Yes Loans Advice?

edited 30 November -1 at 1:00AM in Loans
25 replies 2.4K views
dj9928dj9928 Forumite
343 Posts
edited 30 November -1 at 1:00AM in Loans
I applied for a loan with Yes loans, thry said I have been accepted and I was shocked as I have been turned down by everyone, They said there is an admin cost of £50, I don't mind paying this aslomg as I get the loan, I'm on min wage and cant afford to be scammed but will I get the loan?? Has anyone any dealings.

I want the money to pay of a loan from Welcome finance who are charging outragious interest
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Replies

  • I got accepted by Yes Loans a few weeks ago, when done a search on Google for them they had quite a few bad reviews. Don't know where I read it but know it was some kind of forum. After reading reviews I decided against having the loan.
  • KayJ066KayJ066 Forumite
    345 Posts
    Hi,

    I got my loan from welcome finance through Yes and if they can't find you anyone, they refund the £50.
    How much is ur loan for from welcome? And what is the interest like?
  • missc_3missc_3 Forumite
    352 Posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    WELCOME FINANCE are the biggest scammers ever!!! i borrowed £2500 off them and have paid back over £5300.00 and they say i still owe them £500.00!!

    im just refusing to pay them - my loan term is at the end and i paid back the exact amount of £??? x 36 payments which came to £5300.00 and am not paying them any more

    i had a period in middle of loan i made reduced payments and they were charging massive interests for this even though it was agreed with them for a 6 month period to allow this and in the following 6 months i made double payments so loan ended at correct time

    KEEP AWAY FROM WELCOME finance

    IVE ALSO HEARD BAD REPORTS ON YES LOANS - ONLY OTHER PLACE I COULD THINK TO TRY WHO IVE HAD NO PROBLEMS WITH IS CITI FINANCIAL
  • KayJ066KayJ066 Forumite
    345 Posts
    i have had no problems with welcome at all they have been really helpful etc etc i have a £2000 loan with them which i have to pay off in 2 yrs!
    I have only made 2 payments so far as i only took it out in december 2006
  • I too applied to YESloans. Did it on the internet just before I left work for the day. In the 20 mins it took me to get home they had rung home once, my mobile twice, and then 2 more calls that evening - talk about keen! They went through the application with me and it seemed a good deal. However I got the paperwork through yesterday and on reading it, I realised they are actually the broker not the issuer of loans. They gave me an example of the APR loan I COULD get. I rang them about this and was told for the administration fee they send my details to loan providers who then contact me. At the end of the day, there is no guarantee I would be accepted by a loan provider and the APR I was quoted could be wrong too. It seemed such a good idea at the time too!
  • chloe1705chloe1705 Forumite
    458 Posts
    Part of the Furniture Combo Breaker
    ✭✭
    I tried for a loan with advantage loans i while a go they try and find someone to lend you the money there was a charge for this and they also say you need to have a guarantor.
    Good Luck and happy 2016 Everyone :smileyhea
  • I have a university friend who worked for Yes loans, he said that they were the worse scammers ever, most people pay the £50 charge and when they dodn't get a loan, Yes Loans won't willingly give you it back, even though they have probably promised you that they would.

    They are an introducer, I believe, to other loan companies and therefore Yes Loans cannot guarantee you a loan or the APR you will pay and seem to be just keen on pouncing on those who need a loan and may not be able to get a loan normally.
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  • bradrockbradrock Forumite
    187 Posts
    Part of the Furniture 100 Posts Combo Breaker
    i got a car on finance with welcome finance 2 years ago and i fell into difficulty and couldnt make the repayments, i borrowed 4000 and had paid back 2000 and rung them to give the car back, they accepted and i handed the keys back and left the car outside, 2 weeks later had a letter from the council saying the car was in a car park, they had pushed it there and left it!!! they said i still owed them 6000 loooooooooooool havent paid a penny and they arent getting oat.
  • tom188tom188 Forumite
    2.3K Posts
    You will probably be liable for the full cost of the loan so owing 6 grand does not seem unreasonable to me knowing the high rates charged. Just because you gave the car back does not neccessarily mean you have met your obligations. I hope you realise this will mean you will not be able to get any credit for the next 6-10 years.
  • missc_3missc_3 Forumite
    352 Posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    BRADROCK - that has soo made me :rotfl:
    i have such hated for Welcome - they sent me another letter today saying they were charging me a further £20 as my bank wouldnt authorise the £468.00 payment they tried to take out (illegally may i add saying as my signed agreement was for 36 months ending oct 2006) and i didnt authorise this payment
    why if i havent made them payments for last 3 full months do they just keep sending me letters and have NOT sent me to a debt collector etc!! i know if you miss 1 credit card payment hey threaten this never mind if you missed 3 - could it be cause they are robbing me!! lol
    i havent spoken to them for 3 months, refuse to communictae (only have my work number) and dont have my home number as its in BF name. ideal
    i love fact it costs then £20 to send out a letter - hhhmmm a sheet of paper is less than a penny, a stamp is 29p!!
    they rang me once telling me they were charging me £10 for the phone call - i suggested they look at BT offers as the phone company they seem to be using are ripping them off it it costs £10 for a call!!
    amen!!

    now thats off my chest
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