Not a con as such but the fact a person would even consider this lender means that they have a bad credit rating. Therefore said person will get ripped off for an arrangement fee and probably astronomcal interest rates, assuming they are taken on at all. They may also take a fee up front on the pretence of trying to find a loan and when they can't they'll keep the fee. Do not touch with the proverbial barge pole. For people in this situation the best and cheapest way is the often neglected "reverse loan" .