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Guardian article on Loan Brokers
poppasmurf_bewdley
Posts: 5,946
Forumite
in Loans
There's an interesting article on Loan Brokers on today's Guardian website.
http://www.theguardian.com/money/2014/oct/29/payday-loan-brokers-bank-accounts-poor-customers
It's good to know that some banks are actually taking action on the problem. But it's a pity others don't seem to be.
http://www.theguardian.com/money/2014/oct/29/payday-loan-brokers-bank-accounts-poor-customers
It's good to know that some banks are actually taking action on the problem. But it's a pity others don't seem to be.
"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
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Personally I think all loan brokers should be banned from taking any fees until a loan has been approved and is paid to the borrower.
And fees should have a maximum limit, and also be no more than 10% of the loan being granted.
Better still, just make it illegal to charge a broker fee to borrowers, loan brokers can earn their money through a kickback/commission from the lender making the loan to the borrower.0 -
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TriathNanEilean wrote: »
Yes, I heard it on the 1pm BBC1 News today."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
We have Tweeted about this story today.
Already all too familiar to regulars on these forums though, I imagine.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Hopefully those who regulate will actually kill off the trade of charging a fee / multiple fees when they come up with either no loan at all or a totally unsuitable deal.0
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