Son confused !

dealer_wins

Looks like an out and out scam site to me. OP I would definitely get your son to close his bank account immediately.

ConsumerWizkid

Lol don't be dramatic.

OP if your son gave his bank details out, he is at risk from being charged fee's from these brokers regardless of whether he received a loan.

If he didn't....then there is no need to close bank accounts.

peter3hg

ConsumerWizkid wrote: »

Clearly a broker

What makes it clearly a broker? Normally the broker sites do say they are brokers and list their fees if people actually bother to look but this site doesn't seem to mention it explicitly at all. In fact it even says they will never ask for a registration fee or any "hidden fees".
This looks more like a straight scam to get your details rather than the normal ones just preying on the gullible.

SnowTiger

peter3hg wrote: »

What makes it clearly a broker? Normally the broker sites do say they are brokers and list their fees if people actually bother to look but this site doesn't seem to mention it explicitly at all. In fact it even says they will never ask for a registration fee or any "hidden fees".
This looks more like a straight scam to get your details rather than the normal ones just preying on the gullible.

They don't ask for fees. They simply pass you on to a sister company (another company owned by the same person) who does charge a fee.

And to answer your (first) question. From the T&Cs:

Our Services

We shall endeavour to search through our panel of lenders to provide you with a range of loans and/or other financial products. We do not represent the interests of or act on behalf of any Lender. We may receive a fee for introducing you to a Lender.

"Search through our panel of lenders" means credit broker.

Also, their Consumer Credit licence (661905) is for brokerage services. http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew:

Permission: Credit brokerage

Description: Credit broking Or Credit broking limited to credit intermediation