Middleman-free microlending has long been associated with developing countries. Why not bring the model online elsewhere, circumventing the traditional banking industry? That's the idea behind zopa.com a Web-based lending and borrowing exchange that connects those who want to lend with creditworthy people looking to borrow. Zopa serves as the platform, like eBay. The borrower simply pays a 1% fee to Zopa up front. Members have to be at least 18, have a credit rating and, for now, live in Britain. Zopa plans to open in the U.S. in 2006 and has had offers to take the service into more...
Taking the Bank Out of Banking
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