Zopa Loan

Thu, Aug 7, 2008

Zopa is a new idea in finace due to its unique structure which is social lending as opposed to typical financial institutions such as banks or brokers. Zopa loans come from the world’s first borrowing exchange.

Zopa’s inception comes from the same group who created Egg.com and is backed by the same company who backed eBay, Benchmark Capital.

Zopa’s loan features come with the following:

You can borrow as much as £25,000
Fantastic rates are on offer
Quick response from an easy, online application
No early redemption charges
You can select the interest rate that suits your circumstances
No penalties if you miss a payment
No middleman or banks are involved

Find the best deals in unsecured personal loans through this unique lending situation.

Zopa is a borrowing and lending exchange and as such as a Zopa member you can partake in the financial exchange being either a borrower or lender. If you choose to borrow a Zopa Unsecured Loan, instead of borrowing from a bank or lender you could be borrowing from a professional, pensioner, student or entrepreneur.

Zopa stands for Zone of Possible Agreement and refers to the overlap between the lowest amount a lender is prepared to get for something and the highest amount the borrower is prepared to pay.

Zopa interest rates are pre-arranged by participating “lenders”. You are expected to pay a fee of 0.5% of the loan up front, and Zopa will conduct a strict credit history check. You cannot borrow from Zopa if you earn less than £25,000 a year, have any CCJs or tons of unsecured debts. You will also find it hard to get a Zopa Personal Loan if you’ve had trouble making bill payments in the past.