Loans

mrplumb

Morning all.
I've been trying for a loan recently and with a credit score like mine I can't be that choosy, so I was pleased when I was accepted by Yes Loans.
They sent me a letter welcoming me which set out a repayment schedule for the amount I'd asked for, all I had to do now was send back the forms and a fee of £49.50 and in a few days the money would be mine, this I did.
4 days later I was called by another loan company again welcoming me as a customer, then they asked me to answer a few questions to complete my application, after this was done they rejected my application!
After a call to Yes I realised that Yes had accepted me as a customer to FIND me a loan provider, and yes, they're keeping my fee, even if I'm rejected by everyone they put in touch with me.
What can I say, DO NOT USE YES LOANS, ring round yourself and save 50 quid.
Cheers all.

Astaroth

This is something that I have always been curious of....

If you ring round yourself you stuff your credit history because of all the footprints you get from the individual companies doing searches.

If you use the like of Yes (or another credit broker) do they perform one credit check and then provide it to the lenders on their book (given they have an authorised relationship with them) who then make the decision or do each of the lenders Yes approach on your behalf then do their own credit check meaning you get even more footprints?

Sorry for hijacking the thread.

Ryan.Maloney

mrplumb wrote:

Morning all.
I've been trying for a loan recently and with a credit score like mine I can't be that choosy, so I was pleased when I was accepted by Yes Loans.
They sent me a letter welcoming me which set out a repayment schedule for the amount I'd asked for, all I had to do now was send back the forms and a fee of £49.50 and in a few days the money would be mine, this I did.
4 days later I was called by another loan company again welcoming me as a customer, then they asked me to answer a few questions to complete my application, after this was done they rejected my application!
After a call to Yes I realised that Yes had accepted me as a customer to FIND me a loan provider, and yes, they're keeping my fee, even if I'm rejected by everyone they put in touch with me.
What can I say, DO NOT USE YES LOANS, ring round yourself and save 50 quid.
Cheers all.

wow that is so deceptive and sneaky - I hate all these rogue companies that gets rich by misleading people

They probably said somewhere in the small print what they were really doing but they knew fine well.. they'd be screwing you.

sorry to hear that mate..