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| *Loan,banking and credit>>>mortgage loan |
Has anyone ever been charged a brokers fee for getting a loan(not mortgage)? |
Has anyone ever been charged a brokers fee for getting a loan(not mortgage)? All brokers charge an administration fee for unsecured loans, you shouldn't be charged an administration fee for a secured loan. Fees for unsecured loans range from 鈧?5-鈧?9 but you shouldn't really pay any more than 鈧?0. The reason Brokers charge this admin fee is that it is hard for some people to obtain an unsecured loan, especially those with a bad credit history. Brokers have access to certain specialist lenders and act as a clearing house' to vet applications to ensure they meet the criteria of the loan company. The brokers don't make any money from unsecured loans so the admin fee is the only payment they will receive for giving you access to an unsecured loan. If you are looking for an honest and straightforward Finance company try www.surefirefinance.co.uk Source(s): Happy customer of surefire who explained all the above to me and answered any questions I had before they helped me get a loan even with my bad credit history!! If you cant afford something do without (or save up the cash and buy it) Why pay over the odds for EVERYTHING that you buy. with your 19.9% apr etc Just a generic consumer loan? Like a line of credit or something? I could see a VERY nominal fee of maybe 50.00 max to set up the line, but anything over that would be excessive. 10 years working in Finance. Actually, it depends upon the type of loan. Is it for family, household, purposes? In other words a consumer loan? If so, most places are governed by state laws and may not be able to charge you a true broker's fee. If it's deemed a commercial loan, not for personal, family or household purposes, then they can charge you pretty much what they want. However, the market will control what they can get. Remember, even if you borrow from a bank and they charge you a "doc" fee, it's still a finance charge. Be sure you check/compare APR rates between lenders to see what the best "deal" might be. Also, a broker's fee is somewhat dependent upon the amount of the loan. The larger amount, the more chance of it being charged. |
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