LoanFinder UK Scam Updates

Selecting a loan in the UK can be a difficult and tiring process, doubly so if you have a poor credit rating. Getting the credit you need, will always depend on multiple things, such as your credit record, your salary and even where you live.

 

Getting a loan can be made even more difficult by the number of scam loan finder companies which are being set up, taking advantage of the banking industry’s inability to lend to people. They are being targeted by scam loan companies, who have no funds to offer and who simply set up websites to con people out of their money.

 

So who are these loanfinder uk scam companies and how do they work? A typical loan scammer will target people who are fighting to find credit or who are already in debt. The fake loan company will place adverts in the local papers, set up a false website, or make unwanted cold calls, offering ‘loans for you - guaranteed.’

 

They then convince borrowers to pay an ‘initial’ or ‘upfront fee’ which can be anything from £40 to £1999, but the loan they have promised is never forwarded to the customer. The customer is then often persuaded to pay another fee, to ‘forward’ a loan that has never existed. This is often called a ‘loan completion’ fee. But the money promised to the customer is never received, and the customer is left deeply out pocket.

 

We recommend using a trusted loan broker such as ourselves at LoanfinderUK. A good broker, will search across many different lenders to find a compatible loan for you, for a fee. This can save you loads of time and money, and filter out those companies who are not above board. Loan finder won’t charge upfront fees, giving you confidence in the service by giving you control over when you want to pay.

In the meantime, we have also put together a guide to show you how you can protect yourself from the fake loan scammers.

 

 

Most fake loan companies will charge an upfront fee for their ‘service.’ A trusted Loan broker, such as loanfinder.co.uk will search first, charge later.

 

Be wary of cold callers ringing you up and offering you a loan. No reputable loan company or broker would ever do this, so always say no. It’s almost certainly a scam loan business.

 

Be wary of a guaranteed amount
The loan numbers will always be determined by the lender, not a broker. Avoid any broker that says otherwise.

 

Don’t pay a non-independent broker
A non-independent broker will only search for lenders who provide a commission, so you are very likely to get a loan that’s best for the broker, not for you.

 

Always give your correct contact details
Always make sure that a loan provider has your correct contact details. Otherwise you may pay for a service you never received.

 

Pay by Direct Debit so you have a record of all the transactions but make sure you have done some resarch into the loan finder company before you disclose your bank details. Too many companies try to get hold of bank details just to scam people out even more money without providing any service whatsoever.

 

If you need a cash loan, make sure you shop around. Use a trusted loan broker. A reputable loan provider or company will: