I used to work for Yes Loans, I was there for about 6 months.

I'm not 'sticking up' for my previous employers but half of the customers they deal with are either desperate for a loan, didn't listen to what the agents were telling them or were quite frankly thick as s***. They use a script and before going through the application, they do state that Yes Loans is a broker.

"Thankyou for confirming those details for me, I'll just quickly summarise the service we offer. We are a licensed credit broker working with the top UK lenders to provide you the best loan to suit your personal circumstances even if you have bad credit. We also provide unsecured loans for a range of purposes".

And if a client has been 'accepted as a client of Yes Loans', again that is stated.

"I can confirm that you have been accepted as a client of Yes Loans".

The main thing that every customer feels that they are misled on is the rate. Again, we use a script and clearly state that it is an example rate.

"The example rate in front of me today shows that if you borrow £5000 over 5 years, you could be paying back [insert amount here] per month"

rippedoff:

Aha,

I've just been through the same thing. I coughed up £49 and I was just contacted by them and then put through to another company who offered me a loan at 57%. Yes Loans had quoted me 21%. Basically they charge you 50 quid to be put through to some rip off loan company. You can bypass Yes Loans and get ripped off for nothing by spending 5 minutes searching for rip off loans in the internet. (I'll do it for you for a tenner if you like).

You are able to get your money back from them (minus a small admin fee) however it has to be 6 months after you applied and paid them! When I delt with them I had to chase them and stay on hold for ages. Don't give up and also I found mentioning trading standards and the consumer credit act will help you out a lot!

Hi Gareth Sharp

After reading your post about UCC loans we decided to give it a go and were delighted when we found out that we were accepted,

Until the next day when we were informed that they need £49.50 fee to process the loan application

It would seem they are just as bad as the others!

Jamie

I applied for a loan with Yes Loans yesterday. I had a phonecall today asking me if I was still looking for a loan. I told them I have been advised not to go with them because they charge a fee up front.

They then said, quite aggressively that this is perfectly normal for any financial institution!!! To which I replied well can you take the fee out of the loan?

He hung up on me!!! Anyway, I'm glad i found this forum before I paid anything to them! After that experience I would stay well clear of anyone that is asking for a fee up front!

Gareth

LadySim:

I used to work for Yes Loans, I was there for about 6 months.

I'm not 'sticking up' for my previous employers but half of the customers they deal with are either desperate for a loan, didn't listen to what the agents were telling them or were quite frankly thick as s***. They use a script and before going through the application, they do state that Yes Loans is a broker.

"Thankyou for confirming those details for me, I'll just quickly summarise the service we offer. We are a licensed credit broker working with the top UK lenders to provide you the best loan to suit your personal circumstances even if you have bad credit. We also provide unsecured loans for a range of purposes".

And if a client has been 'accepted as a client of Yes Loans', again that is stated.

"I can confirm that you have been accepted as a client of Yes Loans".

The main thing that every customer feels that they are misled on is the rate. Again, we use a script and clearly state that it is an example rate.

"The example rate in front of me today shows that if you borrow £5000 over 5 years, you could be paying back [insert amount here] per month"

I love the above post for various reasons, the major reason I love it is that ' Yes Loans state they are a brokers' don' make me laugh! I'm a broker and when you are a broker you place the loan/mortgage/insurance with someone specific you don't just throw people's details out to random lenders (all of whom then do their own credit check)! They give you a made up figure to get you to pay the fee (My wife was promised payments over 60 months and very few sub prime loan lenders let you pay over 60 months for example!).

People like Yes loans give any sort of broker a bad name.

Hello seemore,

I applied for a loan last week for £2000 and i was accepted by YES Loans, i was told over the phone i would be paying

back £105.64 a month, total of a £2535.36 which was fine, but when i recieved my application through the post, they

expected me to pay back £100.79 a month for 36 months, thats over £3600 + a £200 broker charge, i phoned them them

today and told them where to stick there loan and requested my £59.50 admin charge back and they refused, i have

spoke to the C.A.B and they told me they are legally allowed £5 not £60, so im trying to now clain back £55, i know its

only £55 but still, moneys money.

My advice, look somewhere else, ive tryed UCC Loans, im waiting for them to get to me but they seem alot more legit.

Cheers

Andy Lewis

Andy,

Dont waste your time and money calling these jokers. Simply fill in the online complaint form at the Financial Ombudsman site http://www.financial-ombudsman.org.uk/consumer/complaints.htm , it will take less than 10 minutes. Print it and post it off.

I did this for my son and got the full £49.50 back within two weeks!!!

Prior to asking the Ombudsman for help, I had emailed YES three times and wrote to them twice....it seems they don't ignore the Ombudsman as freely as they do their 'customers'.

Hi Andy Lewis,

I'm not sure if you read my post but I advised you not to bother with UCC either,

Although it was advised on here that they don't charge a fee I'm afraid thats misleading and incorrect!

We applied with UCC and after being accepted were advised we needed to pay £49.50 for administtration fees =/

Just another rip off load company it would seem

Regards

James