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  • Digg it UP - Social Lending - An Alternative To Traditional Banks

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    he banks did not have the consumers interests at heart, 81% believed that banks were self indulgent and 76% thought that banks were basically greedy. This has opened the
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    As the unrest caused by the attitude and actions of many of today’s major financial institutions continues, there is a new phenomenon which is taking the internet by storm - Social Lending. What is social lending and can it ever really compete with the banks?

    While the idea of private lending has always been around, normally between family and friends, it has never really been available in a structured legally backed framework. This has recently changed with the emergence of sites such as Zopa (www.zopa.com), which is co-founded by James Alexander, one of the original founders of EGG.

    In a recent survey it was found that 49% of those interviewed thought that the banks did not have the consumers interests at heart, 81% believed that banks were self indulgent and 76% thought that banks were basically greedy. This has opened the

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    m - Social Lending. What is social lending and can it ever really compete with the banks?

    While the idea of private lending has always been around, normally between family and friends, it has never really been available in a structured legally backed framework. This has recently changed with the emergence of sites such as Zopa (www.zopa.com), which is co-founded by James Alexander, one of the original founders of EGG.

    In a recent survey it was found that 49% of those interviewed thought that the banks did not have the consumers interests at heart, 81% believed that banks were self indulgent and 76% thought that banks were basically greedy. This has opened the

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    family and friends, it has never really been available in a structured legally backed framework. This has recently changed with the emergence of sites such as Zopa (www.zopa.com), which is co-founded by James Alexander, one of the original founders of EGG.

    In a recent survey it was found that 49% of those interviewed thought that the banks did not have the consumers interests at heart, 81% believed that banks were self indulgent and 76% thought that banks were basically greedy. This has opened the

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    .zopa.com), which is co-founded by James Alexander, one of the original founders of EGG.

    In a recent survey it was found that 49% of those interviewed thought that the banks did not have the consumers interests at heart, 81% believed that banks were self indulgent and 76% thought that banks were basically greedy. This has opened the

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    he banks did not have the consumers interests at heart, 81% believed that banks were self indulgent and 76% thought that banks were basically greedy. This has opened the door to sites such as Zopa, who have the marketing expertise, the legal framework and the backers to make it happen. The internet is also playing a massive part as well because lenders and borrowers can easily be matched up online, funds transferred electronically and the two parties need never meet. As well as traditional sterling transactions, the site will no doubt expand to take in other currencies in due course.

    A further area of the survey offers a real wake up call for the financial sector with 64% percent of those questioned stating that banks should also encourage social interaction and community participation, yet only 13% of the opinion that the banking

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