Loading ...Zopa: Peer-to-Peer Online Banking
Written by Brian David Crane on September 27th, 2006
A new service is getting ready to launch in the States called Zopa which will enable someone to lend and borrow money via a P2P (Peer-to-Peer) online lending network like those found on LimeWire, Kazaa, or Morpheus. As I understand it, the service will be a mixture between a P2P network and a social network like MySpace or FaceBook in that people will be able to read about who they are borrowing from. The service is already available in the U.K. and has only seen 0.05 percent of Zopa’s loans turn into uncollectible debts. The idea being that you are more likely to pay back a debt to someone who you “know” - even if it is only their online profile. The average interest rate is 7 percent; better than the 3% most U.S. savings accounts are currently paying. For a more in-depth look at the company, check out this Business 2.0 article.Side Note: Why can’t any of these companies come with a normal name i.e. JaJah, Rebtel, and Zopa? Are all of the self-describing .com names gone?
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