UK Money News
30th July 2008
Zopa launches service for young borrowers
Peer to peer lending site Zopa has launched a new service aimed at borrowers aged between 20 and 25.
According to the company, the Young Markets service enables young borrowers who might struggle to find affordable finance elsewhere the chance to secure a loan at a decent rate.
In particular it is targeting those in this age range who have a limited credit history, which would count against them if they approached a mainstream lender.
Giles Andrews, UK managing director of the company, said: "With our Young Markets launch we are delighted to be offering this unique service to young adults who have been unnecessarily blocked from accessing competitive loans up to now simply because they have a very limited credit history."
Young borrowers with the best credit records opting for a loan with Zopa would be charged a rate of 12.5 per cent on a £5,000 over three years.
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