Is this a straightforward loan or is it a consolidation loan to pay off debts?
If it's a straightforward loan you could get a better deal by approaching your local credit union. Why pay a fee in addition to the the heavy interest you'll be charged?
If it's a consolidation loan don't pay off debts by taking out more credit. It would be better to discuss your financial situation with a money adviser at CAB (or similar local organisation). A CAB money adviser would be free of charge.
Hi Fed-up
Don't believe them, my son got caught by these brokers, they guarenteed a loan for a car he wanted to buy, he had to pay them �49 and never saw his loan or the �49.
As above, you have not got a loan, read the letter very carefully, the fee is for them to look for a loan for you, they will try and fail and keep your cash. Companies like this prey on people like yourself with poor credit rating. I'm afraid the only viable way for you and others with a duff credit rating is to use the much neglected "reverse loan" method! At least you asked here first and saved yourself getting conned.
this same thing happened to me i was asked to pay �49 and then another �50 and told me i was guarenteed to get a loan but i never did and when i asked for my money back as they didnt do what they promised they told me its non refundable, so be carefull