Broker Fees – Why?
Tuesday, September 2nd, 2008One of the most common questions asked here at Interfinancial is “Do you charge a fee?” Many customers come looking for a personal loan but are – quite rightly – wary of paying a Finder Fee before they see the goods.
So, what are these fees and why is it so hard to find a loan these days without stumping up hard cash first?
For many customers, the loan is their lifeline: They have a limited income that seems to either being going out faster than it comes in, or they need cash ASAP to cover an unexpected bill. The last thing they can afford is yet another outgoing.
Believe us, brokers do understand that when you need money, you’re not looking to spend it. However, it’s not just customers who have had to adapt to the global credit crisis; the loans market has changed a lot too.
With fewer loan products available and lenders getting increasingly picky over borrower criteria, we’re working harder than ever to find you that loan. We spend alot of our time checking paperwork, answering questions and searching the market – which increasingly means checking the small print – just to get you quotes.
With so many customers shopping around to get the cheapest loan deal, we’ve always had to stay competitive, but we can only offer the deals that are out there. Many customers have unrealistic ideas about the deals they can get – especially when they are seeking a bad credit loan.
Whilst we don’t expect every enquirer to take us up on our quotes, we do find that we’re spending a lot of time looking for loans for people who don’t realise that cheap bad credit loans are not available from every lender like they used to be.
So, we hope you’ll understand that these fees are not just about us taking your hard-earned cash. We just want to make sure that you’re as serious about loans as we are.
