www.loan-options.net - Scam or not?

by , 15 Jun 2011

Hi :)
First post so please be kind :)

Has anyone heard of this website? Need a loan of roughly ~?2500 to cover some bills and this seems to fit the bill? One off payment of ?60 but I dunno if its a scam or not.
Can't seem to find much about it through google, so a friend told me of this website, and, well, et-voila!

Thanks in advance!
J.

Answers

Hi j-j,

It certainly wouldn't only be a one off cost of ?60.

They display a massive 53.4% representative APR on their site, so more likely to be a one off payment of ?60 PLUS a monthly fee of around ?100.

Looks like a VERY expensive way up borrow to me.

by MrWallet, 16 Jun 2011

Hi j-j, and welcome to the forum.

I've never heard of them, so just did a google search...nothing there other than links to their actual website. My Norton Safe Search rejected the site, so to be honest, it looks as though it could be dodgy!

by fruitcake, 16 Jun 2011

Thank you both very much for your fast, and great replies!
That was what I was thinking, but I just wanted to double check!

Have either of you any recommendations for where I should/could go?

My CR is/(was a few months ago in the mid 800's according to annualcreditreport.com) so I think that's ok - is it?

P.s - I don't know how this website works so I don't know who to choose as the best answer so I will equally thank both of you :)

by j-j, 16 Jun 2011

You're very welcome, j-j! :-)

by fruitcake, 16 Jun 2011

Why not try Zopa.com, they have some extremely naive lenders. Summon up a good sob story, and you could get a loan at 7%. Good luck.

by ollygark, 16 Jun 2011

Thanks olly, I shall have a look right now.

Is it ok to start a new thread asking about zopa, or is there a limit as to how many questions you can ask?

by adamj, 16 Jun 2011

There's no limit on the number of questions that can be asked.

by MrWallet, 16 Jun 2011

I contacted Loan options, they refused give me refund, after I contacted my Bank. The bank adviser told to me, in UK every agreemint you can canceling in 14 days by low, I phoned to Loan options, they said, no, we are broker, this is low, do not toughing us. I said ok, i will ring trading standart and starting legal process againts you. After that, they say, wait, we do refund for you, just taking £5 for some bank fee, and they pay me back £52-86

by Andrey, 21 Nov 2012

Well done, Andrey! :-)

by fruitcake, 21 Nov 2012

loan-options are a broker, not a loan firm, and once you apply to their site they do (unfairly I admit) charge you nearly £60 for their services. If you are unhappy, you have one simple option- never log back into their website, do a google search for their number, then ask to speak to an account manager. I did this, and although I'm uncomfortable giving out names and numbers online, it was an easy process, and I was refunded nearly the whole amount taken from me. They held back £5 which after doing another search, seems to be the norm. The site *isn't* a scam, but the way they get their business and have unsuspecting people lured in surely is- that needs further investigation.

by datasegment, 29 Nov 2012

Forgot to mention about loan-options.. If they send you account details and you log in even once, you have accepted their terms and conditions, and you are subscribed, which means goodbye to your initial fee. *don't* do it, even if they ask you to. You're not a full member until you log in using your personal credentials, and your fee should be returnable. Also- the 14 day cool-off for online purchases doesn't apply as this isn't a product, it's a service.

by datasegment, 29 Nov 2012

thats what happend to me today.im trying to find their web site and tell number but no joy yet.do you no it at all?

by dentond36, 4 Jan 2013

Hi j just wanted to say don't go with them I payed fee no loan now having problems getting refunded two different companys said they can help now i'm £130 worse of than before :(

by morga88, 8 Jan 2013

Loan Options FAQ

Loan Options charge a one-off fee of £64.76 which is collected up to 45 days after the member's signup date.

Loan Options are a broker and not a lender, they have an extensive panel of lenders and products who are there to help all of their customers in any situation.

Loan Options Ltd is a UK registered company : Incorporation Number 07451501
Local Rate Contact Number : 01656 672 699
Consumer Credit License Number : 0640755
Data Protection License : Z2466527

FAQS

1) Loan-options took money out of my account without me agreeing?

Loan Options do not receive any payment information via any other third party companies. To avoid any confusion we dedicate a single page in our online application process that details our fee and requests the applicants credit/debit card details. Our fee of £64.76 is collected exclusively using the provided card details. We urge anyone with payment concerns to contact the Loan Options Fraud Team on 01655 672 699.

2) Payment of fees is taken though loans are offered for an amount, which is below the amount needed and requested by customers.

Loan Options are a broker and not a lender meaning we cannot guarantee a loan or loan amount. We have an extensive panel of lenders who are there to help all of our customers in any situation. Where possible Loan Options will provide provisional quotes and educated estimates to match the applicant's affordability, the success of obtaining the quoted terms depends on the member's credit status and therefore the lenders' ability to lend.

3) Do Loan-options.net offer customers loans from companies which have already rejected their application or which are unsuitable because no guarantor is able to guarantee the customer's loan application?

Loan Options has a direct link to many of our lenders which ensures that previous applications, declines and pending loans are identified immediately. This smart use of technology greatly reduces the chance of us recommending a product which the member has previously applied/been declined for. Duplicate applications can only be highlighted when personal details such as Mobile Number and Email Address have not changed between applications.

During the application stage of the customers journey, Loan Options asks that our customers disclose any current outstanding credit, defaults, CCJ's or bankruptcy. Accurate information provided at application stage ensures that we do not recommend a product that is unsuitable.

Loan Options will always find you the best possible solution dependant on your circumstances, however if at any point you feel that a recommended product or loan is not suitable then please advise your personal broker and we will find you the next available product.

4) It is extremely difficult to obtain a refund from Loan Options. Why?

Loan Options offer a transparent refund policy although we prefer to ensure that we have exhausted all possible lending opportunities before discussing cancellation. Any member wishing to cancel should call their personal broker on 01656 672 699.

Our fee of £64.76 is split into 2 parts, £34.76 set up fee; this enables us to set up your account, search for your best lenders and covers our admin and system costs. The remaining £30 is calculated as £1 per day for your 30 day membership.

5) What is Loan-options.net customer service contact number?

Loan Options Local rate number - 01656 672699. We are open Mon - Fri 8am - 8pm & Sat 9am - 12noon.

6) Is Loan-options.net licensed and registered in the UK?

Loan Options Ltd is a UK registered company :
Company Incorporation Number : 07451501

1 - 3 Wyndham Street,
Bridgend,
CF31 1EF.

Local Rate Contact Number : 01656 672 699
Consumer Credit License Number : 0640755
Data Protection License : Z2466527

by panyen, 16 Jan 2013

Please note, this has been added by a representative of Loan-Options. However we are letting it remain on the site for informational purposes.

We do not authenticate their practices, do not have a commercial relationship with them and do not include them within our financial comparison tables.

by Hannah from money.co.uk, 17 Jan 2013

Hi there. Ive had possitive and beneficial advice, that yi are neveou should neverbpay upfront. There are financial brokers that request upfront fees for theyre administration and set up fees.BUT, And thats abig But. Some are requesting your banking details as a way of setting up your loan agreement. BUT they are then stating funds, some, upto the value of £69, 99, are to process your loan. They then state that no money will be requested untill you receive your loan. That is not true, in many cases. They extract thyeyre agreed funds immediately, and you dont then recieve any agreed loan. When you then apply for a refund, they simply try every thing in the book to deny you, your refund. Please, do not give your banking details over the phone, or on line.

by craigybaby, 16 Jan 2013

i went on to loan options site around christmas - a cookie appeared on my screen advising me of the fee of £60+ which would not be taken out of my account on the day of applying but over a 45 day period. Immediately after i checked my bank account and sure enough they had taken out their fee literally in seconds. I cancelled my membership in less than an hour, got on the phone to them but was informed their office was closed until 2/1/13. On 2/1/13 i contacted their office in Cardiff and was informed to put my cancellation in writing and upon receipt i would get a refund in 10 days. Sure enough along with 1st class postage off my letter went to Cardiff on 2.1.13. Some 14-15 days later, i heard nothing from this firm and again made telephone contact. Out of the £60+ paid they informed me i would receive a refund of £29+. Thankfully i had done my home work and was able to quote Section 155 of the Consumer Act ie when paying a fee the company can only retain £5, when this was mentioned i was refunded £59+ which i received a day or 2 later. If they can take your money from your account in seconds, they can very well replace it in seconds and this waiting and writing regarding a cancellation is nonsense its a delay tactic. So folks moral of the story is dont get involved with companies that request a fee and b} dont borrow more money and make your situation worse, as you dont know what it around the corner be creative if you have a talent, make stuff and sell at car boots ::)))

by zoots, 19 Jan 2013

I found your report interesting, and disturbing, zoots! I am pleased you had researched Consumer Act law, but really, no-one should need to! If only Companies were honest!

by greydo, 19 Jan 2013

I managed to haggle and quote this site forum after they offered only half back then I said I was extremely angry and would write on here...lol. in the end the account manger took £5 and refunded me rest of about £59,76 to my account. Thank you money.co.uk

by angelh, 14 Mar 2013

Posts within the money.co.uk community represent the views, experiences and opinions of members and experts only. They should not be taken as financial advice and should not be followed without further research.

Get our free money saving newsletter
Join over 450,000 other subscribers who grab our expert money tips, unmissable money guides & hottest bargains each week in our special email...

More Questions on Loans