Zopa lets ordinary citizens borrow money from other ordinary citizens — no bank needed. This service is open to any UK resident over 18 years who clears a credit check. There are 2 categories for borrowers, those who have strong credit history and those who have a weak credit history. Those in the latter category pay higher interest rates. Zopa, meanwhile, takes a 1 percent commission from every borrower’s loan. I think the eBay model can be added to many other businesses too and it may well bring the barter system back from the dead.
Wow. This is cool. Just one more reason why I’d like to be British.
The people behind this idea seem to be well-known in many circles:
http://www.zopa.com/ZopaWeb/public/how/who.shtml
This is a really interesting concept; I’m surprised I haven’t heard about this elsewhere.