Online loans from real people
I just encountered something interesting. I have not done a lot of looking at this place past what I have here, but it looks like a intersting concept for online loans at least. Zopa is already opperational in the UK, and is planning expansion into the US soon. They are a peer to peer investment/loan system that allows members of the network to lend money to or borrow money from the other members of the network.
The first thing that I thought of when I saw the description of this site was the possibilities for someone to borrow money for needed home improvements or to replace something such as a wheelchair van or... I'm sure that the caregivers out there can all fill in at least a dozen reasons to need a little help now and then.
A check of their website shows them to be "a member of the Finance and Leasing Association and is also a member of CIFAS and National Hunter – the UK’s two leading anti-fraud associations, and we are registered with the Office of the Information Commissioner (No. 2879078)." They are located in London.
Their site also states: "Zopa Limited is authorised and regulated by the Financial Services Authority only in respect of its insurance mediation activities relating to Zopa Repayment Protection insurance, although Zopa must also comply with the “Higher Level Standards” that apply to all firms authorised and regulated by the Financial Services Authority"
Their brief guide to how lending works explains that the lenders set their terms, then borrowers apply for a loan. Zopa will approve the deal and match the borrower requests to lender offers to make the process as safe as possible.
Here is a link to their page explaining who they are: About Zopa
I checked out their link to their "borrowing" page and got the following information:
I'm deffinately going to be watching these folks to see just when they launch in the US and take a much closer look at them at that time.
The first thing that I thought of when I saw the description of this site was the possibilities for someone to borrow money for needed home improvements or to replace something such as a wheelchair van or... I'm sure that the caregivers out there can all fill in at least a dozen reasons to need a little help now and then.
A check of their website shows them to be "a member of the Finance and Leasing Association and is also a member of CIFAS and National Hunter – the UK’s two leading anti-fraud associations, and we are registered with the Office of the Information Commissioner (No. 2879078)." They are located in London.
Their site also states: "Zopa Limited is authorised and regulated by the Financial Services Authority only in respect of its insurance mediation activities relating to Zopa Repayment Protection insurance, although Zopa must also comply with the “Higher Level Standards” that apply to all firms authorised and regulated by the Financial Services Authority"
Their brief guide to how lending works explains that the lenders set their terms, then borrowers apply for a loan. Zopa will approve the deal and match the borrower requests to lender offers to make the process as safe as possible.
Here is a link to their page explaining who they are: About Zopa
I checked out their link to their "borrowing" page and got the following information:
- 5.2% typical APR (based on £5,000
over 3 years in the A* market) - Repay early at no extra cost
- Deal with Zopa lenders
rather than banks - Other loan sizes and
lengths available
I'm deffinately going to be watching these folks to see just when they launch in the US and take a much closer look at them at that time.
posted by Sandra at 6:03 PM
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