Posts Tagged arizona payday loan

Flip payday around and it spells YadYap

Posted by YadYap in P2P Payday Loans, Payday Borrower, Payday Lender on November 8th, 2008

There are three main issues within the payday loan industry that helped give rise to the creation of YadYap:

The public’s outcry with loan rates charged by traditional payday lenders, and the lack of a good solution.
The non existence of a true marketplace to create competitive payday loan rates.
The inability for payday loan borrowers to build credibility as they successfully pay off loans.

The public outcry can be heard from around the country. Some states have banned traditional payday loans all together, others have legislated interest rate caps, while others still allow payday loans in all forms. The most recent political battles can be seen in the change in Arizona payday loans, and Ohio payday loans. YadYap is working toward a solution that will eventually bring lower cost payday loans to everyone who needs them.

What do you do when you want to get the best rate for a car loan, mortgage, or any other loan? Well, like many other people you may visit Lending Tree “when banks compete, you win.” Or any other website that creates competition between lenders. Other great examples now are Prosper and Lending Club. Why do you do this? Because you will get the best rate that the market is willing to give you. Now consider someone with an immediate need for a small amount of money so that a check they just wrote does not bounce, or so they can make their car payment. There are two problems. First, they do not have the time to shop around, and second there is not a marketplace for Payday loans. YadYap will solve this issue by creating 24 hour auctions where multiple bidders will place offers to fund a payday loan request. Now, where would you go if you needed a payday loan?

One of the reasons eBay works so well is because of their rating system. Who in their right mind would sell a product to someone on line who they know nothing about and trust that it would be a smooth transaction? When you transact on eBay you can see that the other person has for example a 99% positive rating, and you are ready and willing to do business with them. YadYap will bring this same philosophy to payday loans. Lenders will be able to see if the borrower has other outstanding payday loans, and will be rated according to how they have performed on previous YadYap loans.

YadYap will change the way you read the word payday!