The Association of Short Term Lenders is warning consumers not to be duped by certain bridging lenders that are demanding high non-refundable application fees and then dropping out of the deal.
Adrian Bloomfield, CEO of the ASTL, says: “It has been brought to our attention that there is an improper and dishonourable practice whereby firms appear to be charging applicants very substantial application fees in relation to short term loans that do not materialise.”
None of the members of the ASTL have been implicated in these allegations and no complaints have been made to the ASTL about any of its members. Bloomfield says: “We wish to make it clear that the short term lending industry as represented by the ASTL condemns these sharp and dishonourable practices and our members wish to disassociate themselves from the companies against whom complaints and allegations have been made.
Enable Bridging Finance safeguard the interest of their clients and only introduce loan applications to lenders who they know are reputable and reliable.