Britons choose 'financial eBay' for personal loans
09 March 2010 14:22:41
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| Personal loans website finding favour among Britons disgruntled with banks. |
Zopa, a company which aims to provide 'person-to-person' loans, has seen £36.4m in new deals agreed between its members in the past 12 months.
Lenders can invest between £10 and £25,000 and are entitled to set their own interest rates, while borrowers are broadly categorised according to credit checks.
Chief executive and co-founder Giles Andrews explained in an interview with the Independent that the website is proving popular because of its "very competitive" service.
"I think people are also coming to us because they are fed up with the banks," he told the newspaper.
"People feel their money is disappearing into some sort of weird casino which bears no relation to the real world."
Zopa was established in 2005 and its lenders have received an average return of 7.9% over the past year, including fees but excluding bad debt.
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