Be smarter with your money
Economic empowerment is all about putting your money to best use, being free to make choices that protect your savings, and giving you access to fair borrowing rates. Traditional solutions have focused on the banking system, but with more than half of British adults having lost faith in the high street banks, the sector is ripe for change.
Zopa is peer-to-peer lending in an alternative finance system. The service is on target to lend over half a billion pounds in 2015, doubling 2014’s results, and earned for the sixth year in a row the Moneywise ‘Most Trusted Personal Loan Provider’ award.
The platform’s success comes from being a trusted financial partner to over 200,000 people. These are all individuals looking to either extend or take loans, and they’ve found in Zopa a fair, safe and empowering alternative to the banks. Zopa works by matching peers through an efficient market process. All interest rates and fees are presented clearly, and online tools calculate the total costs of a loan to a borrower, as well as the likely returns to a lender.
Both parties in a financing transaction are protected by Zopa’s participation with the FCA regulatory body, and standing within the ‘Peer 2 Peer Finance Association’ industry group, of which Zopa was a founding member. The company additionally has over 10 years’ risk assessment experience, and only extends loans to sensible borrowers. In the unlikely case of repayments going into arrears, a Safeguard Trust policy covers the lender in most cases – paid for out of the borrower’s fees.
Whether you’re looking for a personal loan or to make some cash, Zopa’s efficient market-making system in many cases results in a better deal than the banks, and the sign-up process is very straightforward. Have a look at their website for more.
Image 'Mannequin 22' courtesy of Juin Hoo.
Last updated: 11th of October, 2015