£49 charge for a loan?

cattie1

hi, just a question-i have been offered a loan for £5000 as lomg as i pay £49 charge (administration i think) when i return the completed signed forms, i was told i have been accepted so i think i shod definately get the money after i pay £49, is it worth it though?
i am currently paying out over £500 in bills monthly (excluding rent and utilities) with this loan i will pay off all credit and only have to pay £116 a month,
Has anyone ever had 1 of these loans before? it is with "yesloans".
are they a con?
thankyou to anyone who tries to hekp.xxx

file_wizzard

In a word, Con

search the forum under "yes loans" they are acting as a broker and have probably "approved in Principal", this is different to a guarantee, there are many story’s of woe relating to these administration fees.

cattie1

i tried searching forum but it wont find anything, "o found for your search for yes loans"

bingo_bango

These are indeed a brokerage fee, and in no way guarantee that you will receive a loan. The broker is legally entitled to charge you a fee, and in most cases, they charge £49.00
Under the Consumer Credit Act, you do have some protection however. If, within 6 months of your paying this fee to the broker, you do not have a loan, either by not being offered one, or your deciding not to avail of an offer, then you are entitled to have this fee refunded, but the broker can keep £5.00 of the fee. This refund should be made as soon as possible. Also, this refund can be requested at any time within that 6 month period. You do not have to wait until the end to get it. Any company who refuses to pay should be reported to your local Trading Standards Service for a breach of the Consumer Credit Act. http://www.tradingstandards.gov.uk

Most of these 'brokers' simply send you out a loan application form for a number of companies, and then expect you to send them to the respective loan company yourself. Do yourself a favour, and contact the loan companies on your own, and save the fee. Exactly the same results.

Croasdaile

You must be doing something wrong.
I got 300 references to "Yes Loans" on searching the chat forums.

nomoneytoday

I would suggest a look at the debt free section. Consolidation bad. Snowballing good is the rule.

iluvdarius2003

Don't do it! I was accepted for the exact same as you and when I completed it I was told that my only options were a £3000 loan that required a guarentor or to use the provident who have a 177% interest rate! I eventually got my money back but it was a long struggle. Try other methods but please don't fall for this.

Sarahx

cattie1

thanks v much-before i actually read your posts i went to YES loans review centre- 77 reviews only 2 were good!! :eek:
they are very misleading-actually tellin you that you have ben approved but you are actually an approved client of yes loans not appproved a loan!! so pleased i came on here and the review centre!
application aptly cancelled!!:money: