Ebay via YOULEND - anyone got any pros and cons

[eddy130_1]

Hi All,

I hope sales are good!

Today we received a generous offer from eBay Capital that would be enough to rent a unit for a year. I believe that you pay a daily percentage of sales. The previous similar type of loans via P-pay were very straightforward and handy for a few thousand pounds now and then.

I’ve heard both good and bad things about You Lend. Does anyone have any stories or information before we consider contacting them?"

[twofourdeltasurplus]

As I have said, had a few with them, and not had an issue

you know what % of sales they are going to take, and it is off EACH SALE. It is all explained to you when you sign up, there is no monthly repayment ( like a normal loan ).

If your struggling, maybe you bought the wrong stock, or as mentioned have you spanked it on non stock / business items, if so more fool you

[rob.stamps]

My experience with YouLend has been awful and I strongly advise everyone to avoid. 

They have really pleasant public facing employees, give loans to businesses that otherwise might not get finance and payout quickly.

When things go wrong they are beyond appalling. Calls and emails are ignored. False promises are made. Payments are taken when they should not be. Refunds are made to closed accounts.  One department knows little or nothing about something explained at length with another. 

I have now been trying for over six weeks to get resolution. Soon I will be able to complain to the Financial Conduct Authority / Financial Ombudsmen about them and it may all need to go to the County Court.

A really bad company to deal with when things go wrong. I strongly advise people to stay well clear of youLend.

[andha-21]

@rob.stamps 

If it helps you with the Ombudsman I have an email conversation with an account manager where they basically admit they had a clause where they can take money whenever they want, but they were kind enough to tell me that they only use it for credit card customers.

I spotted that clause and refused their offers due to it.