What is a Loan Broker Fee?

This can be a charge for searching or applying for a loan, although the charge may not actually come from the loan company you have searched with.

Broker's terms and conditions often advise that if they are unable to find you a loan, your details may be passed on to other companies to perform a similar service.

What to do next

• Have you applied/searched for a loan in the last 6 months? If so you will need to contact the company directly regarding the debit.
• Look at the terms and conditions of the broker to understand if a 'cooling off period' is stipulated.