Announcement

**Never-In-Doubt** · 6 September 2010, 00:45

Re: Yes-Secure & Zopa the social lending solutions

Can you confirm they check call credit only? I notice their logo on the website, but no mention of which CRA they searched...?

Also, what do you do - like put a bid out and expect people to make you offers, or are you scored before it gets that far?

Tell us more - please do!

**koni** · 6 September 2010, 19:56

Re: Yes-Secure & Zopa the social lending solutions

iam using YES Secure at present and can share some information.

When you sign up to the site as a borrower you have to register a debit card to authenticate who you are and to authenticate your bank account, your debit card will be authorised for an amount that varies between 10 and 20 pounds, they don't take the money fully but it is earmarked against your available funds so make sure you have enough funds in your account to cover or you will not become a verified user.

I would like to stress that they do not fully take the money and it will appear back in your account between 3 and 7 days (ish)

when you place a listing you basically do a pitch so to speak, you need to write why you are borrowing, list as much as you can, debts, current commitments etc.

the next part you list your strengths, its a section where you can post who you are, what you are about, why lenders should trust you etc.

once you have completed that bit there is a mini income and expenditure part, it lists your monthly incomings, this is listed NET not GROSS, don't make the mistake that some have made and list GROSS wages.

it also asks for outgoings, the usual things like rent / mortgage / ctax, but it also lists other outgoings, such as existing debt payments, clothing etc etc its pretty good in my opinion.

What ever you type will be checked by Yes secure before it is posted in the loan listings, they will tidy it up and check spellings (great for me) lol you can pick how long you want your listing to run for and the max APR you will accept, don't be afraid to put a higher APR.

you can pick 1, 3, 5 or 7 day auction style listings, i think lol..

you will then be credit checked, once checked you will be given a credit grade running from A*, A, B, C, D and E, obviously A* is the best.

this score is generated by Call Credit, YS only use Call Credit.

when your listing is verified and becomes active lenders can then place bids, so say your asking for 5k at max 10% APR, lenders can bid say £10 at 35% if they like, this is the part where the auction style kicks in.

If your loan reaches 100% funded each bid is whittled down, and the highest interest rates get outbid by the lower rates, i hope that makes sense ? and i hope i have that correct.

You can accept your loan if it reaches over 80% funded, so any amount over 80% of what you are asking for you can accept.

example * you want to borrow 1000 over 2 years, you get funded to 800, you can accept if you like, if you were funded to 799 your loan would expire at the end of its listing period and you would have to re-list.

you have three days to accept your loan offer after the auction ends, again must be funded past 80%.

if you do not accept your loan, it will expire and you will have to re-list.

if you accept, you must provide your last 3 months bank statements, and a pay slip, your loan will then be checked and the underwriters will make sure all the information is correct, if all is well you pick a repayment date, and hep presto the funds are transferred to the bank account you listed when you registered.

Thats all i know of YS, iam on my second listing now, first went to 77% funded lol needed £100 i was gutted, my current listing is 55% funded with 24 hours to go

the concept of YS is fantastic i think, you need to make connections with people to increase your stats on the site so to speak, the idea is that you invite friends and family from face-book, etc to come on there, bid on your loan, and other peoples, and give endorsements about you, that will then increase your social standing on the site and make you more attractive to other potential lenders.

the way bids work, if a varified connection bids on your loan they can place a 10% bid of the value of your loan each time, if a none connected person bids they can only place a 2% bid on your loan, connected or non connected they can place multiple bids per day:

example: you want £1000, connected user can bid £100 per bid, non connected can only bid £10 - this is on an example of £1000 - so you are better connected lol

there are a couple more social lending sites that have kicked of recently also one is http://www.quakle.co.uk/home.do - these people don't credit search i believe.

another for business lending which many zopa members are going to is http://www.fundingcircle.com/ - this site only lends to business's

yes secures website:
https://www.yes-secure.com/homePage.do?action=initial

loan listings:
https://www.yes-secure.com/listingForLe ... getListing

i hope that is of some use, i admit it may not be 100% on some bits, as iam reasonably new to YS.

**kilasuit** · 7 September 2010, 01:33

Re: Yes-Secure & Zopa the social lending solutions

koni has it almost spot on

When i signed up i believed it to be another Zopa like marketplace where no1 under age of 21 could apply so i realistically did not believe that i could be accepted.

When you register they ask for details needed for an electoral role and credit check as well as a debit card authorisation (i.e. an Identity Check as this correlates between the info you have provided and the debit cards registered address) and from the credit check (which is deffo call credit and appears as Credit Safe Ltd(if i remember correctly) and also a score is provided at this point) This score doesnt include any finanical data other than that which is on your report (i.e Account history and Available to Used credit ratios)

You then can create a Loan Listing and it is then here you are asked about income and outgoings and the reason you wish to borrow in the first place. Basically you need to provide as much detail to the reasons why you wanna borrow, why you can be trusted to borrow the amount you are borrowing and any other accounts that you run ( i believe that it is [u][b]ONLY[b/][u/] loan accounts that is asked for but i'm not sure off the top of my head)

After you have set up the loan listing it id then manually verified and assessed by an underwriter (this is where affordability comes into the picture) and if seen as affordable then it becomes a live listing (normally within 48hours)

You then await to see if the loan is successfully funded(i.e. 80%>) in the given timeframe (i.e <80%)if not then you can relist the loan.

If it becomes successfully funded then you are asked if you want to accept it or not (reasons not would be too high APR%) at which point either way there is no goin back unless an underwriters checks (bank statements, payslips, other credit account statements etc) prove that you have falsified any of your details.

You then receive the loan and to set up repayments you have to provide a debit card continious payment authority (which i personally want banned as they are ridiculous and useless) Other than that you pay £80 in borrowers fees which is taken off the loan amount (i.e. if you were successful for a £1000 loan you'd recieve £920.)

i think thats it but will inform when i get more info bout them as things go along.

**Never-In-Doubt** · 7 September 2010, 07:13

Re: Yes-Secure & Zopa the social lending solutions

Hi

Thanks for the insight.

Ok, so to help people why don't we set up out own network on here, where we register en-masse as connections to help each other out? All we do is make a secure thread on here to stop prying eyes and we can share data with each other, i.e. if I were to apply i'd post on here (in secure thread) then you guys can go and connect with me.... only people that are actively applying for a loan would get access to this members section on here as the criteria would be to PM me and I would manually add a new member - this way it is totally secure and stops those at Yes figuring out what we're doing...

Who thinks that would work? Comments please......

**Never-In-Doubt** · 7 September 2010, 07:17

Re: Yes-Secure & Zopa the social lending solutions

Originally posted by koni

there are a couple more social lending sites that have kicked of recently also one is http://www.quakle.co.uk/home.do - these people don't credit search i believe.

See this - interesting:

Quakle does not use external credit rating agencies in order to rate the borrowers. Rather, each borrower is given a personal rating that is a reflection of the borrower's activities on the website, and has no connection with the borrower's actual financial situation or credit rating in real life, although potential lenders may do so and so affect that borrower's rating on Quakle.

So reading that, does that mean a lender could credit search you (how?) and then decrease your social standing? Hmmm, may have to do a few test accounts to see how far these go and whether they are any good.... My credit rating is ok, so may give it bash and register with them all and go for like a £20k loan at 9% apr to test the water.... ;Hmm

**oscar** · 7 September 2010, 09:27

Re: Yes-Secure & Zopa the social lending solutions

Originally posted by never-in-doubt

Hi

Thanks for the insight.

Ok, so to help people why don't we set up out own network on here, where we register en-masse as connections to help each other out? All we do is make a secure thread on here to stop prying eyes and we can share data with each other, i.e. if I were to apply i'd post on here (in secure thread) then you guys can go and connect with me.... only people that are actively applying for a loan would get access to this members section on here as the criteria would be to PM me and I would manually add a new member - this way it is totally secure and stops those at Yes figuring out what we're doing...

Who thinks that would work? Comments please......

Ordinarily, I would say this would be a good idea, however, this IS a debt help forum. While I can see the logic behind the above - we lend each oher money to help out (and make a small profit) etc, would it not be like robbing peter to payy paul? - ie I borrow you £20, you borrow me £20 and we both charge 5%. I am probably not very clear, but you can see what I mean.

**oscar** · 7 September 2010, 09:30

Re: Yes-Secure & Zopa the social lending solutions

Originally posted by never-in-doubt

Originally posted by koni

there are a couple more social lending sites that have kicked of recently also one is http://www.quakle.co.uk/home.do - these people don't credit search i believe.

See this - interesting:

Quakle does not use external credit rating agencies in order to rate the borrowers. Rather, each borrower is given a personal rating that is a reflection of the borrower's activities on the website, and has no connection with the borrower's actual financial situation or credit rating in real life, although potential lenders may do so and so affect that borrower's rating on Quakle.

So reading that, does that mean a lender could credit search you (how?) and then decrease your social standing? Hmmm, may have to do a few test accounts to see how far these go and whether they are any good.... My credit rating is ok, so may give it bash and register with them all and go for like a £20k loan at 9% apr to test the water.... ;Hmm

Now this one is interesting - no credit check ;Hmm

However, if you are new to the site, you're not going to have any activity, so how would you get a good rate?

Plus the site only has 16 members - so hardly likely to get a large loan...

**koni** · 7 September 2010, 09:39

Re: Yes-Secure & Zopa the social lending solutions

the thing that would bother me as a lender on quakle would be the default rates, if people are not being credit checked in any way what so ever that would leave the door wide open for people who default on everything, risky to say the least.

**Never-In-Doubt** · 7 September 2010, 14:53

Re: Yes-Secure & Zopa the social lending solutions

Maybe you misundersttod me - I am not suggesting we all join as buddies to lend, but to boost the lenders profile.....

Also, although this is primarily a debt site, we also consider sub-prime and getting back onto the credit ladder post br/iva/default etc etc.....

Just cos you are skint long term, doesn't mean you couldn't manage one small loan - everyone deserves a second chance...

**oscar** · 7 September 2010, 15:06

Re: Yes-Secure & Zopa the social lending solutions

Originally posted by never-in-doubt

Just cos you are skint long term, doesn't mean you couldn't manage one small loan

Lend us £50 then!

2

**telecomenginee** · 7 September 2010, 16:54

Re: Yes-Secure & Zopa the social lending solutions

Originally posted by never-in-doubt

Maybe you misundersttod me - I am not suggesting we all join as buddies to lend, but to boost the lenders profile.....

Also, although this is primarily a debt site, we also consider sub-prime and getting back onto the credit ladder post br/iva/default etc etc.....

Just cos you are skint long term, doesn't mean you couldn't manage one small loan - everyone deserves a second chance...

I for one have learned from my mistakes and slowly I am regaining my credit status thanks to NID and the MSE guys...Thanks