- 1 We only cater for people with poor credit looking for a loan or finance.
- 2 So, a few questions before we go any further…
- 2.1 What is The Money Mafia?
- 2.2 Isn’t getting any loan bad, let alone a bad credit loan?
- 2.3 Do you get paid by the lenders or product providers?
- 2.4 So how do you make money?
- 2.5 Is it wrong for me to use a price comparison site or loan broker service?
- 2.6 Can you advise me on the right loan to take out?
- 2.7 Why have you set up this site?
- 2.8 What makes you different?
- 3 In a nutshell…
We only cater for people with poor credit looking for a loan or finance.
What we mean by that is; If you have good credit, never had a problem getting a loan, credit card, car finance or mortgage then this site is not for you. You can simply walk into any high street bank or apply online to a multitude of lenders and get approved for a loan or finance in minutes.
Our site is aimed at those people who have been refused a loan or credit card and who will never be accepted for car finance by a traditional car finance or car leasing firm.
So, a few questions before we go any further…
What is The Money Mafia?
We are not brokers and we do not offer advice. The Money Mafia is a journalistic website that provides information (information that is in the public domain) about various lenders, product providers and finance firms who specialise (or say they do) in customers who have poor credit. We tell you what they charge in fees, whether they are a broker or a lender (there is a huge difference) and how to contact them directly.
Isn’t getting any loan bad, let alone a bad credit loan?
Not always, consider this.
THIS IS ONLY AN EXAMPLE
Someone takes out a guarantor loan to pay off their debts. Let’s say they are payday loan debts and the monthly repayments come to a few hundred pounds, repayments which are crippling this person financially and making it very difficult to live day to day.
The new loan could pay off the payday loans and the monthly repayment could potentially be lower than the previous figure they had to pay each month, making it easier for this person to live.
Of course, they will have the credit a lot longer and the overall amount they have to pay back will be greater but sometimes, you need something to get you out of a hole. We get that.
The other thing to note is this; If people want a loan – generally speaking, they will get one and nothing we will say will stop them. Our job here is to help them avoid the scam firms and help them get as much information as they can before they make any decisions.
Do you get paid by the lenders or product providers?
No and we will never will. Unlike every other single price comparison site or loan broker, we do not receive a referral commission for any loan, credit card or car finance application that may go through after you have clicked on a link on our site. It doesn’t matter which link you click on, which page you visit – we will never receive a fee from any product provider or lender. This makes us truly independent – no one else in the UK can say that.
So how do you make money?
We have a number of adverts on our site, usually through Google but not always. If you click on them, we get paid. If you don’t, then we don’t get paid – it really is as simple as that. There is not one single other service in the UK that offers our service. Not one. Full details on how we get paid are here.
Is it wrong for me to use a price comparison site or loan broker service?
Not at all. It’s all about personal choice. What we do is make you aware that despite their protestations, all price comparison and loan broker sites make money by ‘referring’ you to a lender, product provider or broker. It might not be that you have to pay any money upfront but you will pay more for your loan (by adding their referral fee onto the loan amount you borrow) and that is a fact.
Can you advise me on the right loan to take out?
No. We are not a broker and are not authorised to give advice. We are a journalistic site that gathers information which is available in the public domain, groups it together and report our findings in our content. If you decide to go ahead with a course of action then that is your decision alone. All we try to do is give you the facts for you to make an informed decision yourself.
Why have you set up this site?
Frankly, we were sick of all the bullshit. People with bad credit are targeted by unscrupulous brokers, lenders, price comparison sites and other middle men whose only aim is to get some money out of them.
“Guaranteed acceptance fees, bank account release fees, documentation fees” and other spurious charges are used to make people pay an upfront fee of £59.95 (usually) and of course what happens next is that the customer pays the fee and doesn’t get their loan. Some of the biggest lenders started out this way, particularly in the guarantor loan space and it is both shocking and sickening.
These so called providers target the most vulnerable in our society: People who are often desperate for a loan with no where (or no one) left to turn to. Loan companies know this and they prey on the vulnerable, making them think that they are minutes from a loan to buy a car or pay some demanding bills when the reality is often different.
What makes you different?
Well, apart from the fact that we can report/discuss/chat about lenders, loan companies, product providers, brokers and finance firms without worrying about being paid and therefore influenced by them (we don’t get paid by any of them – read above), we have been through this ourselves.
Natasha, who set up this site, made 5 different loan applications through lenders (or companies she thought were lenders but turned out to be loan brokers) and was charged between £59 and £79 every time she applied. Needless to say she didn’t get her loan.
She also looked at various price comparison sites and made applications through them and was eventually approved for a guarantor loan through a well known guarantor lender. What she didn’t realise at the time is that the price comparison site received a fee of 10% of her loan amount of £7,500 which was £750. It might not sound a lot but this amount was added onto her loan and she ended up paying interest on that amount…Compound interest which means that there is interest being paid on interest! It is a never ending cycle.
And yet what is so galling is that if she went to the lender directly she wouldn’t have had to pay that fee.
In a nutshell…
If you have bad credit and you are looking for a loan, finance, credit card, bank account or car finance, we can point you in the right direction. The only sites listed on The MoneyMafia are sites that can help people with poor or bad credit, no others.
That’s it. Simple.