Zopa loans 'alternative' to high street deals

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Zopa loans 'alternative' to high street deals

Recently launched borrowing and lending company, Zopa, is being championed by the head of personal finance at Fool.co.uk.

David Kuo described how Zopa, set up approximately one year ago, enables people with funds to lend money to others.

Instead of depositing money in a bank, consumers effectively deposit their money with Zopa, with the group lending the money out to various people.

By spreading the risk around, Mr Kuo said that "if anyone were to default you wouldn't be badly hit".

Mr Kuo said that some 60,000 people were already benefiting from Zopa loans.

Fool.co.uk also said that by cutting out the middleman, the most trusted Zopa customers would be able to get a loan rate of 6.3 per cent, a far better interest rate than being currently offered by many high street banks.

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