Zopa is a place where creditworthy people
who want to borrow money can get together with people who
are happy to lend it to them. And because there's no middleman
- the borrower just pays a 1% exchange fee to Zopa up front
- both get a great deal.
When you join Zopa, they will tell you what
your Equifax credit rating is. If you want to be a borrower,
they will then use it to rate the likelihood of you being
a good one. If you look like you'll be a low risk borrower,
they will let you borrow from a low risk market. If your
credit rating is only quite good, they will let you borrow
from a medium risk one, and so on.
