Loan Articles

A loans site, Zopa.com, has recently reported that in the current climate where getting finance has become increasingly difficult, some consumers may find that they are able to access suitable loans more effectively by using the site, which is aimed at matching borrowers up with suitable lenders based on their circumstances and their needs.

An official from the company said that the site used a ’stringent vetting process, we don’t have a problem admitting that and don’t want anyone to be disappointed.’ Another official from the group said: ‘As the banks continue to fail their customers despite huge bail outs from the UK taxpayer, it is not surprising that record lending is taking place between the growing number of Zopa members.’

He went on to state: ‘Creditworthy borrowers shunned by the banks are able to access loans at much better rates. And now that banks have all but given up trying to address their liquidity problems by attracting savers, more and more people are discovering the fabulous returns they can earn on their savings by becoming a Zopa lender.’

According to Zopa officials it managed to arrange 150 percent more loans in the run up to Christmas last year than in the same period the year before, which it classes as impressive given the fact that credit conditions have been so tight and lenders have been so reluctant to hand out finance over the past year.