Social networking comes into personal loans
Now, people can take out loans by cutting the role of banks. The social networking is spreading its wings into lending and borrowing sector as well.

/Social Networks News Articles/ - LONDON, UK, November 04, 2007 - The concept of social networking has been introduced into personal loans by one of the money exchange services firm.

The social money-lending website Zopa has started a new interactive facility giving out more freedom to the lenders to choose individuals whom they want to lend. The new service called 'Zopa listings' allow the lenders to go through the borrower's preferences and then decide which one to pick and help.

The borrowers will be able to pitch in their requirements for personal loans on their profiles just like a social networking site. Lenders will bid on the listings saying how much they are prepared to lend and at what rate.

Giles Andrews, managing director of Zopa said: "To some, it's to do with rebelling against the establishment, and to others it's a very social thing -- the belief that people together do things better than institutions. The desire for social interaction between people is everywhere as is the desire to cut out banks; I haven't come across a country where the banking sector is liked."

The money-exchange website has helped its members borrow and lent each other more than 16 million pounds since its inception.

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