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 the 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. When you apply using our online service for a loan without a fee your details are sent directly to the lenders to find out which ones can help (and which can’t). Meaning you don’t waste you time applying direct with 10 different lenders before finding one that are happy to help.
If you are tired of getting charged unfair amounts of money to not even receive the loan you are after, you have come to the right place.
Charlie at Talk Loans was 5 stars, couldn't be more helpful, after being turned down elsewhere.
The staff were very helpful, and the online application was quick & easy definitely recommend.
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 but inevitably 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.
Borrowing Small Amounts
When you want to borrow a small amount of money, say through payday loans or other short term lending options you should ensure you never pay any upfront fees. Some companies will try and charge you a fee even if you are only borrowing £100, in this case the fee you pay could be even more than the interest you pay on this loan. Looking to borrow under £1,000? Avoid fees at all costs.
Just because you have bad credit doesn’t mean you should have to pay a fee. You may be being targeted because you’re struggling to find a loan and therefore are more likely to be in a desperate situation. This is a horrible tactic. You are not required to pay a fee in any circumstance and if anyone offers you a guaranteed loan as long as you pay their fee are almost certainly trying to scam you. So watch out if you have a poor credit history.
Fee to Speed Up Application
You may be asked to pay a fee to get your loan quicker. When a lender asks you to pay a “fast transfer” fee or similar this is unlikely to be a scam, however if a broker asks you to pay it, make sure the loan has been 100% approved before paying out any money.
If you have been offered the opportunity to get your money quicker by paying a fee then this may suit your needs, but stop and think – do you really need the money today or would you be happy getting it in 3 days? If you can hold off on your purchase for 3 days then you should definitely think long and hard about paying any extra.
Paying Fees to Avoid a Credit Check
If someone tells you that they can offer you a loan without a credit search you should run for the hills. All legitimate lenders are required to run a number of checks on you before making you a loan offer. This will include, at a minimum, credit checks and affordability checks – in some situations they will ask you to confirm your income and expenditure by providing pay slips or a bank statement. These checks are required so the lender is lending responsibly, something the Financial Conduct Authority (the body that regulates the lenders) demands. No credit searches? No Affordability checks? Be prepared for them to ask for a fee and take your money and run.
WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP GO TO MONEYADVICESERVICE.ORG.UK
Representative Example: Borrow £4,000 over 36 months. Monthly repayment of £194.78. Total repayable is £7012.08. Interest payable is £3012.08. Fixed APR of 49.7%. Interest rate of 41% per annum. Representative APR 49.7% (fixed).