admin charge on loan

[babyface29]

I have recently applied for a small loan of 750 and was approved (i have bad credit rating). Is it usual for companies to charge an admin fee of �50?

[Loosehead]

Be careful, is it an actual loan? or a promise that they'll try and get you a loan and the fee is �50. There are companies taking advantage of people with dodgy credit. You see if you have bad credit then it's very unlikely that anyone will offer you a loan, would you lend you money? If you do get a loan it'll be at a very high rate. Read the offer in detail, is it a loan? or is it just a broking service eg "Advantage Loans"

[caz247]

if it is Advantage do not waste your time i was in exactly same situation and they sent me another letter offering to reduce the "admin fee " to �25. There is no guarantee that they will get you a loan and i was only trying to borrow �400
Hope this helps

[gazza11]

if you want to give away �50 then pay the admin fee,or give it to charity.ive been ripped off by these companies before.they take advantage of people with bad credit history and the desparte.you may get aletter telling you that youve been accepted for a loan and all you need to do is send the fee and the money will be in the bank within 5 days.they deliberatly mislead you into thinking that they will give you a loan ,they are just brokers.the lenders will either reject you,insist on a garrantor or offer you an unsuitable loan which you cant take so your back to square 1and �50 down.a few i know of are tenantloans,advantage,welcome, yesloans and any company connected to POST NET LTD