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A Better Kind Of Loan

ZOPA’S GOT A BETTER KIND OF LOAN

     Credit unions loan money at lower rates of interest than banks or credit card companies – but most people aren’t eligible for credit union membership. Now you may be able to get a loan from a credit union without becoming a member.

     Several alternative lending sites make small loans to people who have good credit. ZOPA.COM is the latest arrival. Here’s what USA TODAY has to say about ZOPA: “Borrowers with good credit can get a loan from one of six credit unions that partner with Zopa. And people looking to earn interest on their savings can buy one-year FDIC-insured certificates of deposit from the credit unions. The CDs pay rates of up to 5.1%.” Read more:

http://www.usatoday.com/
money/perfi/credit/
2007-12-25-peerlending-pers_N.htm

     The WALL STREET JOURNAL likes ZOPA too:

http://online.wsj.com/public/article/SB119621951057406243.html

     And here’s ZOPA.COM itself:

https://us.zopa.com/

SOMETHING ASTONISHING

     I’ve seen many astonishing things on the Internet, but nothing like PROSPER.COM. Banks are no longer interested in loaning you, say, $5,000, to consolidate your debts. We’ve gotten used to consolidating our debts with credit cards, generally at high rates of interest. Or with rates of interest that begin low, then suddenly go UP-UP-UP. Some unfortunate people turn to loan companies and loan sharks that charge even more. PROSPER.COM helps ordinary people help other ordinary people pay their debts, at a reasonable rate of interest.

To look over the site itself, click on

http://prosper.com/

     Since PROSPER.COM is so innovative, I’ve also checked out the site my favorite way: I put about Prosper.com into the Google search box. The first item that came up was a link to PROSPER.COM itself. After that came different views about it. If you get interested in the site, as either borrower or lender, I’d suggest you do the same. A lot of people have spent a lot of time checking into the financial aspects of this site, and you’ll find interesting articles. FINANCE-WEBLOG.COM did a pair of articles on it. If you read the first, “Why Prosper.com Will Fail,” you’ll see at the end that it’s followed by a second, “Why Prosper.com Will Succeed.” Here are the articles:

http://www.finance-weblog.com/50226711/why_prospercom_will_fail.php

http://www.finance-weblog.com/50226711/
counterpoint_why_prospercom_will_succeed.php

     They were written a year ago, and the second one turned out to be right. It has succeeded! So do visit this fascinating site for yourself, then read some of the financial analyses on Google. What do you think?




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