From skeptical to enthusiastic
"A good friend of mine told me about YadYap recently, and initially I was skeptical. I jumped on the site, and read about how they advance payday loans, the mechanics of the process, and the methodology involved in how they approach payday loans. I quickly went from being skeptical to being enthusiastic. I applied for my payday loan, was approved, and became a loyal customer. Thanks YadYap!"
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The YadYap Score
A YadYap Score is a number from 1-100. A good way to think about the score is like a grade on a test from 1-100. A score of 100 is perfect while a 40 would be like getting an F on the test. A good YadYap score is like having a good credit score, or a good payday credit score.
The YadYap Score is calculated somewhat similar to other payday credit scores, using only loans that have been paid in full including principal and interest. If a borrower has a past loan where all or part of the principal or interest is not yet paid they will not be eligible for a YadYap loan until the unpaid amount is paid. If a borrower pays a loan off in full through a payment plan the YadYap Score calculation will be prorated accordingly for the borrowers benefit.
A borrower who has a loan in Default will have a YadYap Score that says “D” “Default”. A new user who has never taken out a YadYap loan will have a YadYap Score that says “NU” “New User”.
There is a formula for calculating your YadYap Score. The number of loans you have taken through YadYap is divided by a number that is assigned according to your performance as shown in the table below:
There is no reason you should not have a Score close to 100. We want you as a borrower to succeed. If you need to extend a loan or work out a payment plan with us we are glad to work with you. The great thing is that a loan extension if paid when it is finally due will have the same affect on your Score as paying on the original due date. Even a payment plan if followed will not negatively affect your Score as much as paying the entire loan late.
See the example below to see how a YadYap Score is calculated:
Joe Borrower has taken out 8 YadYap loans since he first started using YadYap. Joe has paid all of his loans in full even though a few of them have been late. If one day, Joe was thinking "how is my YadYap score calculated" he would come here to see how his 8 loans have performed:
YadYap is the best way to get a short term loan. If you are approved you will sign a standard rate loan agreement and the money will be sent to your bank account immediately. Then, your loan will be sent to the YadYap marketplace for peer lenders to bid down your payback rate. Your loan rate will never increase. You pay back the lowest interest rate!