Social lending websites provide innovative alternative to banks

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. ...