No Fee Loans
No need to worry. Unlike other brokers we offer completely no fee loans. Meaning no fees, no charges, no pay points and no vouchers. Talk Loans is paid for by the lenders, NOT their customers.
Applying with Talk Loans gives you access to a vast panel of Trusted Lenders and all customers information is kept safe. Talk Loans is are 100% UK based and are available on the phone during working hours.
It’s sad but true that there is a big growth in the number of Credit brokers charging Upfront Fees over the last few years. A Broker would help find a Loan and if the applicant was happy the lender would pay them a commission.
Some brokers have flipped the model. Asking the applicant to pay them their Fee before doing any work, regardless of whether they are successful in helping the client. The applicant can get a refund of all but £5 of any Fee paid if they do not take out a Loan. It’s difficult to get hold of the Broker and get your money back.
Despite the rise in this Fee-charging it’s good to know not only are there still plenty of brokers who do not charge Upfront Fees (Talk Loans is one of them!). So it is possible to get a Loan without having to pay upfront Broker fees.
No Upfront Fees
Upfront Fees are the bane of anyone looking for Credit – if the customer has a bad Credit history. Lots of brokers out there that still charge this Fee and this can lead to particular problems when looking for a Loan.
Always remember: Brokers can never be 100% sure of loan approval for the customer. Whichever lender they use.
Lots of lenders approve the customer in principle, especially guarantor loans lenders; but final approval depends on other factors not taken into account at this stage, in this example, a suitable guarantor.
These fee chargers target people with bad Credit and they can be vulnerable, sometimes they are desperate for a Loan to help with their financial situation. Once paid, an Upfront Fee is difficult to claim it back. In most situations the customer is allowed to do so.
Other Broker Fees
Other than Upfront Fees, some brokers receive commission from the lender for finding them a suitable customer; a Broker Fee, added to the Loan taken out – and taken into account on the APR quoted to the customer. If this is the case, the Broker Fee appears on the Credit agreement the customer signs before agreeing to take the Loan out. In other cases, there are no fees charged at all.
Some lenders adjust the interest to ensure customers that come in through brokers are paying back a lower rate of interest to cancel out the Fee paid.
These fees are loaded at the backend so there is no risk of paying them and not getting the finance. In that regard no fee loans are a much clearer, fairer way of paying a Fee and rewarding the brokerage for their hard work.
For most new applicants the unsecured Loan market is a daunting place. Chances are, the first thing tried was the bank (who offer no fee loans). High street banks (where the vast majority of us have our current accounts) advertise attractive interest rates for Personal Loans.
These days even a minor blemish on a customers Credit Record can mean the banks won’t want to help. This is big blow to new applicants who perhaps didn’t realise the odd missed payment or default could have such an impact on their ability to access finance.