28 February 2007
The world of borrowing and lending has been turned on its head recently with the introduction of social lending - a practice where consumers looking to invest their money and make good returns can offer to lend other consumers money at an interest rate set by them.
Apart from making the lenders a considerable amount of money compared to just keeping their money in a current account, consumers looking to borrow stand to make significant gains as the loans - of up to £500 - are often presented with a more competitive interest rate than the big high street banks' offers.
As well as pushing for a greater awareness of the company within the public sector, Zopa has teamed up with financial advisers Synaptic Systems to encourage independent financial advisers to recommend the social lending network to their clients.
"With the big banks under heavy fire for their excessive profits and fearing the implications of the OFT's current review of their charges, there has never been a better time to offer the increasingly demanding consumer a significantly better deal on their money by cutting out the banks," said James Alexander, Chief Executive Officer of Zopa.
"That is exactly what Zopa does and with 130,000 members and growing fast, we know this new alternative works - and works very well. All of our lenders enjoy the better returns they get from lending through Zopa and many also derive much pleasure from the help they are giving other individuals with their loans - and indeed the fact that no banker is getting richer as a result."
© 2008 Adfero Ltd
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