Hi,  I recently applied for a 3000 pound loan with yes loans and it was accepted.  I have since read a number of bad reviews about the company and am having second thoughts as to whether or not I should accept the offer.  my credit rating on this site "needs improvement" and i am worried if I keep applying for loans it will just get worse.  Does anybody have any advice for me!!  Thanks

seemoore --- What APR% interest rate have they offered you, and have you been asked for an upfront fee by them ?

 

Hi Seemore-

 We have many threads on our forums regarding Yes loans, I would suggest you read them by searching on the icons above, however the feedback is not positive from our users.

Here is an example - the upfront fee you pay does not guarantee you a loan - it's only a "pre" approval. 

http://forum.moneysupermarket.com/forums/thread/21865.aspx

If you have adverse credit, or even a little "blip" on your profile then shop carefully and use the correct lenders. Your own bank is a good place to start because they know who you are and have a relationship with you.

If you then have to use a broker I would suggest using a broker called UCC. They charge no upfront fees and they search all the lenders that cater for people with less than perfect credit. If you want help with UCC please call our team on 0870 027 0269.

I hope this helps,

 

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Many Thanks,

Gareth Sharp

moneysupermarket.com

They told me it would be 17.9% APR and i was looking to borrow 3000 over 2 years.  They asked for 49.50 up front but i am not sure whether to pay it?

seemoore:They told me it would be 17.9% APR and i was looking to borrow 3000 over 2 years.  They asked for 49.50 up front but i am not sure whether to pay it?

 Hi Seemoore-

 Please be very careful, read the other threads and decide from there. According to many unhappy people Yes loan "pre-approve" people, which means you may not get the loan even if you pay the £49.50.

Thanks,

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Many Thanks,

Gareth Sharp

moneysupermarket.com

Hi there

I have just finished speaking with this company and I questioned the upfront fee and they told me this was just an administration fee to speed up the application process and that I was already approved - I am a bit unsure what to do now as I applied for a loan with Natwest and they said no.

 

 

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Nikki

Nikkis:

Hi there

I have just finished speaking with this company and I questioned the upfront fee and they told me this was just an administration fee to speed up the application process and that I was already approved - I am a bit unsure what to do now as I applied for a loan with Natwest and they said no.

 

Hi Nikkis-

If thats what they say then great, but I would still maintain that anyone being charged a fee to “speed up” a process treads with extreme caution.

If they have a loan ready for you then what more can be done with your £50 to speed things up? :)

There are many unsecured brokers who do not take fees - UCC (The unsecured credit company) and The Personal Loans Centre being two of them. If you take a loan from a provider they will pay your introducer a commission, that’s should be more than enough for your business – why pay £50 more?

 

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Many Thanks,

Gareth Sharp

moneysupermarket.com

Hi

So glad I was right to feel wary.  I decided not to go with this and applied with my bank online and they approved it!!!  I was really surprised as I have had difficulty for so long and Natwest refused me.

I dont know if any others with a past history of difficulty ever do this but I find I am so haunted by the refusals etc in the past that I sell my self short when it comes to lending and dont try the "normal" lenders - i always go to the bad credit specialists (or specialists so I thought!).

 Good to know that for once you really can rely on your bank to take a better view on you than Experian (if that sound right).

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Nikki

Nikkis:

Hi

So glad I was right to feel wary.  I decided not to go with this and applied with my bank online and they approved it!!!  I was really surprised as I have had difficulty for so long and Natwest refused me.

I dont know if any others with a past history of difficulty ever do this but I find I am so haunted by the refusals etc in the past that I sell my self short when it comes to lending and dont try the "normal" lenders - i always go to the bad credit specialists (or specialists so I thought!).

 Good to know that for once you really can rely on your bank to take a better view on you than Experian (if that sound right).

Hi-

I'm glad to hear you have been offered something you want Nikkis!

The best thing to always remember when looking for a loan is to be realistic. If you have adverse credit then you really cant expect to get <7%!  :)

It may seem obvious, but by shopping the the right place you will save plenty of wasted applications and time.

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Many Thanks,

Gareth Sharp

moneysupermarket.com

I would advise anyone to avoid Yes Loans, they have been featured in The Mirror(twice) and on BBC X-Ray (a copy of that is floating about on You Tube)

Also they have a director called Keith Wilmot Chorlton - who is barred from holding a directorship - they refer to him as an advisor but either way what finance company has someone who was a guest of HM Prisons for fraud?

 

 

You only have to google 'Yes loans' to find a lot of negative publicity about them.  Nearly every entry under their own carries negative reviews by customers about the performance of Yes Loans.

Cheers

 James

I can definitely agree with you here now.  They have done nothing but harass me since the last post.  I told them I dont want their loan - its a rip off at what I now found out is 58% apr!!!!!!!! (not joking either honestly) and I wish them to remove my details from their service.

 I have since been plagued with calls daily from a company who were providing the loan (after also telling them at every call to stop bothering me) and calls and correspondence from Yes loans.  They just don't know when to give up.  I have ended up getting very very short with them and telling them to stop calling me I dont want anything they can offer i already have a loan and do not wish to hear from them ever again.  It seems to have finally worked (for now anyway)

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Nikki

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).

I have also had some very bad experiences with Yes loans. They me pay £49 just to even consider looking into a loan for me. I'm not being funny but £49 i am trying to raise capital not spend it. I have had 2 or 3 different sets of documents from them starting at £8000 then £5000 and then £2000. I have signed all of the paperwork and sent back relavent sets for them to now tell me that it has been declined.

 I then got in touch with a Broker called Simply Loans on 0800 2800 970 who didn't charge me anything to apply. And they gave me a professional service from start to finish. They even allocated me my own loan adviser. I strongly recommend that these are the people to call.

Damien,

Find the Financial Ombudsman site, file an online complaint - it will take you less than five minutes and wait for Yes Loans to return your £49.50.

Good luck, Tony