Whether you have excellent credit, bad credit, credit problems or are rebuilding your credit after a bankruptcy, you can still get an online payday loan. If you are thinking about taking out an online loan, visit one of our recommended lenders and you can be quickly approved and get the payday advance you want at the best possible rate.
Zopa is the world's first online lending and borrowing exchange for individuals, where the banks are shut out. Launched in March last year, the service now boasts 80,000 members, many with strange usernames such as Milkmongoose and Cowgirljo.The concept behind Zopa - Zone Of Possible Agreement – is simple. It matches individuals that want to borrow money with those that are prepared to lend money at a rate which both parties are happy to accept.The service gives borrowers the opportunity to obtain money at much lower rates than what they would secure from the High Street. For example, loans can be below 5%, compared to the lowest rate of 5.6% available on the commercial market.
But it is lenders, who can put up between £500 and £25,000, that are flourishing under the system, with many finding they are getting better returns for their money than through traditional savings accounts.
Zopa claims that the service is like investing in another asset class, other than shares, property or cash, that will give a portfolio more diversification
Here’s the way it works at Prosper.com: someone submits a request for a loan with the amount he needs and the maximum interest rate he will pay. Others “bid” on the loan, submitting how much they will loan and what rate they want. They don’t have to bid for the entire loan, of course. Then the bids with the lowest rates are combined to form the full loan. Sounds kind of like eBay, right?The idea is to gain “reputation” by joining groups on Prosper, like say the PTA or … maybe something like Mensa. Of course, your Experian credit rating is another criteria by which lenders can choose to lend to you or not. Naturally, you have to worry about default, etc. and that’s all covered in Prosper’s Help sections.
