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Payday Credit Loans and Hidden Broker Fee

Applying for payday loans at once is not only a hassle but it also hurts you credit rating. The easiest way to apply to several companies at once is to use a credit loans broker, but a fee is sometimes charged for this service. Many credit brokers are legitimate services who show you their fees upfront and don't push you into signing any contract or releasing your personal information. Some, however, have been reported to obtain information and charge a fee before securing loans and without the applicant's knowledge.

 

Signing Contracts

When you apply for credit loans through brokers the fee for the service should be stated on the contract. If, for any reason, no fee is stated then you should not normally need to provide card details. Bank details are fine but card details allow the broker to take money from your account; if you are asked for your card details check the terms and conditions thoroughly for any fees, or contact the broker directly (by e-mail ideally so you have a record) to ensure no fee is charged.

 

Terms and Conditions

In some instances you might be told by the broker, or one of their representatives, that they don't charge a fee or will only charge a fee after you have received a credit loan. Unless the company has a track record of good service, don't take the word of the salesman. Always check the terms and conditions beforehand; if you're told by a representative that they won't charge you but the terms and conditions state otherwise then you will be bound to the terms when you sign the agreement, regardless of what the representative said.

 

Hidden Fees

If you're sure you know how much the service charges and when they charge then check again. Some services may charge when you use the service then charge a fee off the loan, others won't. The terms and conditions of your contract are the easiet place to find any hidden fees - keep a record of the contract as evidence if you are charged for anything you were not made aware of when you signed.

 

Company Registration and Regulation

Watch out for bogus companies and scams. On the broker's website look for the company registration number and check this (using the Company House website). It's not unusual for companies to provide registrations numbers that don't exist. Also, check if the company is regulated by any kind of authority and ensure your information is protected by the Data Protection Act; the broker should be registered by some form of data protection in all instances. Make sure you check regulating companies to ensure the broker isn't claiming to be regulated by a bogus organisation.

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