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Has anyone heard of or used The Finance Facility

Last post Wed, Aug 10 2011, 5:39 PM by The FInance Facility. 7 replies.
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  •  Wed, Aug 10 2011, 5:39 PM

    Re: Has anyone heard of or used The Finance Facility

    Hi Rachd2907

    I would like to make a few points on your comments and your application.

    "I applied for a loan in my own name" - You can and should only ever apply for a loan in your own name.

    No payment was taken until we found you at least one lender willing to lend you money. We found at least two financial solutions for you.

    1. We found you a lender willing to give you a £5000 cash loan.

    2. We arranged a debt consolidation plan to pay the full £7500 off in full and put all your debts into one single payment.

    You also say you logged onto our site to view your results. You can not do this on our website, are you sure this was not another site you have also applied for a loan through?

    We did not supply you with a payday loan. As you applied for £7500 you were not placed with our payday lenders, our system automatically eliminated you from them.

    As for the rest of your post, we took payment once our lenders told our system that you were in FACT accepted in full. If this was not the case then we would not take the fee. It is not worth our time or aggravation to do otherwise. If the fee was taken the same day or next, that would mean you were quickly accepted by a lender. This varies depending on how busy the lenders are and your personal circumstances.

    I would like to add that we help many people find a suitable financial solution every week and we also have many happy customers.

    We are sorry to hear that you are unhappy with our service and if you wish to speak further about your loan request then please do not hesitate to contact customer services via our website or telephone.

    Kind regards,

    Jonathan - Customer Services

    The Finance Facility

    • Post Points: 35
  •  Wed, Jul 27 2011, 11:24 PM

    Re: Has anyone heard of or used The Finance Facility

    BE VERY CAUTIOUS USING THE FINANCE FACILITY!!

    I have recently had a very bad experience with this company. I applied for an unsecured loan in my own name as I wanted to consolidate my debts. I had been refused elsewhere and decided to use this company as they promised that no payment would be taken unless they matched me to a lender that would guarantee to povide the loan I requested. I logged on to their website to view my results and could see that I had only been accepted for payday loans which are of no use to me and wouldn't serve any purpose! I was quite suprised at this as I had applied for a £7,500 unsecured loan and not a payday loan. I am aware that virtually anybody can get a payday loan as most lenders don't do credit checks so as long as you have a job, you will be accepted. I was then looking at my bank statement the next day and found that The Finance Facility had in fact taken their fee of £60 as soon as I had provided my card details! I called them to ask why they had taken payment when they hadn't found a lender for the loan I requested and all I got was a very rude advisor who refused to refund my money. I have also written in to this company to complain and request a refund and this has been refused. I think they have a scam going here where they say they'll only take payment if they find a lender. They then find a payday lender and class this as a loan so they can take your money. Basically they took £60 money for nothing!!

    • Post Points: 80
  •  Fri, May 06 2011, 5:21 PM

    Re: Has anyone heard of or used The Finance Facility

    I am so glad that you have had a positive experience with this company.

    I would however still urge caution when dealing with ANY credit broker as unfortunately as this forum has seen what is ion the label doesn't always reflect what's in the tin.

    If you take precautionary checks on ANY company you deal with such as checking they have a valid Data Protection License this can be done by checking the (Information Commissioners Office) ICO register at:

    http://www.ico.gov.uk/ESDWebPages/search.asp

    Also you may want to ensure that the company has the relevant license to be a credit broker by checking they have a valid Consumer Credit License at the following address:

    http://www2.crw.gov.uk/pr/Default.aspx

    Check the internet for negative reviews but do not rely on individual posts as proof positive that they are a good company. GazMs may well have had a good experience with them but he may also still be a member of staff trying to show the company in good light.

    Following simple precautionary rules will help to mitigate against the risk of these companies taking advantage of you and your current account. If they are a genuine company they will welcome this scrutiny as they will fly through the tests. Other less genuine companies may well falter at the scrutiny.

    Good Luck

    • Post Points: 20
  •  Fri, May 06 2011, 4:29 PM

    Re: Has anyone heard of or used The Finance Facility

    My post is genuine. But if I was to post a negative would you have thought that to be genuine or simply a competitor put another company down? Should we only take note of subjects with multiple posts?
    • Post Points: 20
  •  Thu, May 05 2011, 5:27 PM

    Re: Has anyone heard of or used The Finance Facility

    GazMs:Hi EJV. I called this company after seeing them in google through a search I made looking for a loan. They have a phone number so I called them and asked if they could get me a loan for £3000 as I wanted a new car but I had defaulted on a couple of payments last year. so I went through an application over the phone. after doing the application and having it processed I was told I was accepted in principle. I asked if they charged a fee. The lady told me they charged a one off fees but only if I received a solid offer of a loan. the same day a lender contacted me and made me an offer of £3000 the rate was a little higher than quoted but i was fine with it as it wasnt as high as i had been quoted elswhere. i had my loan 4 days later and the finance facility took there fee a week after that. so all in all the service was pretty good and if i had to use them again i would. hope this helps be careful using some companies though.


    I would always urge caution when looking at personal loans and brokers to use, especially if you have had a chequered financial past as quite a few of the broker companies make promises of loans on the spot but often do not live up to their promises and it is the applicant who is generally out of pocket as they are not adequately informed of the process and the refund policy which legally must state that if they do not find your loan for you in a certain time frame then you are fully entitled to a refund of the full amount paid minus a £5 administration fee.

    Posts such as the one quoted above are often placed by the company themselves to give themselves a better value to others reading this post looking for the same information. Unless you can find other forums where the general consensus is positive about the company you are looking at I would steer well clear. While I would not say that the above post is bogus I would have my doubts that such a positive and single post about this company would be genuine.

    Brokers do often charge a fee nowadays and from my experience they all charge the fee upfront before searching for you.

    Good Luck
    • Post Points: 20
  •  Thu, May 05 2011, 4:02 PM

    Re: Has anyone heard of or used The Finance Facility

    Hi EJV. I called this company after seeing them in google through a search I made looking for a loan. They have a phone number so I called them and asked if they could get me a loan for £3000 as I wanted a new car but I had defaulted on a couple of payments last year. so I went through an application over the phone. after doing the application and having it processed I was told I was accepted in principle. I asked if they charged a fee. The lady told me they charged a one off fees but only if I received a solid offer of a loan. the same day a lender contacted me and made me an offer of £3000 the rate was a little higher than quoted but i was fine with it as it wasnt as high as i had been quoted elswhere. i had my loan 4 days later and the finance facility took there fee a week after that. so all in all the service was pretty good and if i had to use them again i would. hope this helps be careful using some companies though.
    • Post Points: 20
  •  Wed, Apr 27 2011, 3:28 PM

    Re: Has anyone heard of or used The Finance Facility

    Finance Facility will almost certainly be a loan broker who will search the market for you to find a loan. There are a lot of dubious companies out there doing this at present and they all charge an upfront fee for searching for a suitable lender for you. I haven't heard the name Finance Facility mentioned previously in either a good or a bad light and so it would be harsh to judge a company based on their practice but this fee that is taken nowadays was never taken until about a year ago and it is an easy way to make money for the company as most people do not try and gain a refund if they don't get their loan. Some brokers are more successful than others at finding and placing your loan. Others don't seem to do any work at all and just take your money. Either way, if the broker does not find you a loan that you are accepted for within a period of time then you are entitled to a refund of your fee minus £5 for their administration costs. It would be wise to read through this thread that was on this forum a while ago as it can give you an insight as to what some people have experienced:

    http://www.moneysupermarket.com/community/forums/t/no-worries-loans-14889.aspx

    Good Luck!

    • Post Points: 5
  •  Wed, Apr 27 2011, 3:16 PM

    Has anyone heard of or used The Finance Facility

    Has anyone heard of or used The Finance Facility?

    They claim to get loans for people refused elsewhere , at a very decent APR , however I am a little cautious paying the upfront fee of GBP 60.00 in order to obtain a quote

    Many thanks in advance for your feedback.

    • Post Points: 35