loans from "YES"

  hijo 12:19 29 Nov 2006

HI everyone my wife's just applied from a company called "YES" or click here
everythings gone fine & she got accepted BUT one thing that struck me is one of there requirments before the aplication is finalised is (apart from sign & check details of agreement ect) this which is bizzare "Enclose a cheque cash or postal order for your administration of £49.50" WHAT..!! is this genuine or is this something we've over looked...? & whats the point why dont they add it to the final price "To pay back"..ive never heard of this before done in this way...anyone got anthing to add......???

  anskyber 12:29 29 Nov 2006

Setting aside your obvious and genuine concerns about the fee (very unusual to pay one up front) I have looked at your link and I cannot easily find the APR applied to loans. If these are the same people I have seen advertising on the TV my recollection says the APRs are very high indeed.

A sincere piece of advice here, go and get some advice from Citizens Advice on debt management.

  Mike D 13:15 29 Nov 2006

I get the impression that Yes specialise in offering loans where others fear to tread (hope I'm not offending anyone here) and thus their rates are higher. You might also want to check whether the loan is secured (on your assets, e.g. house) or unsecured.


  recap 13:37 29 Nov 2006

You may be able to get better loan advice if you click here

Link supplied from a previous thread here in PCA.

  Kate B 13:44 29 Nov 2006

and if you go for it, watch that they don't add the admin fee to the loan - it will end up costing you a lot in interest.

The website gives me cause for concern: as anskyber says, it doesn't give an APR which I think is required. They don't seem to secure the loan on any assets, which is one small point in their favour, but my concerns are far greater. Don't go with them if you can possibly avoid it.

  freaky 13:51 29 Nov 2006

A reputable lender will clearly state the APR and the cost of borrowing i.e. the total amount that you would pay back...this enables you to compare costs with other lenders. Also there is not normally an administration charge for setting up the loan.

I would be very weary of the lender shown in your link.

  The Brigadier 16:58 29 Nov 2006

Is this the same "Yes" that used to offer loans for cars and re-branded themselves after a feature on BBC Watchdog?

Suggest as anskyber say's go to the local CAB for advice, this company may take the admin fee and then refuse you a loan. It's a scam going round at the moment with these types of companies!!

  Kate B 17:23 29 Nov 2006

In principle there's nothing wrong with charging an upfront fee for a retail financial product; indeed, it's to be encouraged as it means there aren't hidden charges and commissions, but this outfit doesn't feel right to me.

  alB 17:30 29 Nov 2006

I have to agree with Kate B, this looks very dubious, I've had a look around their site and can't see the APR, most of the banking institutions I use have the rate on the first page. Best to do a lot more research before you decide to commit, have a look at this link, it might help, click here ...alB

  surfmonkey #:@}© 18:20 29 Nov 2006

if you do alittle digging you may find that the loan isnt with yes but with some other company the admin charge is probably the fee they charge for getting you a very high interest rate loan if you are nat a home owner your rate is probabley about or around the 19% mark.
why not just go to your bank?

  €dstowe 18:42 29 Nov 2006


Something very dubious about their website - including lack of information about any details of what you get and what the charges are.

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