

The Fee charged for Membership Services

We provide a variety of services by phone, internet, mail and other means through a membership programme (see 'The Benefits of Membership'). In return for these services, You agree to pay a one-off charge of £69.75. On submission of your Membership application you will be automatically charged by a direct charge to the debit/credit card you provided and authorised on application.

If your one-off Membership charge of £69.75 is declined we will immediately take £1.95 in order to validate your card details and cover the cost of search and administration. Should both of these attempts fail we will continue to attempt to collect the one-off Membership charge of £69.75 at regular intervals until successful. Should the £1.95 validation payment be successful we will continue to attempt to collect the remainder of the one-off membership charge of £69.75 at regular intervals until achieved. To facilitate us processing payments and repayments You authorise us to retain your charge, credit and debit card details or to have them retained by a Payment Service Provider.

Oh.

Would anyone like to guess who owns https://www.loans-directuk.net/? Sorry, no prize.

GrinC

poppasmurf_bewdley wrote: »

Better tell him to close his bank account immediately to prevent it from being drained, which it undoubtedly will be if he has given his bank details to any one of the companies mentioned.

I have to agree.