Find Loans with No Fees. Loans are a financial product and they are the biggest revenue generator for banks or financial institutions. Banks do make investments of myriad kinds, from stocks to buying commodities and other assets which will get appreciated over time.
But they primarily focus on loans and the earnings from the repayment of those loans are what fuel their coffers.
In other words, while a loan for a borrower will be to satiate the need, it is a money making machine for lenders. Thus, lenders look for all possible ways to make more money from their loans.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Fast loans with no fees
Interests are not the only way lenders make money. There is a horde of fees that lenders can charge at various stages. These fees make a loan more expensive than what you may initially perceive. What you should be looking for today are loans no fees. That is if you wish to save some money.
Here are the different kinds of fees that borrowers or prospective borrowers typically pay.
Application fee is a charge borrowers pay at the time of applying. There is no guarantee if you would be getting the loan. You don’t know how long the approval process will take and yet you would be paying a certain sum of money just to be able to apply.
Most lenders have done away with this application fee over the years because it simply doesn’t make any sense. But there are some that still charge a small application fee.
Some lenders charge for forms or that one-time assistance at the start. Stay away from such lenders. There are many banks that have done away with this application fee.
Processing fee is another weird charge. Application and processing fees are almost always non-refundable so if you are not getting a loan, even then you end up paying something to the lender.
If you are the one needing the money, it is irrational for any lender to expect you to pay first. Processing fees are again a way for lenders to make a bit more money.
Then there are legal fees. Now, this is really confusing because lenders often don’t tell you clearly what exactly you would be paying this charge for.
Loans with no fees lenders
Some lenders will tell you that the legal fees pertain to drawing up the deed or loan agreement, some will say that there are some processes of verifying your data and information which requires money but very few will actually give you in writing, detailing what this legal fee pertains to.
Surely lenders have standard agreements and automated systems in place to get the paperwork ready. They don’t need every prospective borrower to pay money for that.
These charges are upfront. You have to pay them regardless of your loan status and the outcome of the approval process. Some charges may be hidden as many lenders don’t tell you explicitly why you are paying a certain fee.
Look for loans with no fees. Do your research. Don’t just ask a company if they charge something upfront. Their fees may be camouflaged in the paperwork which you may not fully understand.
Read reviews, do your homework and explicitly discuss with a prospective lender if you can get loans with no fees from them.
The loan companies we use on this website do NOT charge you any fees, so you can apply with confidence.