Zopa is a social lending business and it has developed a new style of lending since its launch in early 2005. It allows people willing to lend money and matches them up with people wanting to borrow money. So far it has worked well, but the lender has never seen the person who will receive their money.
Zopa claims to be a cross between the social networking site such as FaceBook crossed with a money borrowing scheme. Cutting out the middlemen and banking institutions, Zopa have now created Zopa Listings which adds a whole new ‘Dragons Den’ element to the proceedings.
The idea now is you can create your own profile to add to the website and even include a video to express what you need to lend the money for. You list how much you would like to borrow and you can suggest your preferred rate of interest too. Lenders can then choose who they would like to lend to and will contact you within 12 days of your profile going live.
Great idea for business entrepreneurs where you can pitch your ideas for a new business idea you have, help raise funds for a new computer or an essential bit of machinery for the self-employed - the opportunities are endless.
The listings are free to create and you don’t have to accept the loan if you are not happy with the rate or terms. Sounds like a great idea to me. Visit http://uk.zopa.com to find out more.
Some days back I heard about this site, didn’t think that it would be useful for me. But now after reading your blog I was really impressed with its excellent functionality. Now I am also thinking to have an account on the site as I am looking for a lender to help me buy a car. Thanks for such good advice along with the great website link.