We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Secured Loan Question
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards