[edit]
Good Stuff
Have access to loans for people with bad credit
Bad Stuff
Charge large upfront fees to find loan, then don't always deliver.
Verdict
Never pay an upfront fee for finding a loan - avoid at all costs
Yes Loans claim to be the UK’s leading loan broker, offering to find and arrange loans for consumers who have bad credit and may have been turned down for loans elsewhere.
Yes Loans are a broker, not a lender – they arrange loans but never lend any money themselves.
Yes Loans receive telephone and website applications from consumers looking for loans up to the value of £15,000.
When applying to Yes Loans, you will be required to provide approximately 20 pieces of information about yourself and the loan you require. Following this they will tell you that their system is making a decision as to whether or not they can accept you. As long as you meet the most basic of criteria, you will be accepted. At this point the telephone agent will ask you to pay a brokerage fee of £67 in order to secure your loan.
This fee goes directly to Yes Loans and does not secure any available loan. In fact, at this point you have not been accepted for any loan at all but instead the Yes Loan brokerage service. This means that they think they might have at last one lender who is willing to lend you some money (not necessarily the amount your looking for)
Once you have paid the fee, Yes Loans will send your details to several lenders that they work with – these lenders will then run a credit check and decide weather to accept you or not. If you get declined (as many are) you will not get your loan and it is often very hard to obtain a refund (see below for how to get a refund)
Never pay and upfront fee for finding a loan. Use this site or www.lenderscompared.org.uk as they are both free and independent.
[edit]How to get a refund of your broker fee
If you have used Yes Loans and did not receive a suitable loan you are entitled to a refund under the Consumer Credit Act 1974.
Yes Loans have to refund your fee, but can keep £5.
You need to write a letter stating that you want a refund. State your name, you address, the date the payment was taken and the date of the letter. You do not need to give them a reason. It is a good idea for you to note down and include your Personal ID code which they will give you at the end of the phone call when you apply.
For your safety, keep a copy of the original letter on file somewhere.
Post it to: Yes Loans Ltd., Tintern House, William Brown Close, Llantarnan Park, Cwmbran, NP44 3AB.
[edit]How to complain
If you have a complaint to make against Yes Loans you should write to them detailing your complaint and outlining how you feel it should be resolved. State your name, your address, the date the payment was taken and the date of the letter.
Send it to: Customer Service Department, Yes Loans Ltd., Tintern House, William Brown Close, Llantarnam Park, Cwmbran, NP44 3AB.
They should issue a response to you within 8 weeks of them receiving your complaint. . If you are unhappy with the response or do not hear from them after 8 weeks, forward your complaint to: The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR.
Please also add a review to this page so other people can benefit from your experience.
[edit]Lending Criteria
Criteria:
- Employment:
Full Time Work, Part Time Work, Temporary/Contract, Self Employed, Retired, Carer - Residential Status:
Homeowner, Tenant, Tenant - Private, Tenant - Housing Assoc., Tenant - Council, Living with Family, Military Accommodation, Work Accommodation - Defaults:
Any number accepted - Time In UK:
At Least 3 Years - CCJs:
Any number Accepted - Loan Purpose:
Debt Consolidation, Home Improvements, House Purchase, Car Purchase, Car (Other), Holiday, Wedding, Boat, Business, Student Loan, Christmas, Other, Home Furnishings, Pay Day Loan
Checklist:
- Cannot be bankrupt
- Must be 18 years of age
- Must be employed working over 16 hours per week
- Must have a bank account with a valid debit card linked to it
Broker FeeDepending on your loan amount - £25.00 - £69.50
Similar Loans
Customer Reviews
Average Customer Review:
(9 customer reviews)
Yes Loans has an average rating of
1.0 out of
5
based on
9 customer
reviews.
Loading Reviews...
WORST COMPANY I HAVE EVER DEALT WITH!!! 
By alfpan, Portsmouth
HERE WE GO AGAIN THE WORST COMPANY I HAVE EVER DEALT WITH!!! THEY ARE THIEFTS AND FRAUDSTERS! I GOT RIPPED OFF AND CONNED INTO A PAYDAY LOAN COSTING £75 AND THEN CHARGED A FUTHER £70. SENT A LETTER 5 MONTHS AGO TO GET MY MONEY BACK WHICH WA SIGNED FOR AND NOTHING. NOT EVEN THE DECENCY TO REPLY. I WOULD REALLY LOVE TO MEET UP WITH THE STAFF AT YES LOANS..... TO EXPRESS MY APPRECIATION! NEEDLESS TO SAY STEER WELL CLEAR OF THIS BAD EGG!
I actually work for Yes Loans..
By Guest, Guest
I actually work for Yes Loans....obviously I can't say which department because I really need the money and can't afford to lose the job. DO NOT USE THEIR SERVICE! THEY ARE JUST IN IT FOR THEIR BONUS! If I didn't have a child to provide for I would find a job elsewhere and absolutely hate my job. They constantly lie to people. The customer care team CAN cancel a dated payment but have been told by their manager not to so they can get your money from your account before you can cancel..and then they make you wait 30 days. Even the admin team lie, when they say 3-4 working days for your refund, this is not true...most of the time they haven't even sent out a cheque yet.
This company and it's owner are nothing but theives and as soon as I find another job I will be handing in my notice and writing an article to the south wales argus to expose this company!
angry victim of Yes Loans
By lauraloops, Liverpool
I write this review as an angry victim of Yes Loans. My story began early October where I was contacted by them advising me that they could get me £6000 for a very low interest rate, I thought great what's the catch? They said there was no catch at all if I just paid £69.50 they could get me a loan I want or I can have my loan back. I advised them I didn't have £69.50 on me they said not to worry just pay us when you can just the sooner the better, they then went through my details and said right I will just pass you thought to our sister company (Payday loans). I then spoke to a member of Staff from Payday Loans that said they can lend me the money to pay off this admin fee (they would lend me £80 and I would then pay back £100 next month, I told them I didn't want a payday loan as they have high interest rates and so on, he then advised me that this company was different from the others and it would help improve my credit rating thus increasing my chance to have a loan, I then agreed to this. I later received a phone call and was someone who had been passed via Yes Loans. It was about a debt management company who advised me to stay clear from Yes Loans. So at that point I decided to cancel, I wrote a letter and received nothing, so I called them a week later and they advised me they received my letter and a cheque would be sent within the next 30 days. I asked why it would take so long they just said it was standard practice so thought nothing of it, I then rang them 2 weeks after and they said I will receive my cheque 26th November. I then decided to ring them this week to see if my cheque had been sent, I was then put on hold for 10 minutes and then told by a very rude man that I am not getting a refund now because I agreed to this Payday loan on the day of my application, and they have not received £100 (which has been fully paid and I have the proof). I then explained that that was not fair they are out to catch me out and he then put the phone down on me. That was yesterday and as you can imagine I'm £170 down and not very happy at all. I will be in contact with Citizens Advice and Financial Ombudsmen Authority, to hopefully get my money back but. I apologise for the long read but just a warning to stay away from Yes Loans!!!
I would never recommend
By james, southampton
I applied for a loan on 7th november for £2000, obviously my apllication got accepted, I payed the £69.50 fee. Later that day I checked these reviews and instantly decided to cancel my loan. I contacted them and the very rude lady I spoke to told me to write a letter with my reason why I want to cancel. I did that and threatend to take them to financial ombudsman if I didnt recieve my full refund within two weeks. 7 days later I recieved a cheque for £69.50. I would never recommend these!!!!
Please read before using them!!!
By Hannah , Great Barr
Anyone reading this please PLEASE PLEASE read before using YES loans! We used our PC just to look at Loans companies and left just our name and number. Yes loans contacted my husband for further details to search for a deal etc.. in the mean time they have took £69.50 from our bank which at the onset My husband made it quite clear we did not want to use or let Yes Loans seek a loan for us! We contacted them on the day they took our money who said we would have to writwe to get a refund on this cash and should be paid back in 30 days!! In the meantime never heard from them since they are nothing but legal criminals who prey on vulnerable victims! Each time we call tem we keep getting put of with different excuses to pay back the cash as they have no intention of. I am now at present taking action via the financial ombudsmen services and thn I intend to get as many complaints as possbile to get this company removed from the internet to stop them stealing from others and further more be allowed to do it to others..
Note when people seek information for a loan most times it is when individuals have either hit hard times or need some financial help tempoarily and are at there financial lowest point and these companies only make matters worse by stealing cash no one can well afford and like us took without our permission so for anyone using this conpany and have a bad experience PLEASE PLEASE complain to the FOS and the Office of Fair Trading also consumer direct on 08454 040506 helpline and make them aware on how bad this company is and hopefully with enough evidence against them they can surely be investigated under the business terms
WISHI HAD READ RE-VIEWS FIRST
By GUEST, BRISTOL
WISH I HAD READ RE-VIEWS FIRST, RANG TO ENQUIRE, STUPIDLY GAVE MY BANK DETAILS AS THEY TOLD ME THEY NEEDED THIS TO CONFIRM I WAS WHO I SAID I WAS I ASKED WHY THEY NEEDED THEM AND WAS TOLD ...JUST TO CONFIRM WHO U R, AND SHE LAUGHED....THEN I READ RE-VIEWS AND DECIDED NOT TO PROCEED , RECEIVED PAPERWORK AND BINNED IT....NEXT DAY (TODAY) £69.50 GONE FROM MY BANK GOT TO WRITE TO THEM AS THEY WONT DEAL WITH IT OVER THE PHONE. HOW ARE THESE PEOPLE ALLOWED TO GET AWAY WITH THIS???
PLEASE AVOID YES LOANS AT ALL COSTS.
By VIVROBERTS23, Lancaster
PLEASE AVOID YES LOANS AT ALL COSTS.
My 18 year old daughter applied for a loan with them mid October this year, as they could not provide the rates or type of loan she wanted, she wrote to them to cancel the application and request a refund of the Brokers fee (£69.50). Well despite several phone calls she still has not received a refund to this day. I rang them yesterday told them I was not asking anything that would contravene the Data Protection Act (although they did during the call) and I was not only dealt with by two EXTREMELY rude staff but we were also promised a call back which never came. Due to the breach by them of Data protection act I have today been in touch with both OFT and the Commissioner for Data protection both bodies acknowledge I have a case. I rang Yes Loans to give them the chance to speak to my daughter but warned them I was recording the call (as I have been advised is my right and which they also do) and an even ruder (if possible) member of staff refused to carry on with our call if being recorded (that tells you something). I tried a further 3 times all of which were on hold for 15 minutes (they advise you of a 10 minute wait regardless of what time you call) but each time the call was picked up and terminated straight away whisch is coincidental as number recognition is the only way the breach of Data protection couls of been made yesterday.
THEY ARE AN UNSCRUPULOUS COMPANY WITH POORLY (IF AT ALL) TRAINED STAFF
Avoid Yes loans!
By Guest, Lincolnshire
As it seems with most of the reviews I have just found I had an almost instant call back. I had found this "company" by chance whilst consiering options to replace my car. I explained that I was just looking for an illustration and did not want to formally apply for a loan. They were completely plausible and I provided bank details (idiot!) a confirmation for a loan was quickly secured and then I was put on hold and googling found this site. Interestingly after several long holds I hung up and was immediately called back by a man called Robert who refused to give his surname (why). It became obvious they were just chasing a fee, these people are parasites.
Avoid Yes loans!
KEEP FAR FROM THEM
By Guest, Bath
Well...YES, MAYBE NOT, HAVE THE LAST LAUGH LOANS just hung up the phone on me because I decided to query the full refund of £69.50 (in a calm manner I might add). They wanted to deduct £5.00 from it. However, I could prove that I posted my cancellation letter well within the 14 days required (RECORDED DELIVERY). They stuck to their guns saying that they received it outside the 14 days, so they will be deducting the £5.00 and I will get my £64.50 within 30 days.
Wouldn't mind, but they guranteed some form of a loan from the company they linked me with (maybe not what was requested but they definitely could offer something).
Really dissapointed: Do not let them mislead you. I was happy when they called but was keen to say NO when they started to discuss the fee of £69.50.
DO NOT GIVE YOUR CARD DETAILS WHEN THEY ASK AT THE FIRST PHONE CALL. THEY WILL PRESSURE YOU INTO PAYING THE FEE OF £69.50 LATER ON IN THE CALL ONCE THEY HAVE EARNED YOUR TRUST AND ADVISED YOU THAT SOMEONE IS WILLING TO LEND YOU THE AMOUNT YOU REQUESTED. HOWEVER, THEY DO NOT STATE THAT THEY WANT A FEE INITIALLY!
I didn't have the funds to pay the fee and expressed that the money in my account is for bills only. The advisor convinced me to cancel some of the direct debits on my account because there is a strong chance that I will have the money requested deposited into my account within the next 3 days, as it is one of their main lenders that does not accept many applicants.
GOT NOWHERE WITH THIS LEAD and YES LOANS never contacted me again with an alternitive, yet that's what the fee is for. TOTAL RUBBISH, PUTS YOU IN MORE PROBLEMS
