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Britain's banks less competitive

Britain's banks less competitive

Category: Loans

Updated: 31/10/2008
First Published: 23/07/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Zopa is an ideal way to fund the wedding you want

As the credit crunch continues to make Britain's banks less competitive and less willing to lend, Zopa offers a better way to fund the special day

Young couples and proud parents seeking to make their big day as special as possible would do well to consider a loan from Zopa - the world's first person-to-person online lending exchange. Not only are interest rates some of the lowest available anywhere, Zopa loans have no early repayment penalty, so you can repay some or all of the money early without paying extra for the privilege.

The appeal of Zopa loans for funding a wedding has already attracted a lot of people to the pioneering person-to-person lender. To date, 83 weddings have been paid for through a Zopa loan, along with more than 2000 cars and motorbikes, 1200 home improvements and 13 boats. Since it launched just over three years ago, more than £23 million has been lent between Zopa members and at some of the lowest interest rates available from any loan provider.

Since launch, Zopa loans have been issued at an average interest rate, across all markets, of just 7.4%. And despite the negative impact of the 'credit crunch' on both the interest rates on offer from the banks and their willingness to lend, Zopa lenders have remained enthusiastic providers of the funding Zopa borrowers are seeking. One of the reasons for this is the extremely low default rate of Zopa borrowers - just 0.04%.

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