Loan Centre

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2 Reviews

Representative APR23.4%

Loan Amount £100 - £100,000

Website Visit Website

Broker Fee £47.50 - £69.50
Depending on loan amount

Contact Tel: 0844 567 9500

Email: tom@loan-centre.net

Address:
46 Alexandra Street,
Southend-On-Sea,
SS1 1BJ

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Good Stuff

Have an online system - so no waiting on the phone for ages

Bad Stuff

Charge fees for finding loans but don't always find a suitable solution

Verdict

Better than brokers who charge upfront fees, use them if you want to, or use the free tools on this website

Summary
How to get a refund
How to complain
Lending Criteria
Broker Charges
Similar Loans

[edit]Summary

Loan Centre are a website based personal loan broker. They offer to help consumers find loans between £100 and £100,000 regardless of their credit history.

Applications are made to Loan Centre via their website. There application form requires about 25 different pieces of information, which they then use to match your details to their list of available loans.

Once you have applied you will be told that they have set up an online account for you and you will be presented with some log in details. At this stage Loan Centre will ask you to provide your credit/debit card details so that they can arrange your broker fee for a later date. This means that you agree to pay them a fee in several weeks time if you are happy with the lenders they provide for you, Loan Centre will also ask you if you want to subscribe to a monthly account service for an additional monthly cost.

Once you have provided your card details, you will be forwarded to your online account page where some loan options will be made available to you. You can then research the loan options before proceeding to apply with the suitable lenders.

Loan Centre claim to compare over 540 lenders in order to find you the right one. This is untrue. Loanpages.com has 337 active UK lenders. What's more, when we put some test applications through the loan centre website we noticed that the available options seem to be limited. It is more likely that they compare only a handful of loans like the majority of loan brokers.

Loan Centre do not charge fees up front, however we have read many reviews which suggest that they charge their fees to consumers even if the customer has cancelled. Moreover, it is unclear if Loan Centre always make their charges clear to users, with many users reporting that they were never made aware a fee was being charged.

Do not use this service, loanpages.com has more loan options, and is completely free. Ask in the community for help finding a loan.

[edit]How to get a refund of your broker fee

If you have used Loan Centre and did not receive a suitable loan you are entitled to a refund under the Consumer Credit Act 1974.

Loan Centre have to refund your fee, but they can keep £5.

You need to write a letter stating that you want a refund. State your name, your address, the date the payment was taken and the date of the letter. You do not need to give them a reason.

For your safety, keep a copy of the original letter on file somewhere.

Post it to: Loan Centre Customer Service Department, 46 Alexandra Street,
Southend-On-Sea, SS1 1BJ.

[edit]How to complain

If you have a complaint to make against Loan Centre you should write to them detailing your complaint and outlining how you feel it should be resolved. State your name, your address, the date the payment was taken and the date of the letter.

Send it to: Loan Centre Customer Service Department, 46 Alexandra Street,
Southend-On-Sea,SS1 1BJ.

They should issue a response to you within 6 weeks of them receiving your complaint. If you are unhappy with the response or do not hear from them after 6 weeks, forward your complaint to: The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR.

Please also add a review to this page so other people can benefit from your experience.

[edit]Lending Criteria

Criteria:

Employment:
Full Time Work, Part Time Work, Temporary/Contract, Self Employed, Retired, Benefits, Education, Carer, Homemaker, Benefits - JSA
Residential Status:
Homeowner, Tenant, Tenant - Private, Tenant - Housing Assoc., Tenant - Council, Living with Family, Military Accommodation, Work Accommodation, Student Accommodation
Defaults:
Any number accepted
Time In UK:
At Least 3 Years
CCJs:
Any number Accepted
Loan Purpose:
Debt Consolidation, Home Improvements, House Purchase, Car Purchase, Car (Other), Holiday, Wedding, Boat, Business, Student Loan, Christmas, Other, Home Furnishings, Pay Day Loan

Checklist:

Cannot be bankrupt
Must be 18 years of age
Must have a bank account or a valid debit card
Must have an email address
Must have a landline or mobile number

[edit]Charges

Broker FeeDepending on loan amount - £47.50 - £69.50

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Customer Reviews

Average Customer Review: (2 customer reviews)

Loan Centre has an average rating of 1.0 out of 5 based on 2 customer reviews.

The Loan Centre should be taken offline

By Jayne, Cannock

The Loan Centre should be taken offline in my opinion. Their is a link to The UTILITY WAREHOUSE on their site which is a horrendous company putting 99% of the people using their service into worse situations,eg.one person is now paying over 2500 pounds a year MORE for his utilities. These are proven cases. The Loan Centre will take money out of your account even if they dont provide you with a loan and many other companies like them do the same charging from 30 pounds upwards. Reviewed from experience

Price

Speed

Simplicity

Scam

By Steven, Aberdeen

i went to take money out of my account today and found out the loan center.net had taken £69.95 out without permission i have had no contact from them yet they go by the name veritable finance and there contact number is 0844 567 9500 i have just found out that im not the only person they have done this to the only difference is the amount they take this company is a scam plain and simple i have spoken to the bank and all they said is to speak with them and try and get it put back in but that seems impossible to do as you cant seem to speak to anyone in there company if you go to there website all you can do is send them a email or call the number (the only way i could get the number is on this site ) but its a automatic message telling you to leave your name and number and someone will get in contact ( don't hold your breath ) i have never agreed for them to take money out of my account and when i was on there site there is nothing about a broker fee or any fee they will take as i said before this is just a scam

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Simplicity

Loan Centre

Good Stuff

Bad Stuff

Verdict

Contents

[edit]Summary

[edit]How to get a refund of your broker fee

[edit]How to complain

[edit]Lending Criteria

Criteria:

Checklist:

[edit]Charges

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