Frequently Asked Questions

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"I've taken out payday loans for years. I was delighted to learn about YadYap and their innovative ideas around online payday loans. My experience with them was 1st rate, and I would recommend them to anyone considering an online payday loan."

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How does YadYap work?

YadYap is structured in an auction-style format. Borrowers create profiles to entice lenders to fund their payday loans. Borrowers can share information about themselves and their loan request, or they can keep everything private. We rate borrowers according to risk based on third party credit history and their YadYap payment record (YadYap Score). Paying YadYap loans back on time ensures a better YadYap Score and therefore lower rates in the future.

Lenders search through borrower profiles and decide which short-term loans they’d like to fund. They can fund one single loan or diversify among several borrowers. At YadYap, we recommend that lenders diversify to further reduce their exposure to potentially bad loans. Because lenders will be looking to minimize their risk, less risky borrowers will attract more bids, thus lowering their interest rates.

What do I need to get a YadYap loan?

You need to be living in the US and have a US checking account. You also need to be able to pay back the loan when you promise to. We generally also check one or more third party databases to see your Payday loan history as well as other data that will help us be sure that you have the ability to repay the loan. It does not do anyone any good if you are not able to pay the loan back on time. We generally do not run standard FICO Score credit checks, but we do if we believe it is necessary to determine the risk of a certain borrower.

How much cash can I borrow?

YadYap offers loans between $100 and $500. You get to choose how much you want to borrow.

However, the first time you get a loan with us the amount loaned may be lower than the amount you requested. First loans are usually available up to $300. Once you prove yourself and establish a YadYap Score you will be able to get up to $500. There is one other factor that may affect the size of your loan and that is whether or not the state you live in has a lower maximum loan amount than what you are asking for.

Your YadYap Score is a very important part of your borrowing experience with YadYap. If you always pay your loans back on time you will have a stellar YadYap Score and will be able to borrow the maximum amount. However, you should only borrow what you need and an amount that you know you will be able to payback when it is due.

You are limited to one loan through YadYap at a time, and we check to see if you have other loans outstanding and may not lend money to borrowers who have other short term loans outstanding. The most important part of this process is helping you as a customer, and it does not help you to pile on more debt than you can payback.

How much does a YadYap loan cost?

Until YadYap’s lending marketplace platform is open to a multitude of YadYap lenders, the cost of a YadYap loan will be determined by YadYap and its affiliates. However, your loan will still be sent to a marketplace auction where YadYap will simulate an auction and in many cases give you a lower rate. Upon launch of the marketplace platform, YadYap will be the very first company to offer short term loans at a price based on an auction through a marketplace of lenders. The price you pay will be determined in an efficient marketplace and the best part of all is that you can play a part in lowering the cost of future loans by paying back all of your loans on time. The better your payment history the better your YadYap Score will be. YadYap Lenders will be more willing to lend at lower rates to borrowers with better YadYap Scores. With typical Payday lenders your risk rating never changes, and you always pay the same high price.

We are all about transparency and don't hide anything from borrowers! Borrowers will sign an initial loan contract stating the maximum APR that the borrower will be charged, then the loan is sent to an auction. YadYap reserves the right to charge the maximum APR during the initial phase. However, YadYap does not anticipate charging the maximum APR unless circumstances require.

Upon launch of the YadYap lender’s marketplace, borrower’s rates will be determined through a competitive auction process and borrowers will be shown exactly what they will be paying for the loan before they sign and accept the terms of the “new” loan and the applicable APR. Borrowers will never pay more as a result of an auction; only less! YadYap will always show borrowers the total dollar cost of the loan as well as the APR. Even with YadYap lenders competing to lend money, the APR assessed on a YadYap loan will be higher than a typical long term loan APR. YadYap offers a fast and efficient service, convenience and a marketplace of lenders in order for borrowers to get the best rates possible on a short term loan.

Another way we help to reduce the cost of loans is by allowing borrowers to pay your balance back at any time after 5 days with no prepayment penalty. If you have enough money to pay us back sooner, by all means do it, and save yourself a few bucks!

What will my YadYap loan cost in terms of an APR (annual percentage rate)?

You will always know with a YadYap loan the dollar cost of the loan as well as the APR cost of the loan. Please use our loan cost slider tool to check the APR on any loan by choosing the amount of the loan, the dollar amount you will pay for the loan, and the length in days of the loan. You will instantly be shown what the APR would be for the loan you choose. You can also view our APR fee schedule to see a representative sample of many different loan scenarios and their corresponding APR's. Please note this table does not show specific rates that are charged by YadYap. The initial rate of your loan will be set by YadYap and, upon the launch of the marketplace, the final rate for your loan will be determined by an auction.

Does YadYap run a credit check?

We generally do not check your FICO credit score, which is the most common credit check lenders do when making long term loans such as car loans, or mortgage loans. However, sometimes it is necessary to check your FICO Score.

For the type of short term loans YadYap offers there is a more effective way of determining the risk associated with each borrower. We send all of the information you enter during your loan application through one or more third party credit databases. These databases will verify everything you have told us including your bank account information, Social Security number, etc. We will also know how many payday loans you have outstanding, your default history, and much more.

You might find it to sound a little bit invasive that we check so many things about you. However, this is the way we determine which borrowers are most able to payback their loans. Also, the lower our overall default rate is the better rates lenders will be able to give you.

Another very important reason for so much verification is to keep fraudsters from getting loans. People committing fraud will drive up everyone's costs including yours.

What if I have bad credit?

We generally do not run a normal credit check for your FICO credit score. However, we do verify all of the personal/financial information you give to us through other third party credit agencies. If you do not qualify because of issues that come back from the credit check you will not be able to get a loan.

If you have a bad FICO credit score (the score that you get when you go to get a car loan and they tell you your credit score) this does not mean you will be denied a YadYap loan. Our credit checks and verification are totally independent of what is taken in to account when determining your normal FICO credit score.

The other great thing about YadYap is that you can develop your own YadYap Score. Your YadYap score will be determined by your loan payback history. So think of it this way; you can wipe your slate clean at YadYap and start over developing your own credit score for short term loans!

What personal information does YadYap need?

We will ask you several questions that will give us all of the information we need to make sure that you are giving us correct information and to evaluate your ability to pay back your loan. When you apply for a loan here is what you will need to be prepared to give us:

  1. Your birth date
  2. Are you a member of the military?
  3. Your primary phone number must be verified
  4. Drivers license number and issue state
  5. Home address, city, state, zip
  6. Name, social security number, state social was issued in
  7. Employer information and monthly income
  8. Valid bank account and routing numbers (if you want to get your money)
Do I need to have a job?

We need to be able to verify that you have regular income. That does not necessarily mean that you need to work for someone else. You may have an annuity or retirement funds that pay you each month that will satisfy our verification process.

Can I get a loan if I rent rather than own my home?


Do I need a bank account?

Yes, you need a U.S. checking account that we can verify through our verification process. Also, having a checking account is currently the only way for us to get the money to you.

What information do I need to show potential lenders?

Your public profile on YadYap can have as much information as you would like about yourself and the reason for the loan. On the other hand you can keep everything as private as you would like as well. Some lenders may be more likely to lend to you if there is a picture, and details because it seems more real to them. However, the way our system is setup lenders can get all of the information they need to make a lending decision from your YadYap Score and other credit data points that we show them. Having said that, you are not allowed to post information that could help someone identify you or where you live. This is for the safety of all YadYap members.

What if I already have a lot of other debt?

If you already have so much debt that you are applying for a YadYap loan just to continue making the payments on your other debt obligations please don't apply for a loan. The last thing we want is for you to get caught in a debt trap that you cannot get yourself out of. There are better ways to deal with your debt problems. Contact the companies you owe money to and work out a payment plan that fits in your budget. You can also contact one of various non-profit credit counseling organizations for help.

The other thing to remember when applying for a loan is that you must pay it back on time. In order for YadYap to be successful in creating a better alternative to payday loans you need to uphold your part of the loan agreement.

How long will it take to get my loan?

You will receive your money within 1 business day of signing your loan agreement. However, there may be limitations on the speed of the money transfer depending on your own banks policies and procedures.

Can I cancel my loan if I decide against it?

Yes, if you notify us by 5:00pm the next business day by sending an email to you may rescind your loan. We will withdraw the money from your account without any fees charged.

When do I need to repay my loan?

The length of your loan depends on when your next two paydays fall. You will be shown the pay back date before you agree to the loan. YadYap wants to make the process as convenient as possible for you, so we let you pay back the loan early if you wish without any additional fees. However, you must make sure that you pay back the loan on or before the date you choose. If you are late on paying back a loan your YadYap Score will be hurt and you will have a difficult time getting good rates on YadYap loans in the future.

How do I repay my loan?

If you plan to pay back the loan on the date you chose and not pay it off early you don't need to do anything except make sure you have enough money in your bank account to cover the loan amount plus fees. YadYap will request money from your bank account through the ACH system (an automated payment system that banks use). Please, please be sure there is enough money in your account on the payback date. If there are not sufficient funds you will be charged NSF fees from your bank and collection fees from YadYap.

If you want to payback your loan early you can! As long as it is five days or more after the start of the loan you can pay the loan off early without any additional fees. Just login to your account, click on the My Account tab, and go to the My Loans section. There you will find a link to initiate your early payoff. You may also pay the loan using a credit card.

What if I cannot pay back the loan on time, can I extend it?

It is always better for you financially to pay off your loan on the original date that it is due. However, we know that this is not always possible as things sometimes happen in life. You are allowed to extend your loan for a maximum of 30 days. If you do extend your loan however, you are required to pay the interest that is due on the originally due date.

To extend your loan login to your account and go to your user dashboard. From there go to My Current Loan and click on extend my loan.

What happens if I don’t repay my loan?

This should never happen with YadYap because we will work with you to get your loan paid off. The best thing to do if you know you will not be able to pay your loan back is to contact us and let us know your situation. The worst thing you can do is avoid contacting us and pretend that the problem will go away, because it will not!

If however you do not contact us to work out a payment plan with you we will be forced to start collection procedures. We will first attempt to contact you ourselves in order to work out a payment plan. If after several attempts we are unable to reach you or you are not willing to cooperate with us we will send your loan to our collections partner. Additional fees may be assessed at this stage.

We DO NOT want this to happen, it is not good for you, for us, or for YadYap lenders. Also, you need to remember that one of the things that makes YadYap so unique is our YadYap Score. If you stay current on all of your loans your YadYap score will get better and your rates and terms will likely be much better.

If you default on a loan your YadYap Score will be hurt and it may be a while until you can apply for a YadYap loan. Also, we will report the defaulted loan to the third party data reporting agencies we use and your ability to get future loans anywhere will be hurt.

Just work with us and we will work with you!

How do bank holidays and weekends affect the service?

Currently we are not able to transfer money to your account on banking holidays or weekends. Your money will be deposited in to your account on the next available banking business day.

Where is the money coming from to fund my loan?

Your loans are funded by YadYap LLC and its affiliates and will soon be funded by individuals and institutions. YadYap is not associated with, acting on behalf of or in conjunction with banks, credit unions or other institutional lenders.

What if I have payday questions, complaints, or concerns?

We want you to be happy with your experience at YadYap. We hope that lenders and borrowers will see our vision of changing the way short term lending is done. If you have a question, concern, or complaint please call or email us. You can call us at 1-888-4-YadYap (923927), or email at

If you are located in the state of Utah and we are unable to resolve your issue, and your issue is related to something other than a high rate of interest or your lack of funds to pay the loan you can contact the Utah Department of Financial Institutions at 801-538-8830.

Apply for a YadYap Loan:

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!

Use the slider to tell us how much you need and your next two pay dates:

My next Payday: Payday After Next:
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