Martin asked in Business & FinanceCredit · 7 years ago

iv been charged for applying for a loan on Internet is this right?

Hi I applied for a loan on Internet they took 67 pound out of my account even though I didn't take on the loan is this correct

6 Answers

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  • 7 years ago

    Read their Terms and Conditions. Almost all online lenders or referral services charge a fee for applying, whether or not you are approved. That's how they make money. They know that there is almost no chance for anyone with bad credit to get a loan but they look anyway and take their money even if you are denied

  • Anonymous
    7 years ago

    first u need to read the terms on use. if u agreed to a membership they will bill u until u cancel. even if u are denied. they advertise to get u in then burn u. stay away from it. in fact get away from the loans and credit. since i havent applied for any type of credit or loan my score went up more then 100 points. was 428 now 541.

    Source(s): dealing with debt since 19. 7 years now credit slowly getting better
  • Dan B
    Lv 7
    7 years ago

    That's one way than online lenders make their money. Charge a fee to see if you qualify, then deny your application. Is the fee legit? Probably is when you provide your bank/credit card info so they can take the money from your account. Ethical? Not in my view.

  • ?
    Lv 7
    7 years ago

    If you don't want the loan, ask for your money back. It's probably an automatic processing fee.

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  • wizjp
    Lv 7
    7 years ago

    Depends on what you agreed to in the application process and if you gave them the information they needed to bill your account.

    Talk to the bank manager.

  • 7 years ago

    yea aske for your cash back call your bank

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