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    tashndrachy's Avatar
    tashndrachy Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 22, 2007, 02:03 PM
    Loans are they for real?
    I have just applied for a loan and they have asked for me to send £50 admin fee in order to complete my application! Is this a scam?
    kp2171's Avatar
    kp2171 Posts: 5,318, Reputation: 1612
    Uber Member
    		  
    #2

    Aug 22, 2007, 02:27 PM
    Might be.

    Where is the loan through? How did you hear about this? What info have you given them?

    What are the terms of the loan? More info helpful.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Aug 22, 2007, 03:02 PM
    Normally fees would merely be deducted from the loan proceeds.

    I do hope this is not an internet thing
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #4

    Aug 22, 2007, 03:06 PM
    RUN, don't walk.
    This isn't a classic scam, but a seriously unhanded tactic.
    They advise that they can get you a loan at rate X but need an admin fee.

    You send the info back and find that you are refused for loan at X and all they can offer is rate Y (10% higher) or none at all.

    You should never have to pay to setup a loan.
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