A: UK answer: I took a loan from Zopa after being a Zopa lender (i.e. someone who lends out his own money) through Zopa for a year or so. Originally I went to my own bank, Halifax - who automatically accepted me for a loan (my record is squeaky clean)
Lending Club did around 11 million dollars worth of loans last year and their expected to become ten% the personal loans market. So, if I was ...
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Since launch in March 2005, £20 million in unsecured personal loans have been arranged at Zopa in the UK. There are over 150000 UK members and 200000 ...
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Dear Lama Zopa, Radical Solutions for Transforming Problems Into Happiness
... much hard work and personal effort, I became a successful businessman, ... which I used as collateral for loans that I have been unable to repay. ...
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Kiplinger's Personal Finance
It works like this: You're given 0.1% of the amount of your CD to invest in a loan— or several— that Zopa has made. On a $10000 CD, that's about 83 cents a ...
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The option to repay some or all of a personal loan early, at any time, without penalty, ranks alongside a low interest rate, according to research by peer-to-peer lender Zopa.
Three quarters (75%) of customers said they took a Zopa loan because it was the cheapest, 73% liked the no early repayment fee while 66% like the idea of borrowing from people, not banks.
Zopa says that no bank in the UK offers an incentive to ‘do the right thing’ and repay debts as soon as you can - they all inflict additional charges for doing so that can easily ruin an apparently attractive APR.
Giles Andrews, CEO and cofounder of Zopa, said: "It is no surprise that the main reason people choose Zopa loans is to get the best APR they can. Eligible borrowers at Zopa typically get a loan around 20% cheaper than the best they can get from a bank. Right now, Zopa rates are at the very top of almost all the best buy tables.
Zopa: how safe is social lending? - MoneyWeek
Britain's ground-breaking ' social lending ' exchange is enjoying a boom in business thanks to the credit crunch. So is buying unsecured consumer debt worth the risk? asks Simon Wilson.
Looking for a decent rate of return on cash and not frightened of lending your money to someone you don't know? Zopa is a unique online exchange that matches up cash-rich individuals directly with needy borrowers seeking modest loans. The name of the business comes from the "zone of possible agreement" between two parties in a negotiation. The idea is that the market sets the going rate, and both lenders and borrowers get a better deal by avoiding using an overheads-heavy, profiteering bank.
How Zopa worksLenders can lend from just £10 up to £25,000 (or even more if you spend £380 on a consumer credit licence; Zopa will tell you how). You set the rate at which you are prepared to lend, depending on the risk profile of potential borrowers, and borrowers take up the best offers. It's like a mini version of the corporate bond market, where investors set the rate at which they buy a company's debt based on its perceived creditworthiness.