New website offers loans up to £25,000 for any purpose |
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Published
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Wed, 09 Mar 2005 01:00
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People have something to cheer about, well those who need a loan, for anything! A newly launched website allows loan of up to £25,000 to anyone, for any purpose. The website comes at a time when personal debt is at its peak and is all set to break any previous debt records.
Called Zopa, the website allows people to borrow money from other individuals, instead of knocking at the doors of financial institutions, and that too without any hassle.
| The website allows people over 18 years of age to lend money, taking into account the interest rate they are prepared to lend at.
The advantage of this website is that it will allow only individuals to lend on the website and that the companies will be barred from any such activity. Zopa’s founder says that the website will be heavily regulated and subject to strict credit ratings so that mischief makers are kept out.
While lenders will not be charged any fee by the website, it is borrowers who will have to pay a commission of 1 per cent to the website on the total borrowing.
In case, the borrower fails to keep up repayments, the debt collection agencies will recover on the behalf of the individual.
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