Online Money Borrowing

This could possible set a new trend in the future. In an innovative means to reduce the bureacracy of banks, lengthy procedures, and also to set in competitive lending rates, Zone Of Possible Agreement or ZOPA has been set up.

This is a website where both the lender and borrower are the members of the same website network. There are no definite lending rates set. Anybody wishing to lend money can set his own interest rate. This means better deals since a higher rate would mean no takers.

Also, it is much more quick and easy, since there is absolutely no paperwork and everything is done online. I think with all these positives, ZOPA could soon be a household name, not just for those looking for a quick loan, but also for the lenders who could very well treat this as an online investment method.