Rainbow Loans - Too good to be true or not?

canopener

Has anybody heard of Rainbow Loans and if so what experience have they had. I am looking for an unsecured loan and am currently out of work. They have said I qualify but are asking for card details before proceeding and am wary of this.

DCFC79

canopener wrote: »

Has anybody heard of Rainbow Loans and if so what experience have they had. I am looking for an unsecured loan and am currently out of work. They have said I qualify but are asking for card details before proceeding and am wary of this.

Yes the fact they want card details before proceeding is a big turn off for me, is it a big turn off or you ?

If your out of work how will you make repayments ?

_Andy_

canopener wrote: »

Has anybody heard of Rainbow Loans and if so what experience have they had. I am looking for an unsecured loan and am currently out of work. They have said I qualify but are asking for card details before proceeding and am wary of this.

So they're saying as an unemployed person you're going to get approved ..on top of this they want your card details?

What do you reckon?

[Deleted User]

I don't think you can doubt the intentions of anyone who puts this on their site -

"We pride ourselves on working with people the way we wish to be worked with. Good old fashioned values they so easily have been lost in today’s world! If there is something that you don’t think we cover then please use our contact us form and someone will endeavour to call you back."

SnowTiger

canopener wrote: »

Has anybody heard of Rainbow Loans and if so what experience have they had. I am looking for an unsecured loan and am currently out of work. They have said I qualify but are asking for card details before proceeding and am wary of this.

If it looks like a duck and quacks like a duck, well...

http://www.rainbowloansuk.co.uk/about-us.php:

Rainbowloansuk.co.uk is owned and operated by Rainbow Loans UK Pvt. Ltd. and are a licensed credit brokerage business and are authorised by the OFT under the Consumer Credit Act 1974, which covers introductions between borrowers and lenders as well as other brokers, for the purposes of entering into loan agreements. We are not an agent or representative of consumers or any lender and does not endorse the services offered by specific lenders.

We do not charge a fee for the use of the brokerage services to borrowers, however it does receive a commission from lenders or other brokers where borrowers enter into a consumer credit agreement with lenders and brokers following an introduction through this website. As a broker we process the information you provide us and pass this onto our trusted third party lenders and brokers to help you apply for a loan.

So, if they don't charge a fee, I wonder why they want your card details? Hint: cards are used to pay for stuff. They can't be used for credit checking or identity purposes.

Oh, and the domain name is registered to a nobody in India: http://www.nominet.org.uk/whois/lookup?query=rainbowloansuk.co.uk. :rotfl:

Apples2

There is no pot of gold at the end of that Rainbow.

IF you are looking for companies lending at this end of the market, you really shouldn't be taking out any loans (because you can't repay it).

_Andy_

I LOVE their logo.

Eonel

I LOVE their mastery of the English language

"We also provide the above loans to those people who have a bad credit history, it may be difficult for them to have the loan but it is possible, only the interest rate may be slightly high for them. However it is very much possible to have a loan."

gb12345

Rainbowloansuk.co.uk is owned and operated by Rainbow Loans UK Pvt. Ltd. and are a licensed credit brokerage business and are authorised by the OFT under the Consumer Credit Act 1974

Strangely they don't appear on the CCA register, so I've sent the OFT an email to ask them if they are aware.

gb12345

Apples2 wrote: »

IF you are looking for companies lending at this end of the market, you really shouldn't be taking out any loans (because you can't repay it).

I think this "company" is way past that end of the market.

dealer_wins

Rainbow loans steps

1. Wow rainbow will accept me even though I cant repay them
2. OK pay their £69.99 fee
3. Where is my loan
4. Post on MSE, Rainbow loans ripped me off how do I get my £69.95 back
5. Realise you have been scammed for the amount of £69.95
5A. Sometimes you will have paid an additional £150 release fee, a £200 "first payment" etc etc before you realise you have been scammed.

So well done posting before you have been scammed out of a single 1p