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Will Social Lending Force Banks To Cut Loan Rates?
By Philip Smith
After three interest rate rises in quick succession UK consumers, already heavily burdened by debt, are understandably keen to seek out new means to raise funds, but the concept of social lending remains a relatively new one.
Social lending is based on the principle of peer to peer lending and has come about thanks to the web, putting people who want to borrow money in touch with those who want to lend it. Intermediates facilitate the agreement and to ensure that both sides are treated fairly.
Exotic though this may sound, a recent study by a think-tank called the Social Futures Observatory found that three quarters of consumers would consider borrowing online through a social lending community.
Less of a surprise to anyone who has experience of unsecured loans arranged through a more traditional high street lender is that well over half the survey’s respondents thought that rates charged by banks on borrowing were unfair when compared to savings and investments.
Even bankers themselves felt that the high street banks were not offering the best value when it came to loans, with more than 64% saying they’d received charges from their principle bank, which were unfair or unreasonable.
Online social lending portal Zopa is one example of this new breed of financial institution, and the study - which surveyed members of the community - said 8 out of 10 people who had used the service felt they’d secured a better rate than would have been available through a high street bank.
Different individual lenders on the site will offer different interest rates, just as different vendors on ebay will sell the same items for different prices. The rate on offer will usually reflect the degree of risk the lender is prepared to take. Higher rates will indicate a higher tolerance of risk and a diminished likelihood
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