Anyone ever hear of Zopa?
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To borrow on Zopa, you must be over 18, a U.S. citizen or permanent resident, and fit our underwriting requirements. Currently, those requirements are that you have all of the following: (a) a minimum credit score (FICO) of 640; (b) income of $2,000 per month; and (c) a few years of credit history. As your own credit information changes frequently, the best way to tell if you qualify is to get a free quote.
Why would I want to use Zopa?
If you need to borrow, you'll get an unsecured personal loan with a nation-leading interest rate. Plus, you'll have the chance to have other Zopa members help you make your loan payments. We call that, er, "Help." And it means you can reduce your total loan cost even further--even as far as paying off your loan entirely.
If you have money to invest, you'll get a nation-leading, guaranteed & insured return and a chance to see exactly who your money is helping.
What is Help? How does it work?
When you borrow a Zopa Loan, you can publish a profile that allows you to explain to everyone who sees it why you want to borrow. The more people you show your profile to, the more likely you are to receive Help--which becomes a reduction in your monthly payment. Anyone who sees your profile can choose to help you by buying a Zopa CD.
On the flip side, when someone buys a Zopa CD, they must pick at least one borrower to help. Then they decide how much to help them by adjusting the rate they earn on their Zopa CD. If they want to earn the maximum possible on their Zopa CD, their help will help their picked borrowers a little. But the bigger their Zopa CD, and the lower the rate they choose to receive, the more help they give.
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