“ Any purpose loans for homeowners and tenants. „
My experience with YesLoans is not a pleasant one. My wife needed a car last year when she started her new job. As we didn't have the cash she decided to get a small loan and we found YesLoans on the internet. We phoned up and spoke to a customer care person and he explained to us how it works. He also mentioned that there is a £65 processing fee which applies when we decide to go ahead with the application. He then asked for some details to fill the form, one of which was my wife's bank details. I remember clearly that when I asked him he stressed that they would not be taking any money from her account without authorisation and that the £65 would be withdrawn only after we have returned the form signed by my wife. The form arrived days later and after further consideration we decided not to proceed with the application so we never signed anything and never sent the form. Two months later as my wife was going through her bank statements she noticed that £65 had been taken out by Yes Loans! Surprised and angry I phoned up their custome services and suffice to say they were less than helpful. They kept passing me from one person to the next and I was told to ring at different times when they had time to look into it. Eventually I was told that we'd need to write in formally if we required a refund. I explained that we had never authorised any money being taken out in the first place but they still wanted us to write in and wait some weeks for a reply. So I wrote in and couple of weeks later followed it up with phone calls. No result as they wanted us to wait. So eventually I decided to make an official complaint to Financial Ombudsman services. Soon after doing this we received a letter of appology from YesLoans with a cheque for £60. The other £5 was being withheld for processing. So I complained again through the financial ombudsman and a couple of weeks later another letter of apology and cheque arrived for £5.
We won but the time and energy we wasted and the cheek of it all really angered me. First we were promised that no money would be taken out which they did take. Secondly had my wife not noticed, YesLoans would never have written to us again about the loan. They'd have stolen our money.
I am still angry that the government and FSA allow such companies to operate. It's a scandal in my view.
Often I read reviews on this particular brand of credit broker on other review sites or complaint board posts having gone through a regrettable experience myself with this company.
To begin, I was not made aware of the fact that whilst I was engine-searching for an unsecured loan with a loan company: Yes loans are a source of credit brokers acting on the behalf of loan companies and individuals looking for loans. The Yes Loans website home page appears to be misleading given the fact that you are warmly invited to place your contact details so as to be immediately contacted by a representative.
The home page is convincingly trustworthy and welcoming and states the following: "We can broker Any Purpose Loans for both Homeowners and Tenants. We help thousands of people every day, with a wide range of circumstances, to find the right financial solution. We can even help if you are suffering with defaults, CCJs or arrears. Whatever your circumstances and even if you have a bad credit history, we can get you back on track."
Now, if you are literate but unfamiliar with certain terms such as 'broker' or what it actually means, then welcome to my mind! - Unwittingly I made the automatic assumption that they were lenders and all I had to do was speak to one of their friendly representatives: I did after five minutes of submitting the on line inquiry form.
In their prompt reply, had informed me that I could be offered the sum of £250 and began proceeding with an application after I agreed to the terms of repayment of the loan. Their rapid response and immediate offer of a loan indicated that indeed, they were the lenders of the money as surely it would have taken at least more than 5 minutes to discuss my application with lenders?
In addition, after they had compiled their information about me, they then told me I had to pay a fee of £69.50 (they should have told me from the very start but hadn't) and tried to cancel my application with them there and then whilst on the phone with them.
Whilst attempting to cancel the application, I was transferred to another Yes Loans advisor after a 15 minute wait and explained that I wanted to cancel my application and to suspend the pending fee that they had already taken my bank card details. The new advisor told me to put in writing a cancellation of my application and to stop any pending fee from leaving my account (they did not specify/inform me of any time-scale for this).
When I queried the likelihood of a refund, the advisor told me that 'his job would be in jeopardy or would be severely reprimanded if they did not comply with the wishes of the customer': (they had already been made aware of what my request was in this telephone conversation) but just had to conform it in writing.
Within less than a week of my application with them, I had written several times by (next day) delivery; faxed letters and free-post, each requesting that they withdraw my application and refund of the fee but have so far been ignored. The total spent was £10.00.
I also once tried to call them but they put me on hold for 35 minutes after briefly explaining my reasons for calling to the advisor so had to end the call when I was using my support worker's phone. The call is charged at 10 pence per minute from a land line phone, so total cost of call was £3.50.
They had been given sufficient opportunity to read my letters and to act upon my request to cancel the application that seemingly makes them appear to be abusing their own powers outside of what regulations they must abide as a reputable and just broker service?
There is nothing on the home-site that informs the customer of their rights but an independent web-site link to Yes loans about getting your fee back through writing to them and requesting a refund (have followed and complied with the instructions) to no effect.
I am now seeking impartial legal advice about contacting this company to get my fee back when contacting them simply does not get me any kind of response. I am a vulnerable adult with a support worker who has also tried to contact them on my behalf but has met with the same response as myself (none).
It is appalling that a customer or client of any service is mistreated in this way when they have complied with relevant terms and conditions of the services provided. There are perhaps a lucky few who have had positive experiences with this company, but from what I see on other sites: there are a substantial many who have experienced the same as myself.
I have applied for quite a few loans now, main reason is my girlfriend is expecting, which has made me need a car as well as our own place to stay.
Out of all the loans i have ever tried, most of them are a big hassle, paperwork....faxing...bank statements....ring this ring that, no end to it at all. It took me ages to get a loan with most other companies, but I would have to say the most helpful company I have tried would have to be Yes loans.
With very helpful operators, your loan can be sorted in no time. Most people get loans to consolidate debt, which most likely means they have a poor credit report due to it. This makes it harder to get a loan with most companies, but with Yes Loans it doesn't. Whatever your credit report is like, your always guaranteed a loan with very helpful friendly service.
It takes roughly five working days to get a loan sorted with Yes Loans, no faxing either, just one simple telephone from one of their friendly staff.
For anyone looking for a loan for what ever reason I definitely recommend yes Loans.