YES Loans Personal Loans Review

Overall Rating

I found myself in a little financial trouble and applied to Yes Loans for a loan of £1,500 to see me through the month and consolidate my bills.
The lady I spoke to assured me I had been accepted for a loan and asked me for £69.50, when I asked what this was for she said a processing fee.
I asked if I would receive the money back if anything was to go wrong and she assured me it would go straight back into my account.
I was then put through to this arrogant man who said 'Let me be honest with you, your never going to be accepted for a loan' he then offered to consolidate my small amount of debt, I advised I didnt want this and phoned for a loan but he was so pushy, say 'dont pay your current loan next month and I can have you debt free in 6 yrs! When I advised him that I am comfortable paying my current loan and I havent missed a payment yet, nor do I intend to he became very agitated and rude and said okay bye then, when I asked for my fee refund he said 'I cant do that' he then put me on hold for an hour before I was eventaully told I would have to write in and then it would take 30 days! The manager I spoke to was so rude, he brought me to tears. I would never recommend this company to anyone.

Members' Comments onGuest's Review

• dids30 on 11th Aug 2009

  Hi, i to was scammed by yes loans and it caused a lot of upset. I applied asking for a loan to consoladate some debts and make payments easier.I rang yes loans and gave them my details,in which after they had said i had been accepted. I asked about terms and apr and when the paperwork would come out along with how long until the money would be in my bank account. They told me that i need to pay an administration fee of £69.50 to process my paperwork and send out my agreement.
  
  After i got off the phone i was so over the moon. I went out that evening with my husband and celebrated a new begining. The next morning i had a letter tore it open expecting the loan contract and it was in fact an APPLICATION FORM. Also on the front of the form it stated that yes loans was a CREDIT BROKER. I was not told this when i spoke to them and was really confused. Before i spoke to them i checked by bank and they had already removed the fee from bank account. I rang them and asked about the contract and i was told that it was only an example! I asked about the fact that no one told me that they were a credit broker and i was told that i was!! I reminded the person EXACTLY what was said as i have actually got a good education and i reminded them that i had actually asked the person on the phone FOUR times if i had a loan as i did not think that i would get one and i was told yes. They then said that they would process my loan. So i went through the process again and then i was told that they could not offer me a loan and put me through to a debt service.
  
  After i got off the phone i just broke down. After thinking things were going to get better to paying out money that i could not really afford was so upsetting and i felt as though i had let my family down. I rang them up again determined to get my money back and they just said that they would need 72 hours to look over recorded telephone conversations to look into my complaint and they said someone would ring me. No one did so i used my so saY FORGETFUL HEAD as they seemed to think i was stupid and i contact the FOS and got advice. On that advice i sent them a letter informing them of my rights and the nature of the complaint. This was sent recorded to show i meant business. They replied by saying it could take up to eight weeks to investigate? MMMMM now they forgot that in their own terms and conditions as i sent no application back that if they cannot find you a loan they must refund your money. I sent a very direct letter to yes loans and reminded them of their own terms and condition and that fact that the FOS were involved. The next response i got was a FULL refund by cheque.
  
  If you have been scammed please dont spend enless money waiting on the phone its a waste. I spoke to one person and tried to empathically explain that as i was getting a loan paying nearly all i had from bank account didnt seem so bad but the person was as cold as my goldfish and just as responsive.
  
  Speak to the FOS and they will give you advice and do all communication through letters. You can get your money back and i got mine back within a week especially due to the nature in which they obtained it.xxx