Flexible peer to peer lending & borrowing
Your money, your way

LendLoanInvest Blog

Interesting views relevant to LendLoanInvest.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
Recent blog posts

We Take Your Security Seriously!

Posted by on in Security

SecurityWe wish to ensure that users may enjoy the benefits of this site confidently, knowing that their data and transactions are safe secure.
Therefore we have expended much effort to achieve this security.
We also have a zero tolerance to the small minority who wish to spoil it for the many.

Here are some of the many things that we have done to make your data and transactions secure:-

Extended Secure Sockets Layer
We have implemented Extended SSL - Secure Sockets Layer encryption from GlobalSign.

https

GlobalSignESSL                                         GlobalSignDetails

Our GlobalSign Certificate may be checked out by clicking on the GlobalSign badge on any of our web pages.

SecureLive Anti-Hacker System
We have also implemented the SecureLive Anti-Hacker protection system.

SecureLive

From their web site "SecureLive is based on four fundamental pillars of security; 
(1) Real-time continuous scanning to identify attacks at any time, 
(2) block those attacks utilizing a global intelligence base 
(3) alert designated IT staff, admins, website owners, etc. 
(4) case file construction and information gathering and submission to appropriate authority and agencies to stop and shut down your hackers."

The system is artificial intelligence capable and adjusts our security settings automatically to become smarter. SecureLive incorporates Software Bots, Artificial Intelligence Technology, Complete Covert Data Acquisition, Existing Global Hacking Knowledge-base, Live Human Intervention, Smart Real-Time Diagnostics and the Automation of SecureLive to pack four separate systems into one for a complete rounded solution to today's security threats; scanning, blocking, alerting and reporting.

For for more information go to http://www.securelive.net/ .

Registration & User ID Verification & Security

There are numerous things that we do to ensure all users have a safe and enjoyable experience using this site, free of the threat of fraud or identity theft.

At registration we look up any submitted addresses against the Credit Reference Agency (CRA) database for validation. Bank details are checked against a bank details database for accuracy and facilities, for example, that the account supports direct debit function. We encrypt stored bank details. Numerous other items are checked in a similar way.

When a borrower submits a Loan Request we conduct numerous checks before referring to our CRA, Equifax.

We also check against INSIGHT, the database maintained by the CRAs to record  credit performance data from all the credit industry, users, banks, CRAs and debt collectors, etc., who share such data.

Being members of CIFAS, the UK's Fraud Prevention Service, we also make enquiries on their database containing over half a million records of frauds, attempted frauds and victims of fraud or attempted fraud.

We also run a series of checks and tests to ascertain, for example:

i) that any bank details supplied actually belong to those who supplied those details.

ii) that the supplier of a residence address actually resides at the address supplied.

We also may require documents for verification and validation, such as bank statement, payslip, utility bills, passport or photo driving licence, 

For lenders, we are obliged to conduct identity checks and tests in accordance with our HMCE Money Laundering registration obligations, we refer to these our Anti Money Laundering or AML Verifications. These may involve the request of documents and some or all of those verifications mentioned above.

If there are any user transgressions uncovered during the above tests and checks, we will endeavour to clarify the situation. However we are obliged to report any incident to the various authorities and we suspend users from using the website in these circumstances.

Site Operational Security

The operational security of the site is multi-faceted, including the following:

  • Automated Backups 
  • Mail Foundry anti-virus scanning
  • Continual component updates
  • Extension vulnerability checks
  • Event log
  • Access permissions levels & checks
  • Dual approvals, and
  • Administration email notifications. 

For a complete analysis of the site risks and their mitigations please refer to our "Risks & Mitigations" article.

We hope that these measures, amongst others, will give you a safe and secure user experience. If there are any questions or issues with any of this, or any queries, then please contact us.

The Lend Loan Invest Administration Team

 

Tagged in: Finance Security

Would You Lend Your Savings to a Stranger?

Posted by on in Lending

fotolia 13170878 xs small

I guess that your answer to this question is an emphatic “No”!

However, you probably do lend your savings to a stranger at present!

 

“How?”  I hear you cry!

Well, if you deposit your money in a bank, which most of us do, they have plenty of demand from people wanting to borrow.

They immediately lend most of your savings to borrowers, about 97% of it, in fact.

 

Yes, even from current accounts!Your savings are borrowed by all and sundry, including people that borrow and who will never repay it. Businesses, ethical and otherwise, and third world countries borrow your savings. These borrowers are all strangers to you.  There is a rather serious but informative explanation of this practice here.


The bank probably pays you only 0.2% interest for the pleasure of using your savings for people and businesses to borrow at rates upward of 10%! That’s profiteering!  If all the depositors requested their money back at the same time (very much a theoretical proposition!) the banks could not deliver.

 

So, the way to deal with your savings money successfully in today’s world, is not to put it in a bank, but to work together and make loans of small amounts to our fellow citizens who wish to borrow. These are potential borrowers that you know have been stringently ID verified, credit checked and scored to a common standard. Only the borrower with a good and excellent credit score will be accepted to participate. It’s almost as if you know their financial background in a way that you never could for those borrowers of your banking deposits.

 

As a lender, you first decide how you wish to place your savings, your risk strategy, your lending criteria, and the return you require, all of which you can specify in a detailed manner. You make the decision as to whether to be “hands-on” about picking your borrowers, or whether you want this completely automated. You can lend to borrowers rated tops for credit worthiness, affordability and stability. Or you can go for higher returns via slightly lower scores and take on board a little more risk. The detail of this process for a lender is set out in the How It Works section.

 

Because this is all done online (and banks are not involved!) both the lenders and the borrowers get the best deal available. The lender gets a higher interest rates on his money and the borrower pays less for his loan. And it’s less hassle for everybody! A win/win situation!

This is based on the concept of crowdfunding – lots of people contributing to fund a venture.

 

For the lender there is also an optional default compensation scheme (also crowd-funded), costing very little extra, but giving a huge amount of additional security to your savings and comfort to you.

 

Getting a loan via lendloaninvest.co.uk couldn't be simpler. Register, subscribe, fill in an online form, wait a couple of days, while they scrutinised your impeccable references and your loan request will become active on the site. A few more days and you will have a serious loan proposal to consider at an affordable interest rate! Accept and in three days the loan money you wish to borrow will be in your account! Under two weeks from start to finish! That beats the rather humiliating slow and tedious carry-on trying to borrow from the bank! The detail of this process for a borrower is set out in the How It Works section.

 

It is a sustainable lending model unlike the retail banking model for lending and borrowing outlined above. The completely undesirable side effect of the current banking model is that it increases the money supply in a way which is out of the control of the Bank of England and the Government, and this leads to inflation. That is an unsustainable lending model.

 

This is online Person to Person, or Peer to Peer, (“P2P”) or Social Lending and Borrowing and you can do it with www.lendloaninvest.co.uk . This P2P model is perfectly matched lending and borrowing, and therefore is a sustainable model, and it does not show any of the unwanted and undesirable side effects. This is the lending and borrowing model for the future!

Recent comment in this post - Show all comments
  • bloggs
    bloggs says #
    My comment (Bloggs) on the Lending to Strangers Blog!