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This is a UK-based "social lender" (similar to Prosper.com). According to a BusinessWeek article (12/21/07), Zopa just began operating in the USA on December 8, and will broker loans for up to five years for amounts from $1K to $25K. The main advantage they offer (according to the article) is that loan applications are decided upon immediately and there are no transaction fees if loan payments are set up to be automatic and electronic (and are made on time). The main disadvantage is that interest rates are based on the borrowers' credit, and individuals with FICO scores below 640 are normally rejected outright.
1*23, Tell us more*., New Non-Traditional funding source
Do not understand?? Are you looking for a loan?? or lending money??
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