Social networking isn’t just about chatting to friends. The power of social networking is now expanding into areas not long ago dominated exclusively by banks. The network of peer-to-peer lending platforms is highly innovative and enjoyed a significant expansion in the last year.
Lending platforms allow members of the public to lend money to each other or to small and medium size businesses, cutting out the middleman – the banks and credit card companies – and offering rates that are attractive to both investors and borrowers. If you invest (lend) you receive a higher rate of return than offered by the banks; as a borrower, the rates are more attractive than those charged by banks or credit card companies.
Here is a short review of the best performing peer-to-peer lending websites available to investors and borrowers in the UK:
zopa.com The site launched in 2005 and is probably the most robust platform to date. ...