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Secured Loan Question
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Graeme7777
Posts: 255 Forumite
in Loans
Hi,
I recently came across an advertisement in a magazine from a secured loan company. In the small print they mentioned that there would be a broker fee payable if the loan application was successful. The amount of this fee was - wait for it - £2,500!
Is that really a typical fee for such a loan? And do they also get paid by the lender?
ps I'm not tempted to apply for such a loan, just curious about how it all works.
I recently came across an advertisement in a magazine from a secured loan company. In the small print they mentioned that there would be a broker fee payable if the loan application was successful. The amount of this fee was - wait for it - £2,500!
Is that really a typical fee for such a loan? And do they also get paid by the lender?
ps I'm not tempted to apply for such a loan, just curious about how it all works.
0
Comments
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Yes commissions are normal for this kind of loan. 1% of loan is about the norm- anything above this is expensive.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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