Pay day loans company Yes Loans has licence revoked

Pay day loans company Yes Loans has licence revoked

A credit that is sub-prime accused of ”deceitful and oppressive company methods” has had its licence revoked by the trading watchdog.

Yes Loans arranged payday that is expensive for many customers as opposed to the items they certainly were initially asking about and misled other people into thinking it absolutely was that financial institution in place of a credit broker, any office of Fair Trading (OFT) found.

The company emphasised it hadn’t turn off and said its licence permitted it to continue dealing through any appeals procedure.

Customer groups welcomed the OFT’s choice, with Sarah Brooks, manager of economic solutions at Customer Focus, saying it showed up ”long overdue”. Läs mer