Well, we spend around $50 attracting a new customer anyway so instead of making an ad agency richer, we thought it would make more sense to let you invite your friends and deposit $50 in their account, make them $50 richer and make you look good in the process!
The biggest advantage of YadYap is the almost instant liquidity that comes from offering short term 2-4 week payday loans. Unlike Prosper and Lending Club, no secondary market is needed to achieve liquidity for lenders.
When I search for loans in which to invest I check A, B, and C which correspond to average interest rates of 8.30%, 10.83%, and 12.41%. I leave the Credit Scores and Debt-to-Income Ratios as is. I check zero delinquencies and all loans that are in funding. After the search I sorted on “Interest Rate”.
Lending Club opened up to lenders again at just the right time now that lending at Prosper is temporarily closed. According to the Lending Club blog, Utah, where I live, has already been added.