Rainbow Loans - Too good to be true or not?

SeanG79

The only entry on the OFT Consumer credit register for Rainbow Loans is 0547315 Lapsed on 18/01/2009 Rainbow Loans Limited

And that company dissolved in 2008.

Also the FCA has taken over from the OFT regarding regulation of consumer credit from 1/4/2014.

The website also doesn't display its registered address information.

When its too good to be true, its usually because it isn't true...

ConsumerWizkid

This is an indian based broker site. Trading without a CCL in the UK which is illegal. Nothing good will come from applying with them, don't waste your time.

poppasmurf_bewdley

Motherofdragons wrote: »

Please please please don't put your details in!
Even if they don't charge a fee, as a broker they can pass your details on to other brokers that may charge, and I hear a lot of horror stories about people being charged by brokers they have never applied through!

Also, there's a couple of posts in this thread saying that people out of work can't afford to get a loan. This is not always true. Believe it or not, there are actually some ethical loan companies out there which will lend to people on benefits, as long as their income is over a certain amount to make sure they cna afford the repayments. They have a lot of measures in place to make sure that other outgoings can be covered first. Just because a few companies are crap and a bit of a scam it does not mean that all of them are.

How do you differentiate between a company that is a 'bit' of a scam, and one that is a 'lot' of a scam?

justcat

Does anyone else think that the OP's username 'canopener' might be more than a coincidence?

sweep12

Just came across this about Rainbow Loans, my daughter had applied for a loan not with this company but her details were passed to Rainbow Loans over the last month they have emptied her bank account, she never took a loan with anyone in the end but has been scammed please be careful.

Rs_turbo

I had £63.99 taken out of my bank by this company and have had to go to the ombudsman to try and get my money back. Every time I phoned this company there was no answer and only a message to say email us and we will get back to you. 24 hours later I get an email saying that somebody has tried to call me and couldn't speak to me so please could I provide a contact phone number. I sent my number back to them and low and behold, 24 hours later I get the same email. This has been going on for over a month now and nobody from rainbow loans has tried to phone me. Has anybody got any suggestions?

Lungboy

Most of these companies require you to ask in writing, not phone or email, for a refund. Check their website, they may well have such a clause too.

poppasmurf_bewdley

Rs_turbo wrote: »

I had £63.99 taken out of my bank by this company and have had to go to the ombudsman to try and get my money back. Every time I phoned this company there was no answer and only a message to say email us and we will get back to you. 24 hours later I get an email saying that somebody has tried to call me and couldn't speak to me so please could I provide a contact phone number. I sent my number back to them and low and behold, 24 hours later I get the same email. This has been going on for over a month now and nobody from rainbow loans has tried to phone me. Has anybody got any suggestions?

If has been said above, that the company is based in India, then your money is probably well and truly beyond your reach and you will never get it back.

However, on the off chance that it is UK based, then find their address on their website and write (recorded delivery) to demand your money back. If they then fail to respond, then you can go to the FCA.

Caz3121

Rs_turbo wrote: »

I had £63.99 taken out of my bank by this company and have had to go to the ombudsman to try and get my money back.

why the ombudsman? did you write to them as advised on their website?
Cancellations and Refunds

Cancellation of Membership

We charge a fee up to £63.99 for providing the service of acting as a finance broker. By proceeding with your application you are agreeing to pay our processing fee. We specify the fee as part of our communications with You. If You do not enter into a loan offered by a lender or financier within the 3 months We act for You, We will refund your full fee minus an administration fee as stated in the Consumer Credit Act 1974. Refunds must be requested in writing at customerservices@rainbow-loans.co.uk to avoid repayments being sent to a wrong address. In the event that your card is declined, we will attempt take payment on that same card as many times as we desire for up to and including 60 days after you made your application. If you wish us to stop trying your card please inform us by post or email.

Cancellation

Under the Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days of receiving these terms and conditions and receive a refund. If You wish to cancel your application, You must write to us. In this event We will refund your fee within 30 days of the date on which We receive your written request to cancel your application. Any such requests should be made to: rainbow-loans.co.uk, Suite 372, Broadstone Mill, Broadstone Road, Reddish, Stockport, SK5 7DL

https://rainbow-loans.co.uk/refund.php?pop=Y

MEM62

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.

Take a moment and think about it. If you are borrowing money from them why so they need your card details? Give them the details and you'll be back in a day or so claiming to have been ripped off for admin / membership fees.