Yes Loans

[Dee1985]

Has any one had a loan with 'yes loans'
a lad in my work is 18 lives at home on a poor wage and he got excepted so i tried today and i did too
i was shocked as my credit is crap so i have never got one before

even though i only work 2 days a week they gave me one...

its £1000 paying back £95 a month for 1 yr

but they want me to send them £49.50 for admin charges!

OH says it sounds dodgy?

is this normal? its not a deposit its a charge for administration fee's

 

[Jo]

Dionne what is the APR on it??

and what are you borrowing to make the £95 payments?
It says £100 on your post but am guessing i read it wrong lOL

 

[Tangerinedream]

just looked on the website:

Typcial example: £5000 over 60 Months @ 14% APR. Total Repayable £6980.48. Monthy Installments £116.34.

i dont know about this apr or if it is normal. my bank loan is 6% but my loan amount is a bit higher

 

[Jo]

Dionne read these reviews
http://www.reviewcentre.com/reviews-all-95640.html
I really wouldn't go with them
the £49.50 admin charges are a rip off they are a broker and if they can't find a loan for you you won't get that money back, well thats how i understand it anyway

 

[Charlotte & Emily]

the admin fee is because you have bad credit,
they want to make sure you can pay the montly payments back
its not dodgy, they just want piece of mind

 

[Jo]

Yeah but a lot of the time they seem to take the fee but not supply a loan which is terrible if people are desperate

 

[Dee1985]

its for £1000 loan
i have crap credit so wouldnt get one else where

for £1000 i am pating back £1149 back

its not the repayments that bother me its the admin charge.!

but they said i did have the loan i had been excpeted and need to sign the form when i get it - send it back with the payment then i will recieve the money in 5days

£49.50 admin charge is such a skank before when i had a credit card i had to pay £50 deposit but that went straight on my card any way it was just like a bond

 

[Jo]

Doesn't sound too bad but I would just read through them reveiws before you send any money to them
I would hate for you to be out of pocket
Some of them say that they got accepted but the money never came through

 

[Dee1985]

thanks Jo will have a good read and get kris to look into too
ild be gutted if i lost the money

but with paying out £600 a month for the kids to have 2 days in nursery its getting tight

 

[happy-chick]

PLEASE DONT DO IT!!!!!

On the agreement that they have sent you, you will notice that it says something like typical loan details with quite a low APR, ours was about 12% which was what we had expected.

We did this and all looked great, we paid the £49.50 and then received another letter with an offer of a loan and the APR was 48.9% APR when i called about the first letter they pointed out that it was a typical loan and not personal to us

We had to wait 6 months to get the £49.50 back and were getting at least 2 calls a day from loan companies that yes loans must have sold our details to!!

I would never ever recommend yes loans EVER! Hope that helps!

 

[mum2be?]

Why not try your bank?

 

[Charlotte & Emily]

they will also want you to send things like wage slips to prove your income

i recommend not to do it, as jo said your apr will probably shoot up to 50
%

 

[SarahB]

Dionne, try THIS

It is supposed to be really good, I've heard loads of success stories. Good luck hun

 

[Becks&Riley]

I did a yes loan but then I backed out after sending admistration fee
it was £50 then

they gave me it back 6months later minus £5 for fees
but damien paid it so gutted i kept it

 

[Tangerinedream]

if it sounds too good to be true it probably is!!! you are right to be cautious. cant you get tax credits to help with nursery fees, my sister is getting 80% of her fees paid by them