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Loanfinder: Helping you beat the scam

Loanfinder reveals upfront fee scam

When taking out any kind of loan, to get the best service you need to know where to turn.

If you've ever contacted a broker in the past you will know what kind of a risk it is to part with your money even before a loan has been found. Say you've paid a fee but don't get a loan, how can you go about getting a refund? Unfortunately some Loanfinder scam tactics of upfront-fees, have given the industry a bad name.

To solve this problem, Loanfinder have created a service for its customers with no upfront fees. Instead of asking for a fee before the service has begun, Loanfinder let their customers pick a date suitable for them, whether it be a pay day or a date when benefits are paid.

Loanfinder are confident that the scam brokers still operating in the UK will feel the pressure from those offering customer-focused services with no upfront fees.

Loanfinder Scams to Avoid

• Never pay an upfront fee
  Don't pay anything until your broker's started the service. Any trusted Loanfinder will search first, charge later.
• Be wary of a guaranteed amount
  The loan amount will always be determined by the lender, not your broker. Avoid any broker that says otherwise.
• Steer clear of guaranteed timescales
  Never trust a broker that guarantees when you'll get your payout. This can only be set by the lender themselves.
• Don't pay a non-independent broker
  You want the best option for you. Paying a non-independent broker may run the risk of getting a loan that's best for your broker, not you.
• Always give your correct contact details
  It sounds obvious, though confirm that your broker has your correct contact details. Otherwise you may pay for a service you never received.