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August 23, 2011

Loan fee scam – Is it getting worse?

Filed under: Company News,Industry News — Tags: , , — Martin @ 2:03 pm

Complaints about businesses that demand upfront fees for loans they never arrange have risen again, according to the Office of Fair Trading (OFT). There were 3,167 complaints made to advice service Consumer Direct in the 12 months to the end of June, compared with 2,059 the previous year.

The OFT warned consumers not to pay a fee before receiving a loan. The regulator said in June that it was planning to strengthen regulations to safeguard borrowers. It estimated in June that 270,000 people had paid upfront fees to credit brokers in the previous year.

It also said it would ask the government to consider changing the law to ban outright the practice of credit brokers demanding upfront fees in exchange for arranging loans. There is no need to pay a fee to obtain a loan. All you need to do is to apply at where we have no hidden fees at all. Read the full story: Loan fee scam

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