Zopa: Borrow money from others via the web

Check out this site. Very interesting concept. I saw it mentioned in Business 2.0 magazine. Currently based in Europe.

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2 Responses to Zopa: Borrow money from others via the web

  1. Anonymous says:

    Hmmm. Looks like this is a bank without taking on any risk. They’re claiming to be “just an exchange for a lender and a borrower” – a LendingTree of sorts. What I don’t get is what happens if someone renegs? I borrow some money and then don’t return it. Or just take off. If this guy is not a bank, he cannot influence my credit rating. So why should I care? Of course, it looks like they limit the amount of money that I can borrow from one person. So that may limit the amount of fraud… I’m not convinced. Perhaps i need to read more.

    – Brotherman…

  2. Anonymous says:

    Hi, as a founder of Zopa I can help! If a borrower doesn’t pay back, then we pursue him (or her) on the lenders behalf using the same collections agencies that a bank does, taking them to court if required. Also, we have an agreement in place with the major credit bureau (Equifax and Experian) that means a default at Zopa will have the same impact on a borrowers credit rating as a default to a bank. As you say, for lenders, the amount you can lend to a single borrow is limited to GBP200, so your total risk is limited.

    If you’ve got any more questions, drop me a line dave at zopa dot com.

    Dave

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