Summary
Despite low interest rates, cash continues to flow into building society coffers by the lorryload - at a time when total household debt stands at record levels and is still rising fast. Wouldn't it make sense for savers to lend to debtors - removing the middleman's margin which otherwise goes to the bank? That is the logic behind Zopa, an online financial exchange launched this month as the 'eBay of the banking world'.
Zopa stands for 'zone of possible agreement'. Its backers include Simon Woodroffe, creator of the Yo Sushi restaurants, and the company is headed by two former executives of Egg, Prudential's online bank.See the full content of this document
Extract
Zopa Bringing Loans to Roost
Zopa invites potential lenders to state terms: the amount they wish to loan (minimum pounds 500), loan period and rate to be charged.
Maxi...See the full content of this document
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