Some so called Loan Finders charge upfront fees promising to
look for credit on your behalf from different loan providers.
By paying the fees many people are under the impression that
the loan is a certainty if the fees were paid.
These unscrupulous lenders and loan seekers take advantage of the consumer
who may suffer from a bad credit record already and will do nearly anything to
get assistance, as these funds are usually not refundable if a loan is not
granted.
How do the get away with it?
Very easy, they found a legal loophole and may offer you
some limited “legal advice” and will then claim the upfront fees was charged
for that reason.
What to do?
Rather look for the loan finders, lenders who will also seek
for credit on your behalf who has your best interest at heart and is there for
the consumer in distress. Always read
the fine print and if you do not understand it ask questions until you are
satisfied.
All service providers are not bad; for the majority the person
in need as their first priority. They
may ask you an initiation or service fee that will be incorporated to your
contract. As they are really trying
their best and look all over for credit on your behalf they often do not get
any commission from the bank or service provider and therefore these charges.
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