Securing cash back rewards – for the lender?
Cash back is a tried and tested method of rewarding customers for spending, and is much used in the credit card business.
Now YES-secure.com is putting an interesting spin on the concept by offering 2% cashback until 31st December for those people acting as lenders of funds through the organisation.
YES-secure.com is a social lending and borrowing networking website which operates in the UK market. This means that ordinary people invest their money through the site to lend to other ordinary people. The risk is spread because each loan is made up of an aggregate of small loans from many people. This means that if a loan goes bad, no single lender is liable.
Under the cash back reward scheme, if lenders transfer £200 or more via their debit card into their YES-secure system accounts for the purpose of lending, they will receive 2% cashback into their YES-secure system account, giving lenders an instant gain of 2% on their funds
“At the end of each day, we will add the 2% cashback to the qualifying lenders accounts for every debit card based transfer of £200 or more,” says the company.
YES-secure says it is a good investment proposition as it offers potentially far higher returns than the traditional investment vehicles such as banks with minuscule interest or the stock market. There is a wide range of markets (A*- E) therefore lenders can choose what level of risk they are prepared to take.
YES-secure.com also caps each bid to a fraction of the loan amount and fund each loan through a large number of lenders, leading to a significant reduction in the lending risk.
This cashback offer enables lenders the opportunity to earn an extra 2% bonus on their social lending. Lenders who could achieve returns of up to 25% on their lending will now get immediate 2% cashback on lending for the funds transferred to YES-secure!”, said Hannah Simkin, Underwriting and Customer Services Manager at YES-secure.com.
Debit card verification upon registration, stringent underwriting procedures and assigning markets in keeping with the borrowers’ creditworthiness make YES-secure a safe investment decision, says the company.
Terms and Conditions
1) 2% Cashback Offer limited to Debit Card based transfers into lenders system account of between £200 and £5000.
2) Offer valid from 26th October to 31st December 2010
3) Cashback cannot be withdrawn from the System Account and can only be used for lending purposes
4) The funds transferred by debit card in the month of December qualifying for the Cashback cannot be withdrawn before 31st March 2011
5) The 2% Cashback Offer will be credited normally within 1 working day from date of transfer of the Debit Card transaction
More information: www.yes-secure.com