INVESTIGATE: NASTY LITTLE pounds 11M EARNER; They must make a good profit from our money. Indeed. About pounds 11m. Greedy loan boss rakes it in with big fees.
YES Loans. With a name like that, you'd think you mightbeable to get some money out of them.
So, let's get this straight.
You give them money: pounds 59.50, to be precise.
And in return for this "arrangement fee" they'll put you in touch with another company that may or may not offer you credit.
It's an arrangement that is making lots of readers very angry. And the man behind Yes Loans very rich.
We've just seen the latest accounts for this operation based in Cwmbran, Gwent, and sole shareholder Keith Chorlton has just picked up a dividend of pounds 5,176,651.
Chorlton, who recently served a 10-year ban on acting as a company director, has become rich thanks to money from people who can least afford it.
Like unemployed Roger Smith of Cheltenham, Gloucester, who wanted pounds 250 to put towards a car so he could get a job.
"The set-up fee was not mentioned clearly on their website or during the application process," he told us.
"I made the mistake of giving them my card details, thinking it was a security measure.
"I would not have authorised them to debit my account for pounds 59.50 because it would have sent me overdrawn, which it did.
"I am worse off now than when I made the application for the loan."
We asked Yes Loans about Roger's case and it responded with: "We agreed to refund the fee and pay bank charges of pounds 44."
Tracey Brannan of Carlisle told us: "Yes Loans promised me I had been accepted for a loan and told me my repayments and the total amount payable. They then asked me to pay pounds 59.50 for a one-off admin fee - I borrowed the money to pay it.
"I then got a call to say because of the credit crunch I had been declined and they would not refund my money for at least three months."
Yes Loans told us: "As a broker we cannot and do not promise or guarantee a loan. - only the lender can offer a loan. Rates or amounts we quote are examples."
"I was advised that we had been accepted for a loan and that it would be pounds 23.85 a month," was the story from Emma Adams of Milton Keynes.
"But they took pounds 59.50 from our account and we were not accepted.
"I think it's disgusting."
Yes Loans says: "We have already provided a full refund."
We could go on, but we'll leave it with this perceptive comment from yet another furious victim who says she was accepted for a loan, paid the fee, then the loan was refused: "They must make a good profit from our money."
Indeed. An operating profit of pounds 11million last year.
A spokesman insisted the company takes pride in its customer service and has a complaints rate of less than one per cent.
Right. Compare that to this superb piece of accountancy speak in the annual accounts.
It reads: "Great strides were made to better monetise each lead, increasing significantly the profitability of each application."
That might just tell you all you really need to know about Yes Loans...
LOAN ARRANGER But Chorlton doesn't always manage it