Gobsmacked

Dez-Titute

Anyone come across this before

http://uk.zopa.com/ZopaWeb/Listings/

ClaireLR

So can I check I've got this right???

People sign up to be lenders and earn interest on their money, and people who want to borrow get to at lesser rates than a bank from the lenders?

Sounds fab to me, everyones a winner, right????

Dez-Titute

Don't know how you stand if you default tho.

ikkle87

was posted here earlier hun :
http://forums.moneysavingexpert.com/showthread.html?t=1049519

but looks really interesting I think i might keep an eye on it.

Posthinking

I used this before BR. To borrow you have to be squeaky clean (so forget it!). To lend (which I did) the risks are low because the amount you lend is spread over a number of borrowers. OR had it all anyway

LilyBart

Yes. I looked into it too. As Posthinking says, you do have to be squeaky clean, and there's a competitive element too - everyone bidding for why they should be lent money. Marvellous idea though.

Billy_Liar

Much as I'm all for keeping money out of the banks' hands, the interest rates might be better than credit cards, but seem higher than a lot of personal loans. Mind you, the way things are going that might change...