yes loans asking for a set up fee

lovehoney588

I'm trying to desperately consolidate a few debts and pay off some bills. Yes loans contacted me today, went through the motions with me and then told me I'd been accepted for a 5000 loan.

Then the lady went on to say that I needed to pay 50 quid set up fee. I didnt think anything of it at the time, but couldnt put it through as I didnt have the availiable funds.

Now thinking about it, its a little strange, any advice??

~Beanie~

It's not strange, YES are well known for it. They are brokers and charge you a £50 and then some time later will come back and tell you that they can't find a loan.

Loads of people have lost their money and not got the loan, not having any available funds has been a good thing!

tawecdl

either they wont find you a loan or they'll offer you a welcome finance 60%ish apr loan...

duff67

Agree with all above.

Mostly the only time fees are paid is to a "middleman". Under the terms...pay me & i'll have a look for you, or a middleman with a contact to introduce.

Best to stay well clear.

Best to look at your own traditional high street bank (if an option).

markelock

or charge them a £100 fee processing payment prior to the £50 payment. You might also want to offer them PPI on the payment?

ask them what they're wearing, whether they like football, agree with their opinion, and put the phone down.

Yorkshire-lad400

Lovehoney588 you've had a lucky escape. As has been said above if you had funds available Yes Loans would have taken your money in a heartbeat. You would then have had a real struggle getting them to return it. Their phone system is 0871 premium rate - when (and if) you get through to anyone who actually wants to help you get a refund you'll be told that you have to write to them.. Their email address (from the web site) is pretty much never answered.. They simply hope you get fed up and frustrated enough that you'll give up trying to get your money back and so they get to keep it.
If anyone out there is having trouble getting their money back and needs good contact details for Yes Loans, email me on [EMAIL="Yorkshire-lad400@hotmail.co.uk"]Yorkshire-lad400@hotmail.co.uk[/EMAIL] and I'll be more than happy to assist.

System

lombard charge a £50 fee as well to "transfer " the money to your acc.