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Karolina Stempien

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Review of the Fair Finance, Personal Loan:

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Not very fair finance

I have applied for a loan of £200 and was approved, which is great but... Firstly, I had to wait 3 days for decision. Secondly, Fair Finance states on their website that they charge upfront admin fee of 5% of the loan value, which in my case should be £10. After a phone chat with a representative, it appears that the admin fee for my loan is £25 which is whooping 12.5% of the loan. Very misleading website. If the information was stated correctly wouldn't bother applying for a loan. £10 is acceptable but not £25 especially on such a small loan. If one includes admin fee and interest rates, loan becomes too expensive to consider. Just wasted my time. Reviewed on: 20th June 2016

Reply from Fair Finance We’re sorry that you had a bad experience with Fair Personal Loans, we work hard to ensure that customers get a decision within one working day. We have a minimum administration fee as it costs us the same amount of money to look at a smaller loan as a larger one, we’re sorry that you didn’t feel this was clear enough, since you applied we have made it more explicit on our website. Response date: 26th July 2016

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