Posted by ketyung
on Feb/25/2007
at 1:07 am
I’ve talked about before that the next step shall be taken by web 2.0 is to monetize it! Here is a website, first in the world from web 2.0 that helps you and me and itself to monetize. Monetizing by lending or borrowing money! I’d call it the loan shark 2.0, which it’s simply building path for loan sharks. It’s ZOPA, a company in UK, which has taken web 2.0 to another step by putting money where its mouth is!
ZOPA is the acronym for Zone of Possible Agreement, which is the world’s first online lending and borrowing exchange. If those gadgets introduced by TechChee are simply too fascinating and irresistable to you and you’ve almost burnt out most of your bucks, then ZOPA should be where you should turn to, to borrow some bucks.
ZOPA simply puts people who wanna lend in touch with credit worthy people who wanna borrow. There’re no banks involved, both parties just get a deal that’s right for them. It’s just like the way you’ve been lending and borrowing among friends, families and communities.
How ZOPA works?
- Borrowers are rated by their credit scores such as A*, A-, B- or C-rated.
- Lenders chooses which borrowers to lend and specify the period and rate
- It’s the choice of borrowers to pick the rate, and borrowers can size up and snap up for the rates
- For lower risk, lenders only lend small chunks to individual borrowers. The amount will be spread across manyl borrowers
- Borrowers are legally bound by contracts with lenders. The repayment is by monthly direct debit. If a repayment miss, then a penalty interest will be incurred!
- ZOPA earns money by charging 0.5% transaction fee from borrowers and another annual servicing fee, 0.5% from lenders
That’s the way how ZOPA monetizes it. Lenders get great returns and borrowers get great rates!
Website: ZOPA.com
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