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Advantage Loans? Are they loan sharks?

My friend has recently applied for a loan with this company based in Poole, Dorset. They have asked her for an 'application fee' which seemed to ring alarm bells with me, and there is no right to cancel the loan. She doesnt know if the agreement was made under the 1974 Consumer Credit Act.

Can anybody tell me anything about this company - or companies of this type, and what might be the scenario if anything were to go wrong. She is not planning to default or anything, she would just like to know what kind of company she is dealing with.

Any information including web links would be most welcome. Although we have not been able to find any information about them or their parent company Post Net Ltd.

Thanks a million in advance.

Reply to
Sam
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They have asked her for an 'application fee' which seemed to ring

Yes.

Do you mean a cancellation period when she can think it over or, that the loan cannot be cancelled until it's paid off in the agreed period?

She doesnt

If the loan is for less than 25,000 then it should be. Check with the Office of Fair Trading on 0845 722 4499 that they have a Consumer Credit Licence.

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Why can't she get a loan from somebody who is certainly reputable?

Rob Grahm

Reply to
Robin Graham

Thats what i thought

a cooling off period

they quote a ccl number on their headed paper..

cause she tried everywhere else... recently arrived in this country...

thanks for your reply

Reply to
Sam

I don't think that's illegal, but some companies seem to ask for ridiculously large amounts.

A quick search revealed - which suggests that they are middlemen finding loans, so as with all middlemen watch the fees.

Post Net are a registered company FWIW

General info. -

The best bet for all debt info. is the superb Motley Fool - Dealing With Debt forum Try asking there.

hth

Daytona

Reply to
Daytona

Daytona,

Your info was very helpful - just what we wanted. Thank you very much

Reply to
Sam

Hmmmm.

Rob

Reply to
Robin Graham

Maximum broker fee is 5, if no loan agreement is entered into within 6 months, IIRC.

Reply to
Doug Ramage

Advantage Loans & CGS are both part of Post Net Ltd, you can acces

their website at

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Searching the web finds goo and bad reviews of them, it seems that the bad reviews show up more. The 5 listed by somebody else, is the maximum brokerage fee that ma be retained if no loan is found. Post Net Ltd is a brokerage compan for unsecured loans and credit cards. They ask for a fee for the loan which goes to them, if however you do not get the loan, you have th right to ask them for the money back, and if you don't get it, you ca notify your local Trading Standards Officer, and you will get it back They do have the right to keep 5 of it, as the standard brokerage fee however generally won't based on the fact that they misled you.

I suggest give it a try, as there are good reports about them as wel as bad. I intend to, and if I do receive trouble from them, you guy will hear about it

Reply to
pickles

In message , pickles writes

???? The "reputable" loan sharks take their fee from the loan. Anyone who asks for it up front shouldn't be touched with a bargepole!!

Reply to
Richard Faulkner

In message , pickles writes

In fact it is the maximum fee that can be retained if a loan is not taken up by the borrower, so the broker can do all the work and get the loan in place, but if the borrower doesn't take it up then only £5 can be retained.

Reply to
john boyle

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