Money Experts – A Brief Guide
Article by Individual Finance
Scattered among the loan companies all claiming to offer the best rates and credit card companies trying to tempt you with their special deals, you’ll find that the internet is crawling with people all claiming to be money experts with the ability to save you money. Unfortunately, the trouble is knowing which ones to trust…Certainly, there are several sites out there that genuinely have your best interests at heart and know their onions about the financial world (such as us!) but that doesn’t mean everyone’s on the level. Take loan brokers, for instance – they all claim to be the best at finding the cheapest loan for your needs and yet if you asked for quotes from several at the same time, chances are they’d all come back with different results! Surely if they were all the best, then they’d all come back with the same quotes? You’d certainly think so…The thing is, each loan broker works differently and not always in a way that benefits you. Some charge up-front fees for their services, which is definitely no-no – why would you pay someone before they’ve done the job you’re paying them to do, especially when they might come back with nothing but rejections? Others base their recommendations not on which lenders are best for you, but which ones will pay them the most commission if you go through with the loan suggested. Again, that’s a definite no since the results work in their favour and not yours; hardly the outcome you want when searching for the best loan options.Of course, that’s not to say that all loan brokers fail to live up to their promises – some go out of their way not only to make sure you get the perfect outcome, but also offer up alternatives if you end up being rejected for the loan you need. It’s simply a case of finding that perfect combination of factors (no fee until you’ve got the loan you want, the widest number of lenders to search from and recommendations that are based on your needs, not the commission earned) that’s the trick, although finding that might not be as hard as you’d think. The best idea would be to check consumer review sites such as The Review Centre and see what other people have to say about the brokers you’re looking to use; the best source of advice is often people in the same boat as you, so it’s worth listening to what they have to say…In SummaryWhen looking for a money expert…
Check what other people have said about their expertiseFind out if they charge fees for their services – the best ones never do!Make sure they’re not offering services with a catch, such as getting commission from the recommendations they makeChoose the one with the widest number of lenders on its booksDon’t be dragged in by false promises – only the ones it can live up to matter!Copyright: Individual Finance, 2010
About the Author
Individual Finance has informative articles on a wide number of aspects relating to UK finance. It also keeps users up to date with the latest money-saving offers and vouchers through regular e-mail newsletters.
IF’s Martin Mathers is a professional journalist with 12 years of experience, covering everything from finance and business to movies, music and technology.