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Pay Day Loan Brokers
sourcrates
Posts: 32,077 Ambassador
Hi guys,
This was in the news yesterday, pay day loan brokers taking money from peoples bank accounts unexpectedly.
Sometimes when you are searching for a PDL, you may be directed to a brokers site, who then offers to introduce you to a lender, a small check box pops up, which you need to tick, you are then directed to the lenders site to complete your loan application.
What most people fail to realise is when you tick this little box, you are agreeing to pay the brokers fee, usually around £75.00, just for introducing you to a lender.
This is normally taken after the loan is repaid, and is on the screen in the blink of an eye, its easy to tick it without properly reading, or understanding it.
So, if you must use a payday lender, do your research first, and I use this word in the loosest sense, use a "reputable" lender, and please go directly to there own website, do not use a comparison site, as this is when the brokers pounce on you.
This was in the news yesterday, pay day loan brokers taking money from peoples bank accounts unexpectedly.
Sometimes when you are searching for a PDL, you may be directed to a brokers site, who then offers to introduce you to a lender, a small check box pops up, which you need to tick, you are then directed to the lenders site to complete your loan application.
What most people fail to realise is when you tick this little box, you are agreeing to pay the brokers fee, usually around £75.00, just for introducing you to a lender.
This is normally taken after the loan is repaid, and is on the screen in the blink of an eye, its easy to tick it without properly reading, or understanding it.
So, if you must use a payday lender, do your research first, and I use this word in the loosest sense, use a "reputable" lender, and please go directly to there own website, do not use a comparison site, as this is when the brokers pounce on you.
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