Dodgy loan company...?

[Peepo]

(link removed)

I applied for a loan from these people. They say they want £50 brokerage fee & then I will get my loan.

A friend of mine applied for a loan from a company that wanted money upfront. Then they told her she had been refused the loan & that the fee she paid was non returnable.

I called up Tenant Loans & asked them what the fee was for & if I had deffinately been accepted for a loan. The reply was 'Yes you have deffinately been accepted for a loan'

However, I recieved a letter, & cant help but feel Im missing something here. Ive read the small print, but cant help but feel Im gonna get ripped off. Also Im unemployed, as of 4 weeks ago, which I told them on the phone, & they still say Ive been accepted for a loan, when no other loan company will consider me atall.

 

Letter reads...

 

'We are pleased to inform you that you have beenprovisionally accepted by our loan brokerage dept.

 

Because we are working for you, not the banks, we are sure that your loan will be at the best APR possible. Infact we are so sure that we can get you the best loan possible that we will give you £50 if you are accepted elsewhere for a loan with a lower APR within 1 month of getting paid.

 

Please sign the enclosed application form & send it to us along with the arrangement fee of £49.95 by cheque or postal order.'

 

Has anyone had any dealings with this company?

Info greatfully recieved, thanks.

[RichardM]

Suggest you read this thread

 

http://www.consumeractiongroup.co.uk/forum/general-consumer-issues/49678-help-getting-refund-tenant.html

 

then tear up the application forms quickly and use the £50 for something more useful.

[gsc845]

I had exactly the same thing today with a company called Advantage Loans. 'Yes, you have definately got the loan', followed by a request for a payment of £49.50.

I asked again if this guaranteed 'the' loan and was told that they would definately get me 'a' loan......though probably not at the rates they have just quoted me!

I said 'No' the the payment, but they are still sending me the paperwork.

It will be interesting to see what it says about fees.

I will let you know.....

[Peepo]

Cool, Ive decided not to go with them, but will be interesting to see what they say to you also.

[gsc845]

I received the letter this morning:

 

I am pleased to confirm that following your application you have been accepted (in bold!) by our company.

We would like to arrange a payout via a lender within the next 5 days.

 

It goes on to ask me to sign the enclosed form and send it back with a cheque/postal order for £49.50.

 

So basically it would appear that this company (Advantage Loans is a subsiduary of Post Net Ltd) want £50 to just pass on my details to 'real' loan companys.

 

Looks like I have another 2 pieces of 'Andrex' !!

[Ell-enn]

If you read the letter in the true sense in which it is written, you will see that you have only been accepted as a "client" of theirs, and they want £50.00 for the priviledge of looking for a loan for you !!

 

The wording of the letters and the phrases these people use are meant to make you believe you are guaranteed a loan, when in fact you are not - all you are guaranteed is that you will lose £50.00.

 

Don't touch them with a barge pole. Do you have a Credit Union in your area? that would be a much better bet.