Question

Which of the following is/are pitfall(s) and trap(s) to be on the lookout for when dealing with short term finance companies?

• A. Hidden Fees and charges
• B. Upfront fees
• C. Misleading time frames
• D. All of the above

Answer 1

The correct option is D All of the above

Many lenders will advertise a low interest rate but will have a huge application fee, valuation fee, documentation fee or commitment fee attached to the loan which ends up making it very expensive. Many lenders will promise that they can fund within a short period of time but end up pushing back deadlines and blame the client when in fact they have never been able to do what they promised.