Online Payday Loans

Truth in Payday Lending

Zopa USA

Category: Links — Thursday, December 6, 2007

Zopa USA is a social finance company that facilitates peer-to-peer (P2P) lending between individuals.

You can get an unsecured personal loan with interest rates as low as 8.75% APR (Annual Percentage Rate). You can also ask other Zopa members to help you make loan payments (even up to having the entire loan paid off in full) making Zopa an excellent payday loan alternative…

From their website:

Zopa loans are unsecured personal loans. You can use them for essentially anything. Since they’re unsecured, you don’t have to own a home in order to borrow. Nobody needs to co-sign the loan for you. To get started, you just need good credit and a smile.

Of course, eligibility requirements for borrowers are a lot stricter than those for payday loans. You must have:

  • a minimum FICO credit score of 640
  • a minimum income of $2,000 per month
  • a few years of credit history

To participate in Zopa USA, you must be a U.S. citizen or permanent resident over 18 years old. In addition to the United States, Zopa has communities in Italy and the United Kingdom (links below).

Loan terms include:

  • minimum $1000 (maximum $25,000)
  • 5 year term
  • zero origination fees
  • zero annual servicing fees
  • no prepayment penalty

United States Website:

Zopa USA (External Link)
(https://us.zopa.com/)

International Websites:

Zopa UK (External Link)
(http://uk.zopa.com/)

Zopa Italy (External Link)
(http://www.zopa.it/)

In our Links category, we list other peer-to-peer (P2P) lending sites including the Lending Club and Virgin Money (previously CircleLending). We thought the Zopa USA website was the most informative, functional and attractive of the three with the Lending Club coming in a very close second place. The Virgin Money website, on the other hand, seemed slow and heavy on visuals but light on actual information/content (which is a shame because all of these lenders really do share a wonderful concept - people helping people).

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