Friday, Mar 05, 2010
£36.4 million advanced during the past 12 months!
The Press Association: Social lending site doubles loans
The amount of money borrowed through person-to-person lending website Zopa has doubled during the past year as people become increasingly disillusioned with the banks, figures have shown.
The website, which enables consumers to cut out banks and lend to each other, has overseen loans totalling £70.9 million in the UK since it was first launched five years ago - £36.4 million of which was advanced during the past 12 months.
Posted by novice pete @ 12:13 PM (395 views) Add Comment
2 Comments
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1. Exiges said...
Zopa often advertise an "expected return" of say 8.9% in big letters with hidden away "before bad debts".. which takes the real return much lower. Not just that, you pay tax on the money you've lent out, which can't be offset against the money you've lost on people not paying back
I've dipped my toe in the water with them, and so many people defaulted after just the first few months it is shocking.
2. tenyearstogetmymoneyback said...
I hope they are vetting their loans correctly. Feature on the local news tonight saying a local credit union is seeing a
significant increase in fraudulant applications.