Charity and Online Lender Launch Joint Loan Initiative

Mon, 06 Jul 2009

Online loan lender Zopa.com has teamed up with the charity PRIME to help those who may have retired on an inadequate income. The partnership is designed to encourage over 50s to become entrepreneurs, and will offer low loans with low interest rates to those whose income from their life savings isn’t sufficient for them to have retired. Such people may find it hard to find another suitable job due to age discrimination.

The announcement follows the revelation that nearly one third of those aged between 50 and the state pension age are unemployed in the UK, with one in ten of those not earning enough for their day to day expenses. This age group has been one of the hardest hit by the credit crunch, after the decision by the Bank of England to the base interest rate to just 0.5 per cent left savers with a fraction of the income they had anticipated.

PRIME will assess applicants business plans before forwarding feasible plans on to Zopa. Individual lenders are then able to log onto the website to assess entrepreneurs pitches, and can offer any sum they wish at their chosen interest rate. The offers with the lowest interest rates are then compiled until the entrepreneur has their loan . PRIME guarantee 50 per cent of all loans making it an attractive prospect for lenders.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form