YES-Secure

TastyTeeth

Anyone on here had any experience using YES-Secure? If so, can you share some feedback?

Thanks, TT.

jon_boy75

excellent site, great forum, good service

peer to peer lending/borrowing is the future if you're sick and tired of dealing with the banks...highly recommended

Coveredinbees!!!!

I have never heard of this company before does anyone have any money invested with them?

fozmcfc

The biggest issue if you lend, is what happens if the person paying back stops.

What safeguards are their for the borrower.

Apples2

jon_boy75 wrote: »

excellent site, great forum, good service

peer to peer lending/borrowing is the future if you're sick and tired of dealing with the banks...highly recommended

Do you have anything constructive to add to this thread?

Did you borrow?
Did you lend?
What rate did you offer/receive?
Why do you prefer them over banks?



Wonder if there is any affiliation with YES Loans? We all know what kind of reputation they have around here.

jon_boy75

Apples2 wrote: »

Do you have anything constructive to add to this thread?

Did you borrow?
Did you lend?
What rate did you offer/receive?
Why do you prefer them over banks?



Wonder if there is any affiliation with YES Loans? We all know what kind of reputation they have around here.

i thought that was quite constructive

anyway, they're not affiliated to yes loans. It's a peer-to-peer lending site very much like Zopa. If you have spare money to invest, you can lend, and if you want to borrow you can.
The criteria to borrow are quite strict, like a high street bank, except you're borrowing from other people who, based on your listing, will decide whether to lend. A loan to you is usually made of of many small amounts from different lenders who can opt for the APR they're willing to lend at.
You will be credit scored and assigned a grade based on that. If your listing reaches 80% or more, you then go through very strict underwriting before the loan is agreed. This involves proving everything in your listing (payslips, bank statements etc).

I personally borrowed on there last year at an APR that suited me. You can overpay and pay early.

I prefer them to banks because I wholeheartedly disagree with the entire bank charging structure. And also, banks reward themselves for failure. No other industry is allowed to fail so badly and then be bailed out by us. When an individual gets into trouble, they get charged £30 a pop...when the banks do the same, we give them billions.

hope that helps

Apples2

That's better, simply singing the virtues of something as in #2 without any detail just looks like spam.
It's much better to have some detail of your experience.

I'm struggling to understand why ANY financial company would adopt YES within their name in such a way.

jonesMUFCforever

jon_boy75 wrote: »

i
I personally borrowed on there last year at an APR that suited me. You can overpay and pay early.

I prefer them to banks because I wholeheartedly disagree with the entire bank charging structure. And also, banks reward themselves for failure. No other industry is allowed to fail so badly and then be bailed out by us. When an individual gets into trouble, they get charged £30 a pop...when the banks do the same, we give them billions.

hope that helps

Banks however pay back their debts - the banks did not get free money it was at a punitive interest rate - banks that have screwed up and broke the rules have been fined.

jon_boy75

jonesMUFCforever wrote: »

Banks however pay back their debts - the banks did not get free money it was at a punitive interest rate - banks that have screwed up and broke the rules have been fined.

What exactly was that punitive interest rate?

Individuals also have to pay back their debts, but cannot continue to operate in the same way, due to credit profiling, and rightly so.

Nothing significant has changed in the banking system which fairly reflects how errant they were.

Given the choice, I will switch to alternatives such as p2p lending and more ethical banks that do not reward failure and incompetence.

jon_boy75

Apples2 wrote: »

That's better, simply singing the virtues of something as in #2 without any detail just looks like spam.
It's much better to have some detail of your experience.

I'm struggling to understand why ANY financial company would adopt YES within their name in such a way.

I believe they're part of Yes-Pay, or an offshoot of that company, which pre-dates Yes Loans.

But I agree, high chance of them being tarred with the same brush!

churchrat

If you decide to invest do they continue to repay the loan if the borrower defaults? or does the investor have to chase up the defaulter themselves?

I save with a credit union at the moment, but would be interested in this, but would like some real life experiences.
thanks