Home & Garden1 min ago
Should I pay a fee of �49 for a loan?
13 Answers
I have just been accepted for a loan from Churchwood but I have been told that I need to pay a fee of �49? Should I pay???
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Is this a straightforward loan or is it a consolidation loan to pay off debts?
If it's a straightforward loan you could get a better deal by approaching your local credit union. Why pay a fee in addition to the the heavy interest you'll be charged?
If it's a consolidation loan don't pay off debts by taking out more credit. It would be better to discuss your financial situation with a money adviser at CAB (or similar local organisation). A CAB money adviser would be free of charge.
If it's a straightforward loan you could get a better deal by approaching your local credit union. Why pay a fee in addition to the the heavy interest you'll be charged?
If it's a consolidation loan don't pay off debts by taking out more credit. It would be better to discuss your financial situation with a money adviser at CAB (or similar local organisation). A CAB money adviser would be free of charge.
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As above, you have not got a loan, read the letter very carefully, the fee is for them to look for a loan for you, they will try and fail and keep your cash. Companies like this prey on people like yourself with poor credit rating. I'm afraid the only viable way for you and others with a duff credit rating is to use the much neglected "reverse loan" method! At least you asked here first and saved yourself getting conned.
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