YES-secure
Good:
Their customer service department is very helpful as the process can be a bit confusing if you are new to it
Bad:
£80 arrangement fee which they add onto the loan
Verdict:
Another major peer to peer lender on the market but more focused than Zopa on social networking - you can borrow more, with less than perfect credit and at a younger age with YES-Secure
Yes-secure is a peer to peer lending website. What this basically means is that you, (the borrower) borrow directly from other people (the lender), cutting out the bank.
To apply, you need to register on their website as a borrower. You will need to verify your email address and your debit card details. Once you have completed all of your information on their registration, they will place you in a band A* - E (A* being the least risk and E being the most risk). This will determine how much money you are able to borrow. Then, you must complete a loan listing telling people how much you need, your preferred loan duration and the maximum interest you are willing to accept. Once you submit your request, lenders can start to bid to fund your loan. When the loan listing closes successfully, you will receive confirmation that your loan has been fully or partially funded. If you choose to accept the loan offer, the money will be transferred into your bank account. You must receive 80% funding before you are eligible for the loan.
YES-secure acts similarly to a social networking site because you can connect to people that you may already know. This provides a way for people to lend and borrow money between one-another. You just need to advertise why you need the loan, then potential lenders bid on the loan in order to fund it. Make sure you clearly explain why you are searching for a loan as it can help decrease the rate. On the other hand, loans from nontraditional sources may be riskier than those from more established banks.
Loan Calculator (Representative 13.25%APR)
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I was advised if the loan was agreed with the lenders then the underwriting was just procedure and loan would be confirmed straightaway.My loan was then declined at underwriting stage after a week,they are now attempting to phone me constantly even though i have told them i am no longer interested and now they seem to have sneakily got a hold of my new mobile number and are attempting to message me,i am now going to the fsa regarding them because this is now harrassment. Avoid with a bargepole !!!
Just Amazing....I landed money on yes-secure and they were amazing in giving such high return. The best thing about YS is that you are always aware of the people whom you are lending to, this helps an investor to be assured for his investment.
DONT be lurred in by the possibility of a loan if your credit is poor. They charge £3 to verify you exist (visa) then they charge £20 to get your advert listed REGARDLESS if they accept it. This means Ive paid up £23 today for NOTHING. I didnt see anywhere about their minimum credit limit nor nonrefundable fee as a result of them deciding not to place you on the system. talking ont he phone theyr enot interested in any refunds. AVOID AVOID AVOID. What a waste of money. Feel a right Idiot.
Firstly, there is £1.3 million of lending requests, with only £50,000 in the fund to lend, so you've got zero chance of raising more than a couple of thousand. You can check the funding amount on the scrolling panel on the front page. Secondly, while the quote page suggests A* interest rates of between 10 - 16%, once you've been through all the verification process,set up account, made your your loan request with a detailed description of why you want the finance, you then request an interest rate, but receive offers from people significantly in excess of the rate requested. Lending members will openly tell you that your rate will end up being around 17% - for an A* borrower! Go to Yes Secure if you've not been able to secure funding elsewhere and you're happy to pay penal rates of interest far in excess of what the big banks will charge. If you've got other options, dont even bother trying this site. Complete waste of time.
1 month ago I had applied for a loan of 4K. I was having a good score with all the 3 credit agencies still had to suffer a denial from zopa, natwest & ratesetter. I think they only settle for too perfect a profile. Although a little than higher rate at YES-secure, I managed to get the loan approved in 2 days after sending the documents. I was graded an A star there. I found the Underwriting quite impressive at YS. They could dig into my bank statements to find that I also had a small payday loan that I did not mention on the public profile. The lady manager was polite & swift with her replies & handled my case quite cleverly & fast. I found some loopholes in the system though, but not a bad experience to quote.
Just a joke.
Well, a little over average performance by Yes-Secure, I was successful with my loan funding and payout so I am a happy customer, that being said I am a little miffed about the £6 they take out of your account to "verify your details" but its a bit by the by now my loan was funded. The difference and the good difference about Yes Secure is that they dont just base there acceptance/denial on credit score. They actually add a human aspect to it so that they can better understand if the person can payout, luckily after 2 days of answering questions and sending information I was successful with my application, with other lenders it is normally a straight refusal because of my low credit whereas with YS they were more personal which was a huge benefit to me. The rate im paying is very manageable, the staff do seem a little lacked of knowledge and sometimes its diffuclt to understand everything they say, and yes the profile is a bit confusing, not a totally perfect experience however I had no descripences with the process just a few faults that could be amended.
What a waste of time, the 9% is a joke. I applied for a loan and got the funding that I needed to move to the underwriting stage. The rate was in the high teens but beggars can't be chosers so I accepted the loan which meant the loan then has to pass through the underwriters. I received no contact from them so after 3 days I emailed them to be told that I had two hours to send them all of the information they needed or my loan would fail. I was at work and don't carry my passport let alone other information around with me so I failed underwriting because Yes Secure didn't contact me. I have since started reading their website and it sounds like I am not the only one who has been treated this way. The rate advertised only seems to have been reached a couple of times and from comments on the forum nearly all of the loans are now failing the underwriting stage.
i applied for yes secure a while ago, there card varification process takes unauthorsed monies from your bank account, they claim to only authorise 10.00 (why ?) but they actually take 22.00 from your bank just to varify your bank details ? thats theft imo. there underwriting team seems to consist of a bunch of idiots who dont really have a clue about underwiring what so ever, i have a current loan with YS but i have to say it was not a pleasent experiance, there team just seem to be completely clueless in everyway, i wish i went to zopa atleast i would of been dealing with a professional organisation.
their application fee is £80!!!! It is included in the loan so if you request £1000 then you will pay off £1080. But still, it's an extra 80 quid that you have to pay off. I suppose it's better than zopa's which is 124 quid. Regardless, I had a good experience with this company. The actual loan application is a bit complicated but I had an offer from a lender after about 5 days so I was chuffed.
I did their application form which wasn't too hard to understand then when I got to actually filling out the other form to put up my advertisement to find a lender it got really confusing. On my profile there is stuff everywhere and I really wasn't very sure where to click. After panicking for a bit I called their customer service number and I worked it all out with the lady on the phone.
Loans up to £25,000 - 5 years
- You must have a UK bank account and a debit card linked to that bank account
- You must have a valid email address
- You must be 18 years of age or older to apply
- You must have be a resident in the UK for at least three years
- You need to have a good credit history
- Arrears Fee - £80.00
- Tracing Charges - £25.00
- Charges for Document Retrieval - £35.00
- Failed Payment - £20.00
- If you were to default on the loan, they will use professional Debt Collection companies to retrieve the money
- None
