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The BBC found one firm - Tenant Loans - which appears to offer cheap credit for a £50 fee when the real cost of borrowing can be three times as much. In a statement, the company says it "always works to find the best loan option available on the UK market". The company has refunded two Somerset based customers contacted by the BBC. Bronte Roberts, from Chard, answered an on-line ad and received what she thought was a loan offer of 15.2%. Refunded fee She sent off a £50 admin fee and was sent back the real offer at 42.8%. She told the BBC: "I feel disappointed. I wasted my fee which I could still have in my pocket." And Alan Edwards, from Somerset, whose son had a similar experience, said: "If my son had not thought [the example offer] would have been the offer, he would not have gone ahead with it." In a statement, Tenant Loans - linked to Bournemouth-based Post Net Ltd - said: "Our typical APR is calculated in line with the Consumer Credit Act regulations. "As a broker we can never guarantee the loan amount or APR to any customer, however in the majority of cases the rate offered is equal to or better than the Typical Rate quoted. "We were disturbed to hear that the customers in question felt unhappy. "We have already refunded their service fee in line with our usual company policy." Trading Standards in Somerset say consumers should beware when companies accept loan applications and then ask for a fee. Source :- news.bbc.co.uk |
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