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Rainbow Loans - Too good to be true or not?

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24

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  • StumpyPumpy
    StumpyPumpy Posts: 1,458 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    gb12345 wrote: »
    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.
    The fact that they refer to themselves as a "Pvt. Ltd" company strongly suggests to me that (if the company is registered anywhere) it is registered in India as that is a legal entity enforced by the The Indian Companies Act. It is a bit of a give away in the same way that a company using GmbH is most likely going to be German (May actually be any Central European country, but most are German).

    I'm not saying that a "UK" company registered this way is bad necessarily, I'm just saying smiley-face-whistle-2.gif

    SP
    Come on people, it's not difficult: lose means to be unable to find, loose means not being fixed in place. So if you have a hole in your pocket you might lose your loose change.
  • gb12345
    gb12345 Posts: 3,055 Forumite
    The fact that they refer to themselves as a "Pvt. Ltd" company strongly suggests to me that (if the company is registered anywhere) it is registered in India as that is a legal entity enforced by the The Indian Companies Act. It is a bit of a give away in the same way that a company using GmbH is most likely going to be German (May actually be any Central European country, but most are German).

    I'm not saying that a "UK" company registered this way is bad necessarily, I'm just saying smiley-face-whistle-2.gif

    SP

    I know that is a Indian entity - but regardless of where they are registered they claim to be authorised to offer loans in the UK when clearly they are not.
  • greatgimpo
    greatgimpo Posts: 1,256 Forumite
    Am I the only one who suspects this may be spam?
  • gb12345
    gb12345 Posts: 3,055 Forumite
    greatgimpo wrote: »
    Am I the only one who suspects this may be spam?

    If it is then as usual when spammers post in here, it has back-fired on them as the legality of their business has been ripped to pieces and with this sites SE reputation anyone searching for "Rainbow Loans" or "Rainbow Loans Scam" will probably find this thread much higher up the results than their website.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    greatgimpo wrote: »
    Am I the only one who suspects this may be spam?
    Nope, but as is normally the case, it backfires and hopefully warns people off
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    "As seen on moneysavingexpert.com"?
  • If you don't trust the site, don't give any card details. You will either pay a brokerage fee (typically £40-£70), or if they provide you with a loan, have a CPA set up to make re-payments. If they take a brokerage fee, it would then be your responsibility to reclaim that of you felt that it should be refunded. Your bank will not touch these payments if you have searched for loans/entered card details, to put it simply your liable for what someone does with your details once you have provided them (not in every situation). There any several fee free brokers around, and a lot of more reputable charging brokers, so you have enough options to find one that suits.
  • I got an email from a certain company called Rainbowloansuk, but what really made me realise it was a scam came from an email address that wasn't even registered with the company. Here's the email I received and email address:


    Subject: You Are Not Alone


    If you are struggling with those payday loans or their unsecured cousins.

    You are not alone, fella..

    Almost everyone has been bitten by the swash-buckling interest rates that they charge.

    Who doesn't want to get out of their goddamn piranha trap ?

    One possible solution is to take another loan out.

    To pay them off.

    Wow, so simple isn't it ?

    Really ?

    Think again, though.

    Is that a good option ? is that an option at all ?

    Be honest, What are the chances of getting an unsecured loan in this poor credit market ?

    Very rare.

    Actually, very, very rare.

    Well, they are Ultra Rare, friend.

    Applying for a loan has a painful side effect as well.

    Your credit rating takes a major hit every time you're declined for a loan.

    Need a better solution ?

    Ask and you shall receive, my friend.

    A solution so powerful.

    That will enable you to effortlessly vaporize the cruel intentions of bailiffs and their brethren.

    You could slaughter the high interest rates and charges.

    Triumph in the times of debt terror.

    Attain debt freedom, Now.

    To get crack in with this.

    Click on the link given below.



    Team
    I-Debt Plan


    What really struck me was that they used a hotmail address rather then a company email address, there was no company logo on the email and the email came from someone called bibsmartanloanservice at hotmail.com
  • kerry87_2
    kerry87_2 Posts: 263 Forumite
    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.



    Found this on their website:


    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.



    Most brokers charge a fee and make it look like you will be getting a loan when in actual fact you get zilch and they get the contents of your bank account.


    Hope this helps
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite

    To get crack in with this.

    Click on the link given below.

    They even throw in some Class A drugs. What a company. Where do I input my card details.
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