loans/lending

[tommysize1]

i was watching something the other day and they was talking about a company called ZOPA
it a uk web based company that offers loans. but the loans come from normal people with money to spare.

lenders get better rates than they would with a savings account.
borrowers get cheaper rates than they would from a bank.
win win!

although i read the small print and there was a few catches:
lenders need to lend at least £500 for the highest level of bad debt protection.
and ZOPA charge £10 for an annual letter....and also they reserve the right to send you letters whenever they feel like it and still charge a tenner.

i doubt they'd abuse it tho.

search ZOPA. next time i got £500 spare im lending it!
but im soon to be skint as im moving

[Ashley11]

but a lot more people like to borrow than lend, so i'd imagine after a while you would need to wait along time to actually get a loan. But it would be good for the people lending i suppose, if the money they lended was guaranteed