Need to borrow some money? Give a try to Zopa

Zopa was launched at the end of 2005 by the young management team who had helped to found the internet bank Egg. With the credit crunch investors are putting money in Zopa, and borrowers offered expensive rates, or turned away by the banks are getting approved for loans. In 2011 so far Zopa are funding over a £1 million to loan applications each week, at market leading rates.
Zopa has now got over 500,000 members, and has funded over £100 million of borrowing applications, with £48 million loaned in the last 12 months alone.

How does it work?

When you apply for a loan, Zopa matches you with hundreds of lenders who each lend £10 or more. As you repay your loan, each lender gets their money and interest back.
Zopa cuts out the banks, thereby reducing the cost of your loan, and for their match making service they charge a £130 fee which is included in the interest rate they quote you.

Why Zopa?

Excellent Rates. The rates on Zopa fluctuate depending on the amount of money available, but they are often market leading.

Liquidity. Zopa is not cutting their lending based on the credit crunch. In fact Zopa has been breaking records for the volume of loans they are processing! Lenders are deciding that investing money in individuals is safer than leaving in banks. This means that Zopa both has a lot of money to lend out, and that the interest rates are low.

Flexibility. At Zopa you can choose your repayment day, and you can change it at any time if it becomes inconvenient. You are also able to make full or partial repayments at any time with no sneaky bank fees.

Cut out the banks. Your loan is funded entirely by individuals rather than faceless corporations. When you accept a loan you will see your lender's usernames. You can also ask questions and interact with many of them on the Zopa discussion forums.

Find Out More About Zopa!