Taking out a loan with 'Yes' loans

[JenniBee8]

I have just been accepted by Yes loans for a personal unsecured loan. I am pretty happy as the interest isn't that high and I have quite bad credit and this is really going to help me.

 

As I've never taken out a loan before I just wondered if it was normal for loan companies to charge an admin fee? we have agreed a date they can take this from me but obviously I'm under no obligation to take the loan, I need to review the paperwork etc first. I just wondered if this was normal procedure with loans as I have no idea.

 

Thanks for any help.

[sillygirl1]

If its a £49.50 fee don't take the loan, it will be a bad deal. The people who charge £49.50 then send your info to all and sundry and your credit rating gets hit by their enquiries.

 

Please be careful and read all the paperwork before committing yourself.

[jazzyb]

Also the rate you have been quoted will NOT be the rate offered. Yes loans do not lend you the money, they are a broker and you will have all sorts of shady finance companies offereing you the money at ridiculously

high rates. Don't go near them!

[davethorp]

A quick google for them should take you to a few review sites which should show why you need to avoid them like the plague

[JenniBee8]

Thanks for the replies. I reviewed the paperwork they sent me and I was under the impression it would be them lending me the money, but alas, it seems very different to what I was led to believe. Going to call them tonight and cancel it, not looking forward to it as their staff were very rude.

[robin9342]

I've just looked at their website and they specify a typical APR of 48% :o