Yes Loans Shutting Down By Office Of Fair Trading

By Author: Jack Paul
Total Articles: 15
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Yes Loans who have put up a claim that they have received hundreds and hundreds of application forms in a week would be shut down soon by Office of Fair Trading. There were quite a lot of complaints about Yes Loans Ltd and about their working, south Wales from the year 2004. OTF would not be expected to give a reason behind revoking their license. OTF is an autonomous body whose decision is taken as the top word but this decision is subjected to appeal. Yes Loans Ltd is saying that they want to put up a response on the concern that OTF has.
ON the website of the company, it is written that they can "help people find the right financial solution" even if their credit rating is low or you have a country court judgment put up against your name. Yes Loans say that they process even more that 50, 000 application for the approval for personal loans in the time duration of a month. Apart from this they provide finances in the range of £250 to £25,000, as far as unsecured loans are concerned.
Even in the year 2009, Office of fair Trading have look into matter of Yes Loans as well as their practices and had done an investigation. ...
... OTF had provided certain guidelines such as they asked the company clear out their refund practice. Apart from this they were asked to bring it to the knowledge of the customers that they are only a brokers and not a direct lender. They had also asked Yes Banks that the executives in their call centers must stick to the script that has been approved. Apply now at quick payday loans and get cash in a day.
Even after the issuing of all these guidelines to the Yes Loans, complaints were still coming in against them by the customers. From the past few months, The Financial Ombudsman had received quite a few complaints against Yes Bank, the Number being as high as 76.
First they were asked to pay upfront to pay the upfront fee due to which the customers got impressions that they have been approved for a loan. Later on, they either did not get any money or even if some money was offered, the rate of interest was much higher hat what was expected by them. Apart from this, the other customers had said that they had faced trouble as far as making the repayment of the borrowed sum of money was concerned.

Jack Paul is financial advisor and shares he best views on quick payday loans @ http://www.quickcashpaydayloansuk.co.uk/ , same day payday loans and no fax payday loans.
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