Start your own bank !

by Simon 12 Replies latest jw friends

• 

  Simon

  ... sort of. At least you cut-out the banks

  Zopa is a person-to-person lending and borrowing exchange. People with money to spare can lend to creditworthy people who want to borrow, and by cutting out the banks, both parties get a deal they’re happy with.

  Lending

  Lending to real people is a great thing to do with your money:

  • An average gross return of 6.75% per annum on money lent to date (before tax)
  • Your money is spread across at least 50 borrowers when you lend £500 or more, minimising any risk
  • All borrowers are fully credit-checked and risk-assessed
  • Deal with human beings rather than faceless institutions
  • It’s easy to try - lend as little as £10 (or as much as £25,000)
  • Flexible lending periods - from 6 months to 5 years

  Borrowing

  great deal too:

  • Rates as low as 5.3% APR typical fixed (based on £5,000 over 3 years in the A market). Other terms available.
  • Repay your loan early at no extra cost
  • Pay interest to real people rather than the bank
  • Secure, online application process - no paperwork

  http://www.zopa.com/ZopaWeb/affiliate/?referral=caliban
• 

  stillajwexelder

  can you lend me 500 quid Simon please?
• 

  jgnat

  One of my enduring fantasies was to build an inner-city bank for low income people. So they could save up for Christmas or for school supplies, shoes, that sort of thing.

  I wonder if something like Zopa could make that possible? Maybe not, low income people are notoriously transient.

  Or maybe, if a charity set up a storefront address and internet depot, that provides assistance to low-income people on applying for these types of loans.....
• 

  Double Edge

  Sounds like a good idea. I know "groups" have got together to lend small amounts of money to women in third world countries to get them started in some sort of home business. They repay, with interest and it's a win-win all around.
• 

  Soledad

  jgnat that is a splendid idea!
• 

  Sad emo

  We have Credit Unions in the UK which are brilliant for low income households - a bit like a community-run savings/lending scheme.

  Maybe there is already something similar where you are jgnat?

  http://www.abcul.org/page/about/intro.cfm
• 

  jgnat

  Lots-a idea, no-a money, no-a time.....

  I'll keep plugging along, though. One of these days one of my bright ideas will align with the stars and we'll follow it along to fruition.
• 

  jgnat

  We have credit unions here, but they operate no differently than the banks, as far as I can see.
• 

  rassillon

  I have a couple of thoughts. How do you loan money if you don't already have a bank? Say for instance one of my drug dealer friends who deal only in cash wanted to drop 25 large, how would they do that? AND This made me chuckle : Introduce a Friend Scheme -r
• 

  Honesty

  Do you do trade-offs?