'Documentation fee' with GE Money

J

Jimmy Mook

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Under the terms of a loan agreement with GE money the form states there will be a documentation fee of €73 which will be charged along with the first installment of the loan. Is this normal?
 
It is fairly standard and is allowable. If you kick up a fuss, they may waive it for you.
 
From my own experience there is no documenation fee with the personal loan from ge money. However you may be talking about car finace which in that case would be standard alright. Like CCOVICH said kick up a fuss and see what they can do.. threaten to go elsewhere if needs be etc.
 
Thanks lads, I rang them and reading between the lines they only chagre it for your first loan with them. Its only a loan for about 2k so i might ring them again and see if theyll waive it.
 
I got back on to GE and they gave me a better APR of 10.6% and no setup fee, i guess it pays to complain!
 
Is that the best rate available to your among all lenders? It also pays to shop around.
 
Is that too much? Im looking at tescos but they are 11.9% and theyre supposed to be one of the lowest?
 
I'm not sure what's a competitive rate for a (presumably unsecured?) loan but check out the Financial Best Buys forum for indicative rates.
 
Yes, its unsecured and I want to pay off the balance (about 1200) after 12 months without being penalised.
 
"No Set-up Fees - We don't charge you application or documentation fees."

Taken from ge moneys website so glad that you sorted that one out .... in regards to the interest rate people should bear in mind that the ecb base rate has increased .5% and that has had a knock on effect on the loan rates for personal loans.

can't see you doing much better than the rate you have (considering its a small sum of money and you are going to repay it in 1 year the interest is not substantial)

Never one to advocate the credit unions but in this case might be worth getting a quote from them.

Other than that check the best buys.
 
The rate is worse than what I have outlined in the Best Buys forum for €2,000 over 12 months, but it should be noted that the most competitive rates available from GE Money, EBS and Hibernian (all are underwritten by EBS) depend on applicant status, so the rate that Jimmy Mook is getting might be the best available based on his status, the amount borrowed and the term.

I don't think that Tesco or BoSI don't do loans for this term/amount.
 
Jimmy Mook said:
Is that too much? Im looking at tescos but they are 11.9% and theyre supposed to be one of the lowest?
Click to expand...

Where do you see 11.9%? Did they quote you over the phone?
 
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