(PRWeb UK) December 20, 2010
YES-secure, a Social Network Lending and Borrowing website in the UK Peer-to-Peer Lending market is celebrating its success of disbursing over £200,000 to borrowers since its launch in June 2010. YES-secure acts as a marketplace for lenders to bid on borrowers’ loan listings in an auction-like process whilst cutting out the middleman and bypassing traditional intermediaries such as banks. UK savers are offered a new way to beat inflation and earn better returns than by investing their savings in traditional investment vehicles whilst borrowers are able to pay back their loan to real people rather than faceless institutions.
YES-secure.com allows lenders to bid on a borrower’s loan listing at interest rates they choose, encouraging them to lend small amounts to a number of borrowers in order to diversify their portfolio and hence spread their risk, collectively funding the requested loan amounts. Borrowers have the ability to offer additional information about their situation combined with their credit grade ranging from A* to E grading retrieved from Callcredit enabling lenders to make judgement decision as to whether to lend. Lenders can choose to lend to A* borrowers with a lower interest rate with minimal risk of defaults compared to E borrowers with a higher interest rate but a higher risk of default.
“Since the launch of YES-secure in June, interest in the website has been overwhelming and we now have 2,242 lenders and borrowers registered as members” said Dr Chandra Patni, CEO of YES-secure. Loan requests range from Debt Consolidation and Student Loans for tuition fees and living costs to Car Loans and Christmas Loans for borrowers looking for funding to help them out over the Christmas period. Since the website’s launch earlier this year, 67 borrowers have been disbursed loans from YES-secure lenders totaling £200,700, with lenders achieving over 20% average earnings rates (AER) for all markets on the YES-secure platform.
With funded loans totalling over two hundred thousand pounds to a wide range of borrowers from markets A* to D and offered rates by actual lenders showing high returns with no defaults to date, YES-secure.com has had an extremely successful beginning. With six months of successful operation now behind YES-secure, demonstrating no defaults in all markets A* to E, YES-secure have highlighted that peer-to-peer lending combined with the social networking aspect of the website encourages low defaults rates, far lower than the banks, as members are aware that they are borrowing from other members.
Following its successful launch in June 2010, YES-secure have continued to develop the website with new and exciting concepts, launching an innovative Secondary Market in December 2010. This market enables lenders to buy and sell loan slices at a premium or discount. Potential buyers for the loan slices are able to view detailed information about the repayment history of the loan part enabling them to make an informed decision.
The success of the YES-secure Secondary Market has been remarkable, with lenders embracing the liquidity and ability to diversify their portfolio, moving freely between investments. In the first few days of launch, more than 50 loan slices were successfully transferred from one lender to another on the Secondary Market. One lender, Adam from Hampshire says of the Secondary Market:
“I think the ability to cash in one’s loan parts is a very helpful feature, as eventually everyone is going to want their money back. While one could wait up to 60 months for it to dribble back, having a Secondary Market means that one can consider one’s loan book as a partially liquid asset. We need the ability to sell at a discount so that we can be confident of selling off our whole loan book in reasonable time if required. Selling loan parts at a slight premium allows us to cover the costs of the sale fee but still fine tune our loan books to maximise our diversification. “
YES-secure continue to strive forward with innovative introductions to peer-to-peer lending and have recently announced that Corporate Lending will be introduced at the beginning of next year, enabling lending to businesses, a well-received addition to the platform with small businesses struggling to obtain credit in the current economic climate. YES-secure have created a stir in the lending market and look forward to a successful 2011.
More information regarding YES-secure can be found at http://bit.ly/1vpfopD.
For more information, please contact:
Ms. Mala Chauhan
mala(dot)chauhan(at)yes-secure(dot)com
marketing(at)yes-secure(dot)com
0871 221 9410 extension 5440
YES-secure.com Limited
Checknet House
153 East Barnet Road
Barnet
EN4 8QZ
UK
http://bit.ly/1vpfopD
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