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The Office of Fair Trading (OFT) is taking steps to close down a company which claims to process thousands of loan applications a week. The BBC has received more than 1,000 complaints about Yes Loans Ltd of Cwmbran, south Wales, since 2004. The OFT will not say why it is "minded to revoke" its licence. An independent OFT adjudicator will make the final decision, which is subject to appeal. The company says it is committed to responding to the OFT's concerns.
Upfront fee
Yes Loans claims to process more than 50,000 personal loan applications a month. It says it offers unsecured loans of between £250 and £25,000, for an arrangement fee of, typically, £69.50. On its website, the company says it...Read more here---> BBC News - Office of Fair Trading takes steps to shut Yes Loans
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