YadYap
YadYap, payday spelled backward, is the first people-to-people lending platform specifically for the payday loan industry. YadYap was inspired by three characteristics of the payday loan industry. First, the significant need for short term loans. Second the controversy over lending rates charged. And third, the lack of borrower representation in the market.
At YadYap borrowers receive instant loan approvals, funds quickly deposited to their bank account, and lending rates that are determined by the free market through a competitive auction. Additionally, YadYap tracks each borrower’s performance and shares these scores with lenders. Good performance is rewarded with lower interest rates and loan fees as more lenders compete to fund their loans.
Lenders are provided with pre-screened loan applicants and credit / payment history resulting in a YadYap risk rating. This enables lenders to make educated investment decisions. YadYap handles all documentation, fund transfers and loan administration. Lenders benefit from both monetary and social returns on their capital as YadYap takes the inefficiencies out of the market creating a new perspective in payday loans.