I’ve been hearing about a new kind of peer to peer lending system. This system was created by a company called Zopa, and they’ve come up with an innovative investment and lending idea.

Zopa has created this peer to peer investment or loan system. It’s a network of people who borrow or lend money to each other. Right now this system is only operational in the UK but it will be coming to the USA very soon. Sounds interesting doesn’t it? If it works that would mean that you’d be cutting out the bank and all it’s charges for paperwork, and administration. Now, I don’t know about you but my bank charges for everything and anything that it can so I’m always looking for ways to cut out bank charges.

Members can borrow money from each other or make online loans. I peeked at their rates for borrowing money and at this time a personal loan’s interest rate is only 5.2%. That sounds pretty good to me.

I think it’s worth taking a better look at this company and what it offers.