|« ReBuildingSociety introduces cashback||Rise in bad debts in October »|
Encash waives loan application fee
Encash (YES-secure) today announced that they were waiving all loan application fees until 2013. Encash was the only peer-to-peer provider to charge individuals a loan application fee.
Here is the full text of their announcement:
We are delighted to announce a fee waiver of Consumer loan processing fee of £5 and business loan processing fee of £50 for our valued borrowers till 31st January 2013.
YES-secure Support Team
This change is to try to revive lending on the YES-secure platform, which is currently down over 70% on last year. In comparison other peer-to-peer providers have seen double or triple digit growth over the same period. While this may try to stimulate borrowing, the issue on the YES-secure site is that there is a lack of lenders, so this may not have the desired effect.
Lets hope that lending does pick up with Encash as there have already been two casualties in the peer-to-peer sector this year.