Yes-money.co.uk Review

Based on looking at the website yes-money.co.uk, it’s clear this platform operates as a credit broker for high-cost, short-term loans. The site explicitly states it’s “a broker not a lender” and highlights typical APRs ranging from 45.3% to a staggering 1721%. While they promise quick online applications, same-day loan reception, and no direct fees, the very nature of their service, dealing with high-interest loans, raises significant concerns from an ethical standpoint, particularly within a framework that discourages interest (riba).

Here’s an overall review summary:

Service Type: Credit broker for short-term, high-cost loans.
Fees: States “We don’t charge fees” to the applicant, but may receive commission from lenders.
APR Range: 45.3% to 1721% Representative APR of 770%.
Loan Amounts: £100 to £5,000.
Repayment Terms: Example shows 18 months for a £550 loan.
Speed: Promises quick online application and potential same-day loan receipt.
Ethical Standpoint (Riba): The service facilitates interest-based loans, which are considered impermissible in Islam.
Recommendation: Not recommended due to involvement in interest-based financial transactions and the promotion of high-cost debt, which can lead to serious financial problems.

The website itself is transparent about the high costs and risks associated with these loans, even providing a warning: “Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk.” This transparency, while commendable for consumer awareness, doesn’t negate the fundamental issue of facilitating loans with such exorbitant interest rates. For anyone seeking financial assistance, especially those adhering to ethical financial principles, exploring alternatives that are free from interest is paramount.

Here are some alternatives for ethical financial management and assistance that align with principles that discourage interest:

Savings Accounts: Building an emergency fund in an interest-free savings account, perhaps within a co-operative or ethical bank, is a fundamental step. This provides a buffer for unexpected expenses without resorting to debt.
Community Microfinance Initiatives: Look for local community organisations or charities that offer interest-free loans or grants to individuals in need. These often operate on principles of mutual aid and support.
Halal Investment Platforms: While not for immediate cash flow, learning about and engaging with Sharia-compliant investment platforms can help grow wealth ethically over the long term, reducing future reliance on conventional loans.
Budgeting & Financial Planning Tools: Utilising robust budgeting apps or software can help you manage your existing income and expenses more effectively, identify areas for savings, and avoid the need for short-term loans. Tools like You Need A Budget (YNAB) or similar platforms can be incredibly effective.
Debt Advice Services (Free): Organisations like National Debtline or Citizens Advice Bureau offer free, impartial debt advice. They can help you explore options to manage existing debt or avoid taking on new, high-cost loans.
Ethical Credit Unions: While some credit unions do charge interest, many operate on lower rates than payday lenders and are member-owned, often focusing on community benefit. It’s crucial to check their specific terms to ensure they align with ethical principles if considering this option.
Peer-to-Peer Lending (Interest-Free Models): While the broader peer-to-peer market often involves interest, some nascent platforms or community groups are exploring models based on benevolent loans (Qard Hasan) where lenders do not charge interest. These are less common but worth investigating if available.

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Table of Contents

Yes-money.co.uk Review & First Look: Unpacking High-Cost Credit Brokering

Based on an initial review of the yes-money.co.uk website, it positions itself as a credit broker for short-term, high-cost loans ranging from £100 to £5,000. The site clearly states, “We are a broker not a lender,” meaning they connect applicants with a panel of lenders and other brokers. This distinction is crucial, as it implies yes-money.co.uk doesn’t directly provide the funds but facilitates the loan application process. The immediate warning at the top of the page, “Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk,” sets a stark tone, highlighting the inherent risks associated with the financial products they facilitate.

The Business Model: Brokerage and Commission

The core of yes-money.co.uk’s operation revolves around being an intermediary. They do not charge the customer a fee for their service, which might seem appealing at first glance. However, they explicitly state, “We may receive a commission from the lender.” This means their revenue model is tied to successful loan placements. This isn’t inherently problematic for a brokerage, but it does mean their incentive is aligned with getting a loan approved, regardless of the high costs involved for the borrower. Understanding this model is key to evaluating the service.

No Direct Customer Fees: The website reassures users that “Yes Money don’t charge any fees when you apply for a short term loan.” This is a key selling point for those wary of upfront charges.
Lender Commission: The disclaimer that they receive commission from lenders confirms how they sustain their operations. This is a common practice in the brokerage industry.
Transparency: While they are transparent about their role as a broker and their commission structure, the true cost for the borrower is still determined by the lender.

High-Cost Nature: APRs and Repayment Examples

Perhaps the most critical aspect of yes-money.co.uk’s offering is the very high Annual Percentage Rate (APR) associated with the loans they facilitate. The website provides a representative example: “if you borrow £550 over 18 months at a flat rate of 180% per annum (fixed) with a representative 770% APR you will make 18 monthly payments of £113.06, repaying £2,035.08 in total.” This showcases a significant disparity between the borrowed amount and the total repayable sum. The stated APR range of “45.3% APR to 1721% APR” underscores the extreme variability and potential for very expensive borrowing.

Representative APR of 770%: This figure, prominently displayed, is a stark indicator of the high cost. For comparison, traditional bank loans typically have APRs in the single or low double digits.
Loan Example Breakdown: The example of borrowing £550 and repaying £2,035.08 over 18 months means the interest and charges amount to nearly four times the original principal.
“A short term high cost loan should not be used as a long term solution”: This direct warning from the website itself is crucial. It acknowledges the unsustainable nature of these loans for prolonged use.

Yes-money.co.uk Cons: The Ethical and Financial Drawbacks

While yes-money.co.uk presents certain conveniences like quick application and potential same-day funds, the inherent nature of the product they facilitate — high-cost, short-term loans — carries significant ethical and financial drawbacks. From a perspective that prioritises sound financial principles and avoids exploitative practices, these cons far outweigh any perceived benefits.

The Impermissibility of Interest (Riba)

The most significant concern with yes-money.co.uk is its facilitation of interest-based loans. Interest, known as Riba in Islamic finance, is explicitly forbidden. It is considered an unjust gain derived from the mere passage of time on a debt, rather than from productive effort, risk-sharing, or tangible assets. The high APRs on display, some reaching over 1700%, exacerbate this issue, as they represent an extreme form of interest. Engaging in, facilitating, or benefiting from such transactions is contrary to Islamic principles of ethical finance, which advocate for equity, fairness, and avoiding exploitation. Agepartnership.co.uk Review

Direct Violation of Principles: Any transaction involving fixed or pre-determined increases on borrowed money falls under the category of Riba, which is strictly prohibited.
Exploitative Nature: High-interest loans often target individuals in vulnerable financial situations, pushing them into deeper debt cycles. This exploitation is a core reason for the prohibition of Riba.
Lack of Risk-Sharing: Conventional interest-based lending places all the risk on the borrower, while the lender earns a guaranteed return regardless of the borrower’s success or hardship. Islamic finance promotes risk-sharing.

The Debt Trap: A Cycle of Financial Hardship

High-cost short-term loans, often referred to as payday loans, are notorious for trapping borrowers in a cycle of debt. The very high interest rates mean that a significant portion of each repayment goes towards interest rather than reducing the principal. If a borrower struggles to make a repayment, late fees and additional charges can quickly inflate the debt, making it even harder to escape. The website’s own warning about “serious money problems” and the potential for adverse credit rating impacts if repayments are missed underscores this risk.

Exorbitant Total Repayable Amounts: As seen in the example (£550 borrowed, £2,035.08 repayable), the total cost of the loan can be several times the initial amount, making it incredibly difficult for borrowers to get ahead.
Late Repayment Penalties: The site mentions lenders may add fees and charges for late repayments and report to credit reference agencies, further compounding financial distress.
Not a Long-Term Solution: The website explicitly states, “A short term high cost loan should not be used as a long term solution.” This indicates that even the providers recognise the inherent unsustainability for ongoing financial needs.

Limited Lender Panel and Potential for Cheaper Alternatives

Yes-money.co.uk acts as a broker, matching applicants with lenders from “our panel.” While this might sound comprehensive, the website itself admits, “We don’t work with every UK lender, so you might find a cheaper loan somewhere else.” This suggests that even within the realm of conventional lending, there might be more affordable options available that yes-money.co.uk doesn’t access or present. The lack of broader market comparison tools on their site means users might not be getting the best conventional deal, let alone ethical alternatives.

Restricted Market Access: By relying on a specific panel, yes-money.co.uk might exclude lenders offering better terms, even if they are still interest-based.
No Guarantee of Best Conventional Rate: The disclaimer indicates that borrowers should still shop around, implying Yes Money isn’t necessarily finding the most competitive rates available in the market.
Focus on High-Risk Borrowers: The justification for high APRs – “Most of our customers are people who can’t get regular loans from a bank” – indicates a focus on higher-risk borrowers, which naturally leads to higher rates.

Understanding the “Why is the APR so high?” Explanation

Yes-money.co.uk addresses the common question “Why is the APR so high?” directly on its homepage. Their explanation centres on the customer base they serve and the regulatory environment for short-term loans in the UK. They state that “Most of our customers are people who can’t get regular loans from a bank.” This implies they cater to individuals with lower credit scores or less conventional income streams, who are typically deemed higher risk by mainstream lenders. The higher risk, in turn, translates to higher interest rates to compensate the lenders.

Regulatory Caps and Per-Day Charges

The website highlights the Financial Conduct Authority (FCA) rules, specifically mentioning that “when you take a loan you can’t be charged more than 0.8% per day.” This is a crucial regulatory safeguard in the UK, limiting the daily cost of high-cost short-term credit. While 0.8% per day might seem small, it quickly accumulates over weeks and months, contributing to the high overall APR.

FCA Price Cap: The 0.8% per day cap, along with a £15 default fees cap and a total cost cap of 100% of the borrowed amount (meaning you can’t pay back more than double what you borrowed), was introduced by the FCA in 2015 to protect consumers from excessive charges.
Short-Term Loan Characteristics: The explanation clarifies that “Since short-term loans are usually paid back in a shorter amount of time, the APR is not the best way to compare our rates to those of other lenders. The sum amount you pay back is more important to our lenders than the APR.” This argument suggests that for very short durations, the daily charge and total repayable amount are more relevant metrics than an annualised percentage, though the APR is still a legal requirement for transparency.

The Misconception of APR for Short-Term Loans

Yes-money.co.uk’s explanation delves into the common misconception surrounding APR for short-term loans. They argue that APR, designed for annualised comparison over longer terms, can appear disproportionately high for loans repaid over just a few weeks or months. While technically correct that the annualisation exaggerates the “rate” for a brief period, it doesn’t change the absolute amount of money the borrower pays back. The total repayable amount remains the crucial figure, and as demonstrated by their examples, this sum can still be substantial. Naipo.co.uk Review

APR’s Annualisation Effect: An interest rate of, say, 0.5% per day compounded annually results in an astronomical APR. This mathematical quirk is why payday loan APRs look so alarming.
Focus on Total Repayable: The site redirects the focus to the “sum amount you pay back,” which, from an ethical standpoint, is the figure that directly reflects the interest (riba) charged. This sum is often significantly higher than the principal.

yes-money.co.uk Alternatives: Ethical Financial Pathways

Given the ethical and financial concerns surrounding interest-based, high-cost short-term loans, exploring Sharia-compliant and ethically sound financial alternatives is not just preferable but essential. These alternatives focus on mutual support, responsible financial management, and avoiding the impermissibility of Riba, providing sustainable pathways to manage financial needs without compromising principles.

Promoting Halal Financing and Honest Trade

Instead of relying on interest-bearing loans, the emphasis should shift to halal financing models. These are based on principles of risk-sharing, asset-backed transactions, and genuine partnerships. For instance, if a business needs capital, rather than an interest-based loan, an investor could participate in a Mudarabah (profit-sharing) or Musharakah (joint venture) agreement. For personal needs, direct cash flow management and prudent savings are key.

Mudarabah and Musharakah: These are common Islamic finance contracts for business ventures, where profit and loss are shared between parties, replacing fixed interest payments.
Murabahah: A cost-plus financing arrangement where the bank buys an asset and sells it to the customer at a profit, paid in instalments. This is asset-backed and avoids direct interest.
Ijarah (Leasing): An Islamic leasing agreement where the bank purchases an asset and leases it to the customer for a fixed period, with an option to purchase.

Encouraging Sobriety, Health, and Self-Control

Financial well-being is often intertwined with overall lifestyle choices. Promoting sobriety, good health, and strong self-control are fundamental. This includes disciplined budgeting, avoiding impulsive spending, and building resilience against financial pressures. A disciplined approach to finances, coupled with a focus on genuine needs over wants, can significantly reduce the perceived need for quick, expensive debt.

Budgeting Discipline: Creating and sticking to a budget is paramount. Tools and practices for tracking income and expenses can reveal where money is truly going and help identify areas for saving.
Emergency Fund Creation: Systematically saving for an emergency fund, even small amounts regularly, can provide a buffer against unexpected expenses, negating the need for high-cost loans.
Financial Literacy: Educating oneself on sound financial principles, investment (halal methods), and debt management empowers individuals to make informed decisions and avoid pitfalls.

Ethical Savings and Investment Options

For long-term financial stability and growth, ethical savings and investment options are crucial. This means choosing products and platforms that are Sharia-compliant, avoiding sectors like alcohol, gambling, or conventional interest-based institutions.

Islamic Banks and Financial Institutions: These institutions offer Sharia-compliant savings accounts, investments, and financing options that adhere to Islamic principles.
Halal Investment Funds: Investing in mutual funds or ETFs that are screened for Sharia compliance can provide returns without compromising ethical standards.
Precious Metals and Real Estate: As tangible assets, investing in gold, silver, or real estate can be considered halal investments, provided they are acquired and managed according to Islamic principles (e.g., avoiding speculative trading).

Supporting Community-Based Solutions

Instead of resorting to commercial high-cost loans, individuals facing temporary financial difficulties can explore community-based solutions. These often involve interest-free loans (Qard Hasan) or direct charitable assistance from benevolent individuals or organisations. Time4sleep.co.uk Review

Qard Hasan (Benevolent Loan): This is an interest-free loan where the borrower only repays the principal amount. It is considered an act of charity and mutual support.
Zakat and Sadaqah: For those in genuine need, Zakat (obligatory charity) and Sadaqah (voluntary charity) can provide essential financial relief without incurring debt.
Mutual Aid Networks: Informal or formal community networks where individuals support each other through direct financial aid or resource sharing can be a powerful alternative.

How to Avoid High-Cost Loan Pitfalls

Avoiding the pitfalls of high-cost loans like those facilitated by yes-money.co.uk requires a proactive and disciplined approach to personal finance. It’s about building financial resilience and seeking out ethical, sustainable solutions rather than quick, expensive fixes.

Building a Robust Emergency Fund

The primary reason many individuals turn to short-term, high-cost loans is an unexpected financial emergency. A robust emergency fund acts as a crucial buffer. Aim to save at least 3-6 months’ worth of essential living expenses in an easily accessible, interest-free savings account. This fund should only be used for true emergencies, such as unexpected job loss, significant medical bills, or major home repairs.

Start Small: Even saving £10 or £20 a week can accumulate quickly. The key is consistency.
Automate Savings: Set up a standing order to automatically transfer a fixed amount from your current account to your savings account each payday.
Track Progress: Monitor your emergency fund’s growth to stay motivated and adjust your savings rate as income or expenses change.

Mastering Budgeting and Expense Management

Understanding where your money goes is fundamental to financial control. Creating a detailed budget and diligently tracking expenses allows you to identify wasteful spending, optimise your cash flow, and ensure you live within your means. This discipline can prevent situations where you might feel the need for a short-term loan.

Categorise Spending: Use budgeting apps or spreadsheets to categorise all your expenditures (e.g., housing, food, transport, utilities, discretionary).
Identify Savings Opportunities: Once you see your spending patterns, you can pinpoint areas where you can cut back without significantly impacting your quality of life.
Regular Review: Review your budget weekly or monthly to ensure it remains realistic and effective, adjusting as your financial situation evolves.

Seeking Free and Impartial Debt Advice

If you are already struggling with debt or are considering a loan, always seek free and impartial debt advice before making any decisions. Organisations like MoneyHelper (moneyhelper.org.uk, which yes-money.co.uk itself links to), National Debtline, Citizens Advice, or StepChange Debt Charity offer invaluable support. They can assess your financial situation, explain all available options, and help you create a sustainable plan without promoting interest-based solutions.

Comprehensive Assessment: Debt advisors can help you understand your total debt, income, and expenses to get a clear picture.
Options Exploration: They can explain various debt solutions, including debt management plans, IVAs, or bankruptcy, and their implications.
Negotiation Support: In some cases, they can even help negotiate with creditors on your behalf to secure more manageable repayment terms.

Exploring Community and Ethical Loan Alternatives

For unavoidable financial needs, explore interest-free or low-cost alternatives within your community or through ethical financial institutions. These options align with principles that discourage riba and focus on mutual support. Millieandjones.co.uk Review

Credit Unions (with careful selection): While some credit unions do charge interest, they often have lower rates than high-cost lenders and are member-owned, offering a more community-focused approach. Always verify their interest rates and terms.
Qard Hasan (Interest-Free Loans): Seek out local mosques, Islamic community centres, or benevolent funds that offer interest-free loans based on the principle of Qard Hasan. These are designed to help those in need without charging a premium.
Family and Friends: If appropriate and handled with clear terms, borrowing from family or friends can be an interest-free option, but ensure it doesn’t strain personal relationships.

Yes-money.co.uk Pricing and Fee Structure (Or Lack Thereof for Borrowers)

Understanding the pricing structure of a service like yes-money.co.uk is crucial, even if they state they don’t charge direct fees to the borrower. The cost is ultimately borne by the borrower through the high interest rates imposed by the lenders they connect you with. Yes-money.co.uk’s model is about facilitating a transaction, and their revenue comes from the lenders, not the applicants.

No Direct Fees for the Borrower

The website clearly states: “We don’t charge fees. We don’t sell your personal information.” And under their common questions, “Do you charge any fees for the service you provide? We are a free online credit brokerage. We DO NOT charge our customers a fee for this service.” This is a significant point of emphasis for them, positioning themselves as a ‘free’ service for the applicant. This means you won’t be asked to pay an upfront fee to apply or to receive a loan facilitated through their platform.

Marketing Advantage: This ‘no fee’ policy is a key selling point for yes-money.co.uk, aiming to attract users who might be wary of hidden charges often associated with some financial services.
Transparency on Fees: The explicit statement helps manage customer expectations regarding direct payments to yes-money.co.uk itself.

Commission-Based Revenue Model

While borrowers aren’t charged directly, yes-money.co.uk sustains its operations through a commission-based model. They state: “We may receive a commission from the lender.” This means that when a lender on their panel approves a loan and a borrower accepts it, yes-money.co.uk receives a payment from that lender.

Standard Brokerage Practice: This is a common and legitimate business model for brokers across various industries, including mortgages, insurance, and indeed, credit.
Potential for Bias: While not necessarily a direct negative, it’s worth noting that a commission-based model can, in theory, create an incentive for the broker to favour lenders who offer higher commissions, rather than always securing the absolute lowest APR for the borrower (though competition among lenders on their panel might mitigate this).

The True Cost: High Interest Rates (APR)

The actual “cost” of using the service, from the borrower’s perspective, is the high interest charged on the loan itself. This is where the significant financial burden lies, and it’s this element that makes the service ethically problematic due to its interest-based nature. The APRs, as discussed, are extremely high.

Representative APR of 770%: This figure encapsulates the overall cost of the loan when annualised, which includes the interest charged by the lender.
Total Repayable Amount: The example of borrowing £550 and repaying £2,035.08 highlights the real financial burden, regardless of whether yes-money.co.uk charged a direct fee. This difference (£1,485.08) is the cost of borrowing.
FCA Price Cap: The FCA’s daily interest cap of 0.8% and total cost cap of 100% of the original loan amount means that, while expensive, there are limits to how much lenders can charge in the UK. However, even with these caps, the costs remain very high compared to other forms of credit.

In summary, while yes-money.co.uk does not charge upfront fees, the service facilitates access to loans with extremely high interest rates, which represents the true and substantial cost to the borrower. This makes it an expensive and ethically concerning option for anyone seeking financial assistance. Gil-lec.co.uk Review

Yes-money.co.uk vs. Other Financial Pathways: A Comparative Analysis

When evaluating yes-money.co.uk, it’s essential to compare it not just with similar high-cost brokers but also with other financial pathways available in the UK, especially those that align with ethical financial principles. This comparative analysis highlights why interest-based high-cost loans should generally be avoided.

Yes-money.co.uk vs. Direct Lenders (High-Cost)

Yes-money.co.uk acts as a broker, meaning it connects you to lenders. Some consumers might choose to go directly to a high-cost lender.

Broker Advantage: Yes-money.co.uk could save time by searching multiple lenders from its panel without the user having to fill out multiple applications. This might be appealing for those in a hurry.
Direct Lender Advantage: Going directly to a lender might sometimes offer a slightly better rate if that specific lender isn’t on a broker’s panel or if the broker takes a larger commission. However, for short-term, high-cost loans, the difference in APR might be marginal, and the fundamental problem of high interest remains.
Ethical Standpoint: Both options involve interest (riba) and perpetuate high-cost borrowing, making them ethically problematic.

Yes-money.co.uk vs. Traditional Bank Loans/Overdrafts

Mainstream banks offer personal loans and overdraft facilities, which typically have significantly lower APRs.

APR: Bank loans and overdrafts generally have APRs in the single or low double digits (e.g., 5-30% APR), vastly lower than the 770%+ seen with yes-money.co.uk.
Eligibility: The main barrier is that traditional banks have stricter lending criteria, often requiring a good credit score and stable income, which Yes-money.co.uk’s target demographic might not meet.
Ethical Standpoint: While interest is still present, the rates are considerably lower, reducing the exploitative nature compared to high-cost loans. However, from a strict ethical viewpoint avoiding interest entirely is preferred.

Yes-money.co.uk vs. Credit Unions

Credit unions are member-owned financial cooperatives that offer loans. They are often seen as a more ethical alternative to payday lenders.

APR: Credit unions in the UK are capped at charging no more than 42.6% APR on their loans. This is significantly lower than the rates facilitated by yes-money.co.uk.
Focus: Credit unions prioritise their members’ financial well-being and often offer financial advice and flexible repayment terms.
Ethical Standpoint: While credit unions do charge interest, their lower rates, community focus, and non-profit nature make them a less harmful option than high-cost loans. However, the ideal remains interest-free financing.
Accessibility: Some credit unions may have membership criteria (e.g., living or working in a specific area).

Yes-money.co.uk vs. Interest-Free Alternatives (Halal Finance, Community Loans)

This category represents the most ethically aligned alternatives. Safetysignsupplies.co.uk Review

Qard Hasan (Benevolent Loans): These are interest-free loans where only the principal is repaid. They can come from family, friends, or community funds (e.g., mosque funds, specific charities).
- Pros: No interest, aligns perfectly with ethical principles.
- Cons: Availability depends on personal network or specific community initiatives; not always readily available for all.
Zakat and Sadaqah: For individuals in genuine need, seeking Zakat (obligatory charity) or Sadaqah (voluntary charity) can provide financial relief without any repayment obligation or interest.
- Pros: Direct financial assistance, no debt incurred.
- Cons: Depends on eligibility for Zakat or the availability of charitable funds; not a universal solution for every financial need.
Takaful (Islamic Insurance): For protection against future financial shocks (e.g., health, property), Takaful offers an alternative to conventional insurance, based on mutual contributions and risk-sharing, avoiding interest and uncertainty.
- Pros: Provides financial security ethically.
- Cons: Still a developing market in some areas, options may be limited compared to conventional insurance.

In conclusion, while yes-money.co.uk offers quick access to funds, its high-cost, interest-based nature makes it a financially perilous and ethically problematic choice. Far better alternatives exist that either offer significantly lower interest rates or, ideally, are entirely free from interest, aligning with principles of ethical financial conduct. Prioritising savings, budgeting, and community support over high-cost debt is always the more responsible path.

FAQ

What is Yes-money.co.uk?

Yes-money.co.uk is a credit broker that connects individuals in the UK with a panel of lenders and other brokers offering short-term, high-cost loans ranging from £100 to £5,000. They do not lend money directly but facilitate the application process.

Does Yes-money.co.uk charge fees to the borrower?

No, Yes-money.co.uk explicitly states that they do not charge any fees to the customer for their brokerage service. Their revenue comes from commissions received from the lenders they work with.

What are the typical APRs for loans facilitated by Yes-money.co.uk?

The website indicates a representative APR of 770%, with rates ranging from 45.3% APR to 1721% APR. These are very high rates compared to traditional loans.

What is the maximum loan amount I can apply for through Yes-money.co.uk?

You can apply for short-term loans from £100 up to £5,000 through the Yes-money.co.uk platform. Skylight-blinds.co.uk Review

How quickly can I receive a loan through Yes-money.co.uk?

Yes-money.co.uk claims that if you are happy with a loan quote, you could receive your loan the same day. The application process itself is stated to take only a few minutes.

Is Yes-money.co.uk a direct lender?

No, Yes-money.co.uk is a credit broker, not a direct lender. They act as an intermediary, introducing applicants to their network of lenders and other brokers.

Are short-term high-cost loans recommended as a long-term solution?

No, Yes-money.co.uk itself states on its homepage that “A short term high cost loan should not be used as a long term solution,” indicating they are intended for temporary financial needs only.

What happens if I make late repayments on a loan from a Yes-money.co.uk partner?

Late repayments can lead to additional fees and charges from the lender, making the loan more expensive. Lenders may also report late payments to credit reference agencies, which could negatively affect your credit rating.

Why are the APRs on these loans so high?

Yes-money.co.uk explains that high APRs are common for their lenders because they often cater to individuals who cannot secure traditional bank loans due to higher perceived risk. They also state that the FCA caps charges at 0.8% per day. Moveinmatters.co.uk Review

Is the APR the best way to compare short-term loan costs?

According to Yes-money.co.uk, for short-term loans, the total sum you pay back is more important than the APR for comparison, as APRs are annualised and can look disproportionately high for brief repayment periods.

What are the eligibility criteria to apply through Yes-money.co.uk?

To apply, you must be at least 18 years old, a UK resident with a valid UK address and bank account, be employed, receive a regular income, and be able to repay the loan.

Does Yes-money.co.uk sell my personal information?

No, Yes-money.co.uk explicitly states, “We don’t sell your personal information.” They claim their service and partner lenders are confidential and secure.

What support does Yes-money.co.uk recommend for money problems?

Yes-money.co.uk advises users to go to moneyhelper.org.uk for help if they are experiencing serious money problems due to late repayments or if they need impartial advice.

What are the collection practices for loans facilitated by Yes-money.co.uk?

Most lenders typically collect repayments via debit card, or you may be asked to set up a direct debit. If a payment is missed, lenders usually continue trying to collect via the card for up to 90 days, as outlined in their terms. Dogtagsuk.co.uk Review

Can I find a cheaper loan elsewhere than through Yes-money.co.uk?

Yes, Yes-money.co.uk acknowledges this possibility, stating, “We don’t work with every UK lender, so you might find a cheaper loan somewhere else.” This suggests that their panel is not exhaustive of the entire market.

What are some ethical alternatives to high-cost short-term loans?

Ethical alternatives include building an emergency savings fund, seeking interest-free loans (Qard Hasan) from community groups or benevolent funds, utilising free debt advice services, or exploring ethical credit unions with lower interest rates.

What is the role of the FCA in regulating these types of loans?

The Financial Conduct Authority (FCA) regulates high-cost short-term credit in the UK, implementing price caps, including a maximum daily interest rate of 0.8% and a total cost cap (you can’t pay back more than double what you borrowed).

What is the potential impact of missing a payment on my credit rating?

If you fail to meet your repayments, your lender may report this to credit reference agencies, which can adversely affect your credit rating, making it harder to obtain credit in the future.

Does Yes-money.co.uk offer fraud protection guidance?

Yes, Yes-money.co.uk provides a link to their “fraud protection guidance” on their website, advising on how to deal with cold calls and protect oneself from scams. Onlinelighting.co.uk Review

Is taking a loan through Yes-money.co.uk permissible from an ethical financial perspective?

No, from an ethical financial perspective that discourages interest (riba), taking a loan facilitated by Yes-money.co.uk is not permissible due to the high interest rates charged. Such transactions are viewed as exploitative and contrary to principles of fair dealing and risk-sharing.