Peer2Peer Money Lending
Enterprises such as these are creating pathways for various open, connected community-orientated economies and ecologies. "..personal loans are but the tip of the co-operative iceberg – if person-to-person can nudge person-to-institution-to-person aside here, then why not in other areas too?"
Both Zopa and Prosper engage various checks and balances in order to build and maintain trust, addressed by a rating system similar to that of eBay. Borrowers request money and lenders bid for the privilege of lending. With Zopa "…lenders only lend small chunks to individual borrowers. A lender lending £500 or more would have their money spread across at least 50 borrowers." Zopa stands for 'Zone Of Possible Agreement'
Prosper is currently up to $61 000 000 in loans.Tweet