Saturday, November 17, 2007

Alternative option to borrow

“Wah… this is very interesting”, I told my wife about Zopa. She agreed. She has read about Zopa and she too finds it interesting. What is Zopa?

Wikipedia wrote about Zopa as, “Zopa is a UK-based company providing an online money exchange, allowing people who have money to lend to provide it directly to people wanting to borrow it without the need to go through banks, a process sometimes referred to as peer-to-peer lending.”

Zopa which stands for Zone of Possible Agreement is a negotiating term identifying the bounds within which agreement can be reached between two parties. The service matches people that want to offer to lend money with people that need to borrow money. There is no need for the borrower to have to go to the bank to borrow money. Zopa is a viable alternative to the traditional way of borrowing from the bank. It is another form of unsecured loan but with fewer bureaucracies.

So, if you do not want to take loan from the bank, consider Zopa.

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