CCR World Magazine

YES-secure.com, UK’s first truly social networking lending and borrowing web marketplace specifically for consumers in the UK has successfully closed its first THREE social lending loans in its very first month of operations with several more loan requests in the approval pipeline.

The purpose of YES-secure, a peer to peer web marketplace, is to provide a unique opportunity to secure unsecured loans on low interest rates well below those of your local banks. It connects borrowers with lenders through an auction-like process in which the lenders who are willing to provide the lowest interest rates "win" the borrower's loan request. During the bidding and loan approval process, YES-secure makes a concerted effort to strike a healthy neutral balance between the lenders and borrowers, and we perform all the financial credit checks making the information available on the web marketplace to all resulting in a win-win situation for all.

In our first three loans, social lenders have successfully managed to provide more than satisfactory rates to their borrowers in the very first month of the launch of YES-secure.com in the UK. In keeping with its ethos as a genuine social networking lending and borrowing platform, lenders have made loan offers at a lower rate than the ones requested in the loan listings by two out of the three borrowers. With the requested interest rates of 24% and 20% respectively, both with credit score “D”, the offered rates at 19.34% and 14.47% respectively were clearly a win for the borrowers- lenders were socially conscious to offer the lower rate of 14.47% to a young student entering his first year in university this September. This is a clear indication that YES-secure is consistently committed to facilitate affordable, socially-conscious personal financing for community members across all credit scores.

“One of our first borrowers is a first year University Student borrowing to pay his tuition fees, highlighting the social aspect of lending on our web marketplace”, said Hannah Simkin, Customer Services and Underwriting Manager at YES-secure.com.

“The rapid commencement of lending should provide a fresh impetus from potential lenders and borrowers to the financial transacting social networking activity on YES-secure.com. It will go a long way in encouraging the prospective lenders to inject more funds into the various YES-secure markets and ensure that the borrowing and lending activity further gears up. More importantly, it will enhance the lenders’ and borrowers’ confidence in YES-secure.com as well as other P2P lending forums. We view this development as a very constructive step in building up strong and rapid membership of borrowers and lenders for social lending from all credit grades,” said Dr Chandra Patni, CEO at YES-secure.com.

(Source - YES-secure.com Press Release)