How can a Loanfinder help you?
We have all heard the unfortunate stories of people paying fees to a loanfinder without ever getting a loan. Here's the inside info on how to stay safe.
What is a loanfinder broker?
Simply put, a loan finder broker will find the best loan option for you in exchange for a loan finder fee. They will look at the loans available on the UK market and match the options against your circumstances.
Why can't I be my own 'loanfinder'?
You can! You can easily do an Google search for 'loan finder' and see loads of potential options. Just remember that going through a lender's application however can take up to 30 mins and will result in a credit check so unless you strike lucky first time, you may find it better to let a dedicated loan finder to do the hard work for you! That said, it is always recommended to do your homework first so if you feel confident you understand the loan market then doing this yourself may well be the best option for you!
Is that all a loanfinder does?
The other advantage of asking a loan finder broker to help you relates to your credit. As mentioned above, every lender you go through an application with will do a credit check on you. This will leave a footprint on your credit file, the more of these you have the lower your chance of getting credit.
Why do I have to pay a fee to a loanfinder?
There are a few brokers out there who won't ask you to pay a fee. The way that such a loanfinder would make their money is by taking commission from the lender they recommend you. Unfortunately this means that you may not end up with the best option for you, but the best option for them. With any loan finder broker who charges a fee, you can trust they should be on your side!
I paid a loanfinder before and never got a loan!
Unfortunately if your loanfinder asks you to pay a fee upfront, there is always a risk involved that they won't find you a loan. Try and find a broker that won't charge you the fee upfront. If you search for 'loan finder UK' in Google, it should throw up a few options for you, from there look for an option that doesn't charge an upfront fee.
Loanfinder Check List:
Don't know enough about loans? Worried about your credit? Found a loanfinder with no upfront fees?