YES-Secure

industryinsider2

TastyTeeth wrote: »

Still confused - part of YES Loans or not?

Not as far as I can see. Companies House tells you it's directors are Chandra and Rohit Patni from North London. The CCL register search says the same. I can't find any association with Yes Loans in Wales. Yes-secure were part of a new wave of peer to peer lenders that launched in the UK last year along with Quackle and Rate Setter. jon_boy75 has the voice of a business owner and may be able to tell you more ;-)

From a borrower point of view, the reviews for them on Loanpages.com aren't particularly complementary, but generally speaking I like peer to peer lending as a reasonably ethical alternative to bank loans and this lender seems genuine enough. They have received some agreeable press coverage but I have a feeling that they'll get criticism at some stage because they allow lenders to decide on the rate. Unchecked, that could lead to extortionate rates of interest and effectively they are providing a group-based, legal loan shark platform. I'm sure they've thought of that already though.

From an investor point of view, peer to peer lenders are only as good as their collections agency. I'm invested in Zopa and after being on there for 14 months I am still yet to experience any serious arrears or defaults (I'll probably get everyone go delinquent on me at this end of this month now I've said that). I'm thinking about doing Rate Setter too but peer to peer lending is not an arena in which I'd recommend you become an early adopter. Wait until they've got a track record and some decent arrears data for you to analyse before you put your own money in.

Great question - I cant think for the life of me why they would want to call themselves Yes-secure. They obviously never googled the words "yes secure loans" before they decided on a name. Whilst we're on the name I'd question the use of the word secure too. I understand that it's a word they're using to convince investors that they're a safe bet but if I was a borrower I'd be confused by the use of that word.

juliaaudi

Yes secure is more an investors place right now. i have been keeping track of it and I have seen folks from all credit grades getting a loan on there but at a higher rate than say Zopa. I would say that the plus point for borrowers with not very perfect credit scores is that they can get a loan, though at a higher rate. I guess yessecure doesn't have a bad debt rates data as it started about six months back and the investors are not willing to take too much of a chance. However, yessecure have recently capped the maximum lending rates at 27.5%. So, it can't get more than that even in the worst case scenario and is bound to be lower for a good score.

From what i can see of their already funded loans in the loan listing section and the rates at which these have been funded (seem to be averaging around 20% for all markets put together), the investors seem to be getting a good return on their money, both in the primary as well as secondary loan market. They do have a collections agency to chase the chronic defaulters; in fact I found a lot of relevant information in their FAQ section. Also, they seem to have managed without a default to date which is good.

But there will be defaults in due course and then the lending rates will get adjusted according to the default rate data. For the present, however, there is good money to be made there.

jon_boy75

TastyTeeth wrote: »

Still confused - part of YES Loans or not?

Yes-Secure are NOT part of Yes Loans

jonesMUFCforever

jon_boy75 wrote: »

fair enough...i dont think that's punitive in any way

When bank to bank lending was between 3-4% and they were 'borrowing' billions - a little out of Sainsbury's range.

TastyTeeth

industryinsider2 wrote: »

Not as far as I can see. Companies House tells you it's directors are Chandra and Rohit Patni from North London. The CCL register search says the same. I can't find any association with Yes Loans in Wales. Yes-secure were part of a new wave of peer to peer lenders that launched in the UK last year along with Quackle and Rate Setter. jon_boy75 has the voice of a business owner and may be able to tell you more ;-)

From a borrower point of view, the reviews for them on Loanpages.com aren't particularly complementary, but generally speaking I like peer to peer lending as a reasonably ethical alternative to bank loans and this lender seems genuine enough. They have received some agreeable press coverage but I have a feeling that they'll get criticism at some stage because they allow lenders to decide on the rate. Unchecked, that could lead to extortionate rates of interest and effectively they are providing a group-based, legal loan shark platform. I'm sure they've thought of that already though.

From an investor point of view, peer to peer lenders are only as good as their collections agency. I'm invested in Zopa and after being on there for 14 months I am still yet to experience any serious arrears or defaults (I'll probably get everyone go delinquent on me at this end of this month now I've said that). I'm thinking about doing Rate Setter too but peer to peer lending is not an arena in which I'd recommend you become an early adopter. Wait until they've got a track record and some decent arrears data for you to analyse before you put your own money in.

Great question - I cant think for the life of me why they would want to call themselves Yes-secure. They obviously never googled the words "yes secure loans" before they decided on a name. Whilst we're on the name I'd question the use of the word secure too. I understand that it's a word they're using to convince investors that they're a safe bet but if I was a borrower I'd be confused by the use of that word.

Thanks very much for the feedback.

I'm in need of a small loan (about £2,000) and I'm looking for a way to raise the money without going down the fruitless paths of the banks et al.

I'll keep feeding back on how things go, but I'm thinking of approaching YES-Secure or Zopa right now.