Common Yes Questions
Yes Loans is an authorised credit broker. We do not lend ourselves, but we do have access to a panel of lenders and other brokers who we will ask to consider your application.
No, absolutely not! We do not believe that customers should have to pay a fee to us for finding them a loan. We are however a business and do need to make money. To do this the lenders who agree to consider your application further pay us a variable commission for introducing you. As this commission is variable, we cannot tell you hear how much it is, but if you want to know what we were paid for you, please email us and we will be happy to tell you.
No, you are not. We will only introduce you to the lender who agrees to consider your application further. You will arrive on their website and be shown the loan, interest rates, terms, etc. It is then up to you to decide if the loan is right for you. You should check all of the terms, repayment amounts and the agreement itself to make sure that you are happy and that the loan is affordable BEFORE you sign the loan agreement with them. If you do not want to proceed simply close down the website and walk away.
No. It is really important to understand that until the lender confirms that the loan has been fully approved and the agreement is signed by BOTH of you, that the loan may be turned down. The lender will conduct some checks before we pass you to them to see if they want to look further. They will then conduct some further checks after you are transferred. Only if all of these checks are passed will they lend to you.
This is because we are not really sure how they can do this accurately. Your application could be passed to one of a number of lenders and they all have different interest rates. If we tried to give you specific examples on this website, there is a good chance that they will not be truly reflective of the loan you are eventually offered. We recommend that when you do arrive on the lenders website and review the loan agreement you check carefully as this will show you the precise details, including repayments, of the proposed loan.
Many people, if they were honest with themselves, would ask this question. Sometimes, when times are difficult, borrowing more money may sound like the obvious answer. This may actually be adding to the problem as this loan needs to be paid back too. If you are unsure about the suitability of the loan you can obtain free and impartial advice from the Money Advice Service on 0800 138 7777 or by visiting their website www.moneyadviceservice.org.uk
If they relate to this website, or our brokerage service, please drop us an email and we will get back to you. If the relate to the loan itself, we may not be able to help with this as we cannot speak for the lenders. When you arrive on the lenders site there will be contact details for you to speak to someone who can answer your questions. REMEMBER – you should only enter a loan agreement when you are 100% clear of what you are agreeing to.