Credit Brokers - how they work

A credit broker can help you get a loan by dealing with a bank, building society or other financial organisation on your behalf. They can shop around for the best deals.

However, they will usually charge a fee for their service known as "commission", and this may be added to your loan.

You do not have to sign an agreement with a lender introduced by the broker. If a broker introduces a lender to you and you do not take up the lender's offer, then the broker is only allowed to charge you a fee of £3. If you have paid more than this, you are entitled to get the balance back.

Credit Unions

Consumer Law

 

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