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YES-secure to rebrand itself
After my recent post on YES-secure suggesting they had gone quiet, today they have announced some changes and that they are looking to rebrand themselves at the start of January 2012. Here is the full post on YES-secure.
1) We are working on launching business lending and are currently evaluating operation our BETA business lending platform. We will focus on marketing this new service once we have also completed our current rebranding process by the end of this year.
2) We added an application fee to encourage borrowers to make more complete and serious applications. We will now revise this application fee to be nominal £5 for consumers and £50 for businesses.
3) We are completing a new branding and reorganisation of our website which we expect to launch from the beginning of January 2012. We would welcome our members feedback on changes in website organisation under the topic "Website rebranding suggestions".
4) We are continuing to learn and improve our internal processes including underwriting, fraud mitigation and debt collection.
5) YES-secure is fully committed to be the first P2P Lending Platform that supports and encourages both Consumer and Business Lending.
Dr Chandra Patni
This announcement also confirms that YES-secure are reducing their £20 non-refundable application fee to £5, and this may after I posted an few links on their forum suggesting they may not be complaint with the law. It is also interesting they are looking to improve their "fraud mitigation" which itself raises some more questions.