Thursday, November 29, 2007

Peer-to-Peer Lending Set to Expand in U.S.: Zopa Prepares for Launch

In an email announcement received today, Zopa plans to launch their social lending network in the U.S. in the next few days.

They also state that they "could use some borrowers to pound on the site, take out loans, and make sure all our bells and whistles are...ringing and whistling. If you were thinking of borrowing on Zopa, have good credit (FICO 640+), and are a U.S. resident 18 or over, drop us a line:"

From their email: " Some of the ways we'll be different from the sites that exist today:

  • No risk for investors.

  • Your funds will be federally insured. No more worrying about whether your borrowers will pay your loan back.

  • Pick who you want to help.

  • Investors will choose exactly who they want to help.

  • Set your rate.

  • Investors will choose how much they want to earn, up to a ceiling.

  • No waiting.

  • Borrowers will get their loans immediately upon approval.

  • Lower your monthly payment.

  • Borrowers can actually reduce their loan payments after they've borrowed. They'll do that using rich profiles... "

More information on Zopa can be found on their UK website and in a recent Wall Street Journal article. Our own brief coverage of the peer-to-peer (P2P) or social lending industry can be read in a previous post.

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