I have discovered Zopa, a website which has been set up for people to advertise their need for a cash loan, and for other people to bid and lend the money.
I thought this was a brilliant idea until I read the smallprint and found that you needed to be earning £25k a year to register and borrow from people on the site.
I live in Cambridgeshire, and I do not know many people in this area who are on such a high wage - it's ridiculous! The average annual wage around here is £15k!!
Does anyone know of a similar site which will accept people on lower earnings? If not has anyone thought of setting up such a website for lower income families and individuals - with maybe a ceiling borrowing/lending limit of £5,000?
Why are people on a low wage discriminated against? It is difficult enough trying to make ends meet, and then should you need to borrow money, you are likely to pay a higher interest rate - if your credit score isn't so hot the interest rate is extortionate! It's wrong!